Strategic acquisition creates the healthcare industry’s only large-scale provider of governance, risk and compliance and human capital management software solutions
symplr, a leading healthcare governance, risk and compliance (“GRC”) software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake“), announced that it has signed a definitive agreement to acquire API Healthcare (“API”), a leading provider of healthcare human capital management (“HCM”) software solutions, from Veritas Capital (“Veritas”). Financial terms were not disclosed.
The combination of symplr and API will deliver the healthcare industry’s only fully integrated GRC and HCM SaaS platform of scale, offering an end-to-end solution encompassing provider data management, credentialing and workforce management, addressing the full spectrum of labor regulatory requirements while also improving patient outcomes and quality of service.
API is a leading provider of healthcare HCM software solutions, automating workforce management to improve financial, clinical and operational outcomes. Based in Hartford, Wisconsin, API offers time and attendance, staffing and scheduling, patient classification, HR, payroll and analytics software to over 375 hospitals and health systems.
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“This is a transformational acquisition that further expands our healthcare software footprint and broadens our SaaS offerings by strengthening symplr’s existing GRC platform and adding new workforce management capabilities,” said Rick Pleczko, CEO, and Tres Thompson, COO & CFO, of symplr. “Together with API, symplr will continue to pursue the mission of providing software solutions that help healthcare organizations meet regulatory compliance requirements and increase operational efficiency. This is a powerful combination for our customers, partners and team.”
“As symplr continues to uniquely address the increasing demand for software solutions to drive efficiency in the healthcare industry, we believe this acquisition will significantly expand symplr’s market opportunity and accelerate its growth trajectory,” said Prashant Mehrotra and Paul Huber of Clearlake. “We are excited to support Rick, Tres and the team as they drive growth and consolidation in the industry, both organically and inorganically, and continue to provide trusted and valued technology to healthcare providers and professionals across the globe.”
“We are very excited to be joining the symplr family,” said Bill Christy, CEO at API. “The combination of our organizations positions us well to continue to drive meaningful outcomes for our customers across the healthcare market.”
Robert W. Baird served as financial advisor to symplr and Clearlake. William Blair & Company served as financial advisor to API and Veritas Capital. Financing for the transaction was led by Antares Capital, Bain Capital Credit, Golub Capital, Adams Street Partners and New Mountain Finance Corporation.
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