Shearman & Sterling is advising Francisco Partners on the sale of one of its portfolio companies, API Healthcare Holding Corporation ("API"), to General Electric Company (“GE”). The acquisition, subject to regulatory approval, is anticipated to close in the first quarter of 2014. Financial terms were not disclosed.
API is a healthcare-specific vendor focused on workforce management solutions and is also the architect of the Healthcare Workforce Information Exchange (HwIE) -- a revolutionary solution that facilitates the sharing of workforce data across the entire continuum of care. Founded in 1982, API Healthcare has been rated in the Top 20 Best in KLAS Awards Report as the top time and attendance provider system for the last 10 years (2003-2012) and the top staffing and scheduling solution in 2012.
Francisco Partners is a leading private equity firm focused exclusively on investments in technology and technology-enabled services businesses.
GE provides transformational medical technologies and services to meet the demand for increased access, enhanced quality and more affordable healthcare around the world. From medical imaging, software & IT, patient monitoring and diagnostics to drug discovery, biopharmaceutical manufacturing technologies and performance improvement solutions, GE helps medical professionals deliver great healthcare to their patients.
The Shearman & Sterling team included partners Michael Kennedy (San Francisco-Mergers & Acquisitions) and Dana Kromm (San Francisco-Mergers & Acquisitions) and associate Joshua Reynolds (San Francisco-Mergers & Acquisitions), as well as partners Beau Buffier (New York-Antitrust), Larry Crouch (Palo Alto-Tax), and Richard Hsu (Palo Alto-Intellectual Property Transactions); counsel Sharon Lippett (New York-Executive Compensation & Employee Benefits), Daniel Stellenberg (Palo Alto-Executive Compensation & Employee Benefits), and Eileen O’Pray (Palo Alto-Tax); and associates Kelly Karapetyan (New York-Antitrust), Zheng Bao (Palo Alto-Intellectual Property Transactions), Kerry Loree (New York-Executive Compensation & Employee Benefits) and Benjamin Petersen (Palo Alto-Intellectual Property Transactions).