Workforce management technology vendor API Healthcare announced this afternoon that it will terminate its previously announced merger with Kronos. API will exercise a right contained in the January merger agreement that allows either party to terminate if regulatory approvals were not obtained by mid-May. The Department of Justice had made a second request under antitrust laws.
API President and CEO J.P. Fingado stated in the announcement, “This process has been challenging, but it has also reaffirmed that our vision for healthcare-specific workforce management is solid. During the HSR review process, we heard the strong reaction of our healthcare provider clients from across the country as they spoke out with passionate support of our solutions, services and strategy.”
Fingado contacted HIStalk about the announcement, saying, “This may sound odd, but it is the right thing for our clients and employees, and that is what API Healthcare has always been about. I am very happy moving forward and very excited about our opportunities. We released ‘Synergy’ just before this all happened and now we can work even harder to roll that out to our existing and new clients. The support from our clients during this process has been amazing.”
Ezra Perlman of Francisco Partners care was quoted in the announcement as saying, “When we acquired API Healthcare two years ago, we saw the opportunity for long-term growth of a great healthcare-specific workforce management technology company. While the merger offer from Kronos certainly validated API Healthcare’s strong value proposition, Francisco Partners is looking forward to continuing to provide strong support to the API Healthcare management team and associates as they continue on their aggressive growth path as an independent company.”