Peter Segall and Current Executive Team Will Continue to Lead the Company
SAN FRANCISCO, CA and WOBURN, MA – April 28, 2015 – Francisco Partners, a global technology-focused private equity firm, announced it has signed a definitive agreement to acquire HealthcareSource, the leading provider of talent management solutions for healthcare. The transaction is expected to close within approximately 30 days, following satisfaction of customary conditions. President and CEO Peter Segall will continue to lead HealthcareSource following the transaction.
“HealthcareSource has established an impressive leadership position in the important and growing healthcare talent management market,” said Ezra Perlman, partner at Francisco Partners. “The company has real momentum, increasing its customer base from 1,000 to 2,500 healthcare clients and demonstrating an ability to capitalize on growing demand for talent solutions in the healthcare sector. We see tremendous potential for HealthcareSource and look forward to supporting its continued growth.”
“We chose Francisco Partners because of the firm’s deep expertise in healthcare IT and the significant resources that will fuel HealthcareSource’s future growth,” said Peter Segall, president and CEO of HealthcareSource. “Our clients’ needs are complex and require sophisticated solutions across the entire spectrum of talent management. This transaction will accelerate our investment in both internal development and future acquisitions to meet this market need.”
“We have been fortunate to work with a committed executive team and be part of this success story,” said Jeff Lieberman, managing director at Insight Venture Partners, who was the majority owner of HealthcareSource. “We share in the team’s excitement and believe that they will continue to deliver growth and high customer value given the market opportunity and the company’s differentiation.”
HealthcareSource’s comprehensive suite of solutions includes applicant tracking, behavioral assessments, employee performance, compensation, learning management, and eLearning courseware. Designed specifically for the healthcare industry, HealthcareSource helps organizations recruit and retain the best workforce possible in order to reduce costs and improve patient experience.
HealthcareSource was advised by William Blair & Company (Financial) and Willkie Farr & Gallagher LLP (Legal).
Financial terms of the transaction were not disclosed.
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