Acquisition to position AdvancedMD as standalone business to accelerate investment and expansion
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 30, 2024--
Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire AdvancedMD, a leading cloud-based provider of medical office software, from Global Payments, Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions.
Founded in 1999, AdvancedMD provides a cloud native medical office software platform that unifies practice management, electronic health record, patient engagement, and payments software solutions. AdvancedMD delivers an end-to-end practice and patient workflow to help healthcare practices, independent physicians, and medical billers optimize operations, reduce administrative burdens, manage higher patient encounters and improve patient outcomes. AdvancedMD will continue to serve thousands of healthcare professionals by delivering a technology platform that supports practices through every stage of the patient care journey.
The business will continue to be led by its existing management team, with current President Amanda Sharp assuming the additional title of Chief Executive Officer of AdvancedMD. Commenting on the acquisition Sharp said, “Our mission at AdvancedMD is to empower healthcare professionals to realize their full potential. This acquisition positions our business to meet the evolving needs of our clients, expand the product portfolio and continue to invest in the business and our team members. We are thrilled to be working with Francisco Partners and have confidence that its healthcare technology experience and proven track record in nurturing and growing technology businesses will enable AdvancedMD’s loyal base of employees to continue delivering innovation.”
Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and long-standing investors in the technology industry. FP has deep experience in the healthcare technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as bswift from CVS Health, Merative (f.k.a. IBM Watson Health) from IBM, and Capsule Technologies from Qualcomm.
Justin Chen, Partner at Francisco Partners, said, “We are excited to welcome AdvancedMD back to the FP portfolio and to partner with the team to continue building best-in-class healthcare software. AdvancedMD’s end-to-end platform delivers an integrated user experience for patients, physicians, staff and billers, and is well-positioned to ensure its customers’ success.” Anders Mikkelsen, Principal at Francisco Partners, added, “The AdvancedMD team is committed to serving the healthcare industry’s constantly evolving needs and challenges. We are eager to support the talented employees and management team in its next chapter of growth.”
“We had the privilege of investing in AdvancedMD years ago, and it’s been remarkable to see the consistent long-term track record of growth and innovation since. We appreciate all Global Payments has done to drive growth and innovation in this business and are confident that our acquisition will help AdvancedMD build on its strong foundation of success,” said Ezra Perlman, Co-President at Francisco Partners.
Global Payments will continue to power the company’s payment acceptance capabilities as a long-term partner ensuring consistency of delivery and a seamless transition for employees and customers.
The acquisition is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.
Moelis & Company LLC is acting as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Francisco Partners.
Bank of America is serving as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Global Payments.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
About AdvancedMD
AdvancedMD revolutionized medical office software in 1999 with the introduction of the industry’s first true cloud solution. Today, the company continues to lead HealthTech innovation with a complete cloud suite of smart applications that work in unison, accelerating collaborative workflow for every role of the practice. With AdvancedMD, medical office staff are empowered to thrive in the online age of healthcare and value-based reimbursement with essential clinical, financial, patient engagement and reputation management applications that are unified and available anytime, anywhere on any device. AdvancedMD strives to be the technology heartbeat of healthcare for providers, patients, and payors for a healthier world. For more information on AdvancedMD, please visit www.advancedmd.com.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.
Headquartered in Georgia with approximately 27,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning North America, Europe, Asia Pacific and Latin America. For more information, visit company.globalpayments.com and follow Global Payments on X, LinkedIn and Facebook.
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https://www.businesswire.com/news/home/20241030109252/en/
Media:
Francisco Partners
Whit Clay
wclay@sloanepr.com
Global Payments
Emily Edmonds
media.relations@globalpay.com
Source: Francisco Partners
