Status
Current
Deal Facts
North America
Buy-and-Build
Francisco Partners, a leading global technology investment firm that specializes in partnering with technology and healthcare businesses, announced today the pending sale of QGenda to Hearst. Terms of the transaction were not disclosed.
QGenda is a leader in healthcare workforce management solutions, supporting over 700,000 physicians and other healthcare providers across more than 45 different specialties. The company’s end-to-end workforce management platform, ProviderCloud, helps customers effectively deploy workforce resources to boost engagement and retention, optimize staffing and reduce labor costs.
In partnership with QGenda’s founder and CEO, Greg Benoit, and the QGenda management team, Francisco Partners closely supported the company’s organic and inorganic growth as it broadened its product suite beyond physician scheduling to include capacity management, credentialing, and scheduling solutions for nurse, staff, and on-call use cases.
Greg Benoit said, “Every technology founder should aim to partner with Francisco Partners. They are the gold standard, and I’m thrilled that I chose to partner with them 8 years ago. Ezra, Justin and the whole Francisco Partners team have been instrumental in providing strategic advice and guidance, supporting our acquisition efforts, and driving our mission to deliver transformative technology to healthcare providers. It is bittersweet that our journey with Francisco Partners is ending, but we are excited about the future chapter of transformation and growth as part of Hearst.”
Since its launch almost 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and long-standing investors in the technology industry. Francisco Partners has deep expertise in the healthcare technology market and an extensive track record successfully partnering with founders to help inflect and grow their businesses, including with CoverMyMeds, GoodRx, Edifecs and Nextech.
Ezra Perlman, Co-President at Francisco Partners, said, “Throughout our partnership with Greg and QGenda, it has been rewarding to support the company’s growth and innovative approach to solving some of healthcare’s most important challenges. We have been especially proud of the impact that QGenda has had on its customers including hospitals and health systems, helping them manage their workforce and more effectively deploy caregivers across every care setting. QGenda’s relentless customer focus and high-quality service has delivered exceptional growth.”
Justin Chen, Partner at Francisco Partners, added, “QGenda has been at the forefront of delivering mission critical and innovative healthcare solutions that improve the workflows of physicians, nurses and staff. The company is in a tremendous position, and we wish the team continued success as part of Hearst. We are grateful to have been part of the QGenda journey and partners to the management team.”
The company, including its leadership team and approximately 650 employees, will become part of Hearst Health, Hearst’s healthcare division, where it will continue to invest and expand its healthcare workforce management suite, enhancing the value it provides to its customers and providers.
Evercore served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to QGenda and Francisco Partners.
About QGenda
QGenda revolutionizes healthcare workforce management everywhere care is delivered. QGenda ProviderCloud, a purpose-built healthcare platform that empowers customers to effectively deploy workforce resources, includes solutions for scheduling, credentialing, on-call scheduling, room and capacity management, time tracking, compensation management, and workforce analytics. QGenda is headquartered in Atlanta, Georgia. Learn more at QGenda.com.
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 more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised, 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.