Francisco Partners announced on October 30 that it signed a definitive agreement to acquire AdvancedMD from Global Payments, Inc., 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’s end-to-end practice and patient workflow solutions help healthcare practices, independent physicians and medical billers optimize operations, reduce administrative burdens, manage higher patient encounters and improve patient outcomes.
Francisco Partners is a private equity firm that specializes in investments in technology and technology-enabled service businesses. Since its launch in 1999, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm has raised approximately $45 billion in capital to date.
AdvancedMD 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. 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 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. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 208th eHealth transaction of 2024, and the 52nd in the medical practice management software specialty. There were 274 eHealth deals announced during 2023, and 327 announced during 2022.
