Technology-focused private equity firm Francisco Partners announced this week that it plans to acquire Orchard Software Corporation. The currently privately-owned company specializes in developing and providing support for class-leading Laboratory Information Systems (LIS) aimed at improving clinical and pathology laboratory workflow and enchanting laboratory outreach and point-of-care testing (POCT).
Orchard Software's track record in the field is well-noted and has been built upon their approach of developing collaborative partnerships with their client base in order to provide award-winning solutions to the market. The company has ranked highly in KLAS rankings for the past 17 years, achieving recognition for having the top LIS in the ambulatory and community laboratory markets. Orchard Software has also been honored by its inclusion in the Indianapolis Star's Top Workplaces list for the eighth year in a row.
It was these qualities and reputation for seamless integration, data analytics and advanced rules-based decision support that drew Francisco Partners' attention. After announcing his firm's intent to acquire Orchard Software, Francisco Partner's Jonathan Murphy outlined what his firm sees in the company: "Orchard has been the pioneer in the LIS industry, developing market-leading products and maintaining strong, long-standing customer relationships. They are well positioned to continue to drive product innovation in the LIS market, and we are excited about the opportunity in POCT and partnering with the team to accelerate the company to new levels of growth and impact for laboratorians across the US."
Orchard Software's founder and CEO Rob Bush concurred with Murphy's sentiments: "We look forward to the partnership with the FP team and are excited about fueling what has made Orchard successful with additional expertise and capital to accelerate our growth and continue to bring innovation to our customers."
As part of the deal, Bush will be replaced as CEO of Orchard Software by Billie Whitehurst. Whitehurst would come to the company from Netsmart, where she currently serves as Senior Vice President. She brings over two decades of leadership experience in a range of high-growth health information technology businesses to her new role.
Deal terms have not yet been made public. Francisco Partners received legal advisement from Wilson Sonsini Goodrich and Rosati, while Orchard Software retained Bose McKinney & Evans as legal advisor and Brentwood Capital Advisors as financial advisor.