Parent Company of QS/1 and Integra Sold To Private Equity Firm
No immediate changes in operations or staff are planned for Smith Technologies and its software brands QS/1, Integra and Publiq.
- By Haley Samsel
- Mar 10, 2020
Smith Technologies, the parent corporation of DME and pharmacy software companies QS/1 and Integra, has been acquired by private equity firm Francisco Partners.
J M Smith Corp., which owned Smith Technologies until the sale, announced the transaction on March 2. No immediate changes in operations or the workforce are expected, according to GoUpstate.com, a local news source in Spartanburg, S.C. where J M Smith is based.
Smith Technologies, which also owns Publiq Software, will remain headquartered in Spartanburg, according to a joint news release from J M Smith and Francisco Partners. Terms of the transaction were not disclosed.
“The acquisition of Smith Technologies by Francisco Partners provides the investment capital that the company has needed for some time,” Paula Harper Bethea, the executive chairman of the board for J M Smith, said in a statement. “The sale will benefit employees, shareholders and customers alike through this pivotal investment.”
Chris Adams, a partner focused on healthcare technology at Francisco Partners, said in a statement that Smith Technologies has historically “led the way over many decades in the pharmacy and public sector.”
“We are committed to continuing its exceptional service to existing customers and excited to invest in expanding both their market share and geographic footprint as an independent entity,” Adams said.
J M Smith continues to operate as the parent company of Smith Drug Company, RX Medic and SMS. Once the transaction closes, J M Smith’s board said it will decide on whether to use the proceeds to reinvest in the company, reduce its debt or repurchase shares, among other options.
Haley Samsel is the Associate Content Editor of HME Business and Mobility Management.