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“Today’s agreement with Francisco Partners is a clear next step as IBM becomes even more focused on our platform-based hybrid cloud and AI strategy,” Senior Vice President of IBM Software, Tom Rosamilia, said in the press release.
“IBM remains committed to Watson, our broader AI business, and to the clients and partners we support in healthcare IT. Through this transaction, Francisco Partners acquires data and analytics assets that will benefit from the enhanced investment and expertise of a healthcare industry focused portfolio.”
Since launching over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active investors in the technology industry.
Additionally, Francisco Partners has extensive experience in healthcare technology with its healthcare investments focused on companies that leverage technology to provide products and solutions for patients, providers, payers, pharma, life sciences, and governments.
Some of Francisco Partners’ current and past investments in the sector have included Availity, eSolutions, Capsule, GoodRx, Landmark, QGenda, Trellis, and Zocdoc.
“We have followed IBM’s journey in healthcare data and analytics for a number of years and have a deep appreciation for its portfolio of innovative healthcare products,” said Ezra Perlman, Co-President at Francisco Partners. “IBM built a market leading team and provides its customers with mission critical products and outstanding service.”
Justin Chen, Principal at Francisco Partners, added, “Partnering with corporations to execute divisional carve-outs has been a core focus of Francisco Partners. We look forward to supporting the talented employees and management team, helping the standalone company focus on growth opportunities to realize its full potential, and delivering enhanced value to customers and partners.”
Under the terms of the agreement, the current management team will remain in similar roles in the new standalone company and continue to serve existing life sciences, provider, imaging, payer and employer, and government health and human services sectors clients.
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