Private equity firm Francisco Partners announced a deal to buy HealthcareSource.
HealthcareSource, headquartered in Woburn, Massachusetts, provides talent management services for the health care industry. The company operates a cloud-based software program that helps track applicants, assess behavior, check references, employee performance, compensation and competency. The company also provides learning software. The deal is expected to close within 30 days. Terms were not disclosed.
The company was backed by venture capital and private equity firm Insight Venture Partners as majority owner. Insight Venture focuses on investing in software and technology companies.
For buyer Francisco Partners, the deal comes shortly after it announced a $240 million take-private deal for Procera Networks (Nasdaq: PKT), a company that aims to help improve digital experiences for customers. The San Francisco-based firm has about $10 billion in committed capital, and invests in technology companies. The firm closed a $2.875 billion fund in February that will invest in middle-market companies in the U.S., Europe and Israel. For more on the firm, especially regarding Francisco's take-private activity in Europe, see Transatlantic Transactions.