API Healthcare, a healthcare-specific workforce management technology company based in Wisconsin, and Kronos, a global workforce management solutions company based in Massachusetts, are terminating their previously announced merger agreement.
The two had entered into an agreement last winter. The agreement allowed either party to terminate if regulatory approvals had not been received by mid-May.
[See also: Kronos bulks up its healthcare vertical with API acquisition.]
After considering the best interests of clients and associates following the U.S. Department of Justice’s second request under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, API Healthcare officials said they determined that the best path forward is to pursue its standalone strategy, and has notified Kronos of its intention to exercise its termination right.
“This process has been challenging, but it has also reaffirmed that our vision for healthcare-specific workforce management is solid,” said J.P. Fingado, president and chief executive officer of API Healthcare, in a statement. “During the HSR review process we heard the strong reaction of our healthcare provider clients from across the country as they spoke out with passionate support of our solutions, services and strategy.”
“We look forward to continuing our mission to optimize healthcare-specific workforce management, which allows our clients to align their clinical and financial goals,” Fingado said. “We did not slow down our service and innovation initiatives during the past several months. We are still fully committed to delivering innovative healthcare-specific workforce management solutions that will result in better patient care and financial outcomes for our clients and the entire healthcare industry.”