Private equity firm Francisco Partners has agreed to sell healthcare workforce management software company QGenda to media company Hearst.
A source with knowledge of the deal said the price is in the range of $2 billion to $3 billion. The deal is expected to close in September.
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QGenda would become part of Hearst Health, which operates five medical information and services companies including First Databank and Zynx Health.
QGenda sells scheduling software to health systems, academic medical centers and physician practices. It received its first investment from Francisco in June 2016. After eight years of majority ownership, the timing was right to sell the business, said Justin Chen, a partner at Francisco.
“[Hearst] isn't afraid to invest in companies and help them grow faster,” Chen said.
Correction: An earlier version of this article incorrectly stated the deal was in the range of $200 billion to $300 billion.
