Francisco Partners, a leading technology-focused growth equity firm, has completed its acquisition of Smith Technologies, a leader in pharmacy technology and public sector software, from J M Smith Corporation. The investment by Francisco Partners will help the company accelerate its growth strategy as an independent entity. Terms of the transaction were not disclosed.
As it embarks on a new chapter as a standalone business, the company will be rebranded as RedSail Technologies™. Under this new name, the company will continue to build upon decades of market leadership and will also continue to offer the same solutions under its three core product brands: QS/1®, Integra®, and PUBLIQ®.
In connection with the transaction, Kraig McEwen will join the company as Chief Executive Officer. Kraig McEwen has over 20 years of experience in healthcare technology markets. Previously, McEwen was co-founder of TrellisRx, a leader in the health system specialty pharmacy market. Prior to that, McEwen was the CEO of Aesynt, a market leader in pharmacy medication management solutions.
“I am fortunate to be joining the company at such an exciting time,” McEwen said. “RedSail has developed an unparalleled reputation as a leader across its core markets, and I am grateful for the opportunity to help the company and its employees continue to execute on their vision. Through focused product investments, our goal is to address our customers’ most critical needs, empowering them with innovative software and services.”
“Kraig McEwen is a very accomplished executive in the healthcare technology space, and we are thrilled to have him join RedSail,” said Chris Adams, Co-Head of Healthcare IT at Francisco Partners. “His experience in the pharmacy sector will be invaluable as the company grows and expands its leadership as a standalone business.”
The investment by Francisco Partners marks a transition in ownership from the J M Smith organization, which has grown the company over many decades to provide industry leading software solutions used by thousands of pharmacies and public sector customers across the country.
Piper Sandler & Co. served as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to J M Smith Corporation. Robert W. Baird & Co. served as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Francisco Partners.
About RedSail Technologies
RedSail Technologies provides healthcare and governmental software solutions to pharmacy and public sector customers across North America. Under its QS/1 and Integra brands, the company designs, builds, and supports industry-leading solutions for the community and institutional pharmacy markets. Under its PUBLIQ Software brand, the company provides software and services for state and local governments, judicial offices, and municipal utilities. The company is headquartered in Spartanburg, SC, with additional offices in Anacortes, WA and Lynnwood, WA.
About J M Smith
J M Smith Corporation was founded in 1925 as a single community pharmacy in Asheville, North Carolina and is now headquartered in Spartanburg, South Carolina. In the decades since, the company has grown to operate business units that supply healthcare and distribution services and technology to pharmacies, institutions, government agencies and businesses across the U.S.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit: www.franciscopartners.com.