Hearst Agrees to Acquire QGenda

Hearst today announced it has agreed to acquire QGenda, LLC from investment firms Francisco Partners and ICONIQ Growth. QGenda is a leading provider of healthcare workforce management solutions. More than 4,500 organizations, including leading physician groups, hospitals, academic medical centers and health systems use QGenda to advance workforce scheduling, optimize capacity and improve access to care.

The announcement was made by Steven R. Swartz, president and CEO of Hearst; Gregory Dorn, M.D., president of Hearst Health; and Greg Benoit, CEO of QGenda, who will continue to lead the company. Terms were not disclosed. Pending regulatory approval, QGenda will become part of Hearst Health, the healthcare division within Hearst. Hearst Health is currently comprised of market-leading companies FDB, Homecare Homebase, MCG, MHK and Zynx Health. The transaction is expected to close later this year.

Commenting on the acquisition, Swartz said: “We welcome Greg and his fabulous team to Hearst and look forward to working together to make our healthcare system more effective and efficient for patients around the country.”

QGenda solutions support more than 45 different specialties across the healthcare market and are utilized by over 700,000 physicians and other healthcare providers, helping customers effectively deploy workforce resources to boost engagement and retention, optimize staffing and reduce labor costs. QGenda’s end-to-end workforce management platform, ProviderCloud, reduces time spent on manual tasks by automating complex processes such as rule-heavy provider scheduling workflows and time sheet tracking. Its solutions have been top-ranked by Best in KLAS: Software & Services report over several years.

Dorn noted, “We’re always looking for innovative technology solutions that improve the quality, safety and efficiency of healthcare. At a time of clinician shortages, the QGenda platform meets a critical need for organizations looking to optimize clinical team deployment while helping care professionals practice at the top of their license. We welcome everyone on the QGenda team to Hearst Health.”

“The entire QGenda team is proud and excited for the opportunity to be part of Hearst Health, and we are forever grateful to our customers and partners for their ongoing dedication to our success as a company,” said Benoit. “Joining the Hearst Health group of companies is aligned with our mission to ensure that every patient has the right healthcare provider when and where care is needed.”

BofA Securities, Inc. acted as exclusive financial advisor to Hearst in the transaction, and Evercore acted as exclusive financial advisor to QGenda.