CAP TODAY Pathology/Laboratory Medicine/Laboratory Management
Francisco Partners, a technology-focused private equity firm, announced Sept. 30 its intent to acquire Orchard Software.
Editor’s note: CAP TODAY publisher Bob McGonnagle on Oct. 2 spoke with Orchard founder and CEO Rob Bush and with Billie Whitehurst, who will succeed Bush as CEO. Whitehurst most recently was senior VP at Netsmart. Here is what they, and Curt Johnson and Kerry Foster of Orchard, had to say about the acquisition.
Bush
Let’s hear from Rob Bush about this important news announcement.
Rob Bush: Let me address the timing for us in pursuing this relationship. While our existing products are really strong, we have new products that are hitting the market, and there’s a lot of potential. I think we needed the strength of an equity partner to help us really take advantage of the opportunities we see. And so the timing is right for this to take place.
Are the terms private and confidential?
Rob Bush: They are, as requested.
Whitehurst
That’s understood. So let’s hear from Billie Whitehurst now. Billie, you have a long background in health care IT. I don’t think you’ve been in the lab end of things before. Tell me how you came to be succeeding Rob Bush as the CEO of Orchard now in the new structure.
Billie Whitehurst: You’re right, I have a long background and history in health care IT, more than 20 years where I’ve had the opportunity to work in clinical areas that seek to automate the care process—help support clinicians and other people delivering care and making clinical decisions. I’m a nurse, and that’s how I began my career. I’ve worked in private and public companies and had the opportunity to both grow things from the ground up and to work with companies that have a strong, stable foundation and a great culture like what Rob has built at Orchard. So I’ll be building on that foundation. And as Rob mentioned, there’s a real opportunity from a market perspective as well as with the existing client base to continue to grow.
That sounds good. And now, Curt, let me ask a question that I’m sure is much on everyone’s minds. What would you say today in the wake of this news to your current customers and your more immediate prospects that you’re discussing Orchard software solutions with?
Curt Johnson: I would say it’s an exciting time and it’s a great opportunity for our current clients, for us to continue the partnership we’ve grown over the years. And it gives us the capability to expand and meet their needs even quicker than we could have done on our own. This will allow us to get the new products out the door quicker. It’s going to allow us to continue to strengthen Harvest, our current laboratory information system, and build upon its robustness. The new partnership will also allow us to get Trellis and Sequoia into the hands of laboratorians faster than we might have been able to without their help.
As far as prospects and potential new clients, I think it’s just as exciting for them. There’s always a question that comes up when a company is 26 years old and the founder and partner are still at the helm. Where’s it going to go? Questions can always get raised. What’s our long-term strategy? Those are now answered. We found a partner that can take us into the future and allows for the growth to continue and it eliminates any worries or questions about where we are headed. So I think that’s a positive for them also.