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.