$2 billion healthcare software services company moves headquarters to Raleigh from New York
RALEIGH- On Thursday, Raleigh got a headquarters at the expense of New York.
Phreesya publicly traded company (NYSE: PHR) that provides a software-as-a-service platform to healthcare companies, has made Raleigh the site of “our primary executive offices.”
The company said the decision was made in the wake of the COVID-19 pandemic.
Phreesia announced the move on Thursday as part of its quarterly earnings report. Its shares have nearly doubled in value this year, closing at $52.61 on Thursday. It has a market cap of $2 billion.
“In March, Phreesia prepared our business to operate remotely indefinitely. We continue to operate 100% remotely,” said CEO Chaim Indig.
“Consistent with these plans, we have made the decision to allow our New York office lease to expire at the end of January. We will continue to have a significant employee presence in the New York area, including many members of our management team….However, from a legal and regulatory perspective, our office in Raleigh, North Carolina will assume the address of the principal management offices in our filings with the SEC.
Indig, in the earnings callsaid the decision to move was not about savings.
“I don’t think the goal is – it’s not a shape or form of cost reduction in any way. It’s a change in how we operate the business during this time,” he said. -he declares.
And there was no problem with the lease.
“So why shouldn’t I first clarify, we didn’t get out of our New York lease, we just let it expire, and we didn’t sign a new lease because we didn’t have not find profitable space for us before the pandemic hit,” he said in response to a question about the move.
“But I just want to clarify, we’re not – we haven’t made it, and our owners have been wonderful for the decade we were there.”
Phreesia offers healthcare organizations a suite of robust applications to manage the patient admission process. Our innovative SaaS platform engages patients in their care and delivers a modern, consistent experience, while enabling healthcare organizations to optimize staffing, increase profitability, and improve clinical care.