$ 2 billion healthcare software services company moves Raleigh headquarters from New York


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RALEIGH – On Thursday, Raleigh acquired a headquarters at the expense of New York City.

Phreesia, a publicly-traded company (NYSE: PHR) that provides a software-as-a-service platform to healthcare companies, has made Raleigh the site of “our main management offices.”

The company said the decision was made in the wake of the COVID-19 pandemic.

Phreesia announced the move 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 capitalization of $ 2 billion.

“In March, Phreesia prepared our business to operate remotely indefinitely. We continue to operate 100% remotely, ”said CEO Chaim Indig.

“In accordance with these plans, we have made the decision to allow the lease for our office in New York 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 SEC filings.

Indig, on the earnings call, said the decision to move was not about cost savings.

“I don’t think the goal is – it’s by no means a way to cut costs. It’s a change in the way we operate the business during this time, ”he said.

And there was no problem with the lease.

“So why don’t we clarify first, we didn’t terminate our New York lease, we just let it expire, and we didn’t sign a new lease because we couldn’t find a deal. ‘profitable space for us before the pandemic hits,’ he said in response to a question about the move.

“But I just want to clarify, we are not – we are not out of it, and our owners have been wonderful during the decade we were there.”

Phreesia offers healthcare facilities a robust suite of applications to manage the patient admission process. Our innovative SaaS platform engages patients in their care and delivers a modern, cohesive experience, while enabling healthcare organizations to optimize their workforce, increase profitability and improve clinical care.

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