RALEIGH – As of Thursday Raleigh gained a corporate headquarters at the expense of New York City.
Phreesia, a publicly traded firm (NYSE: PHR) that provides software-as-a-service platform to healthcare firms, has made Raleigh the site of “our principal executive 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 cap of $2 billion.
“Back in March, Phreesia prepared our company to operate remotely indefinitely. We continue to operate 100% remotely,” said CEO Chaim Indig.
“Consistent with those plans, we made the decision to allow our New York City office lease to expire at the end of January. We will continue to have significant employee presence in the New York area, including many members of our leadership team. … However, from a legal and regulatory perspective, our Raleigh, North Carolina Office will assume the address of Principal Executive offices in our SEC filings.
Indig, in the earnings call, said the decision to move was not about cost savings.
“I don’t think the goal is — this is in no way shape or form a cost saving move. It is a move on how we operate the company during this period,” he said.
And there was not an issue with the lease.
“So, why don’t I first clarify, we did not get out of our New York City lease, we just let it expire, and we hadn’t signed a new lease because we hadn’t found space that was cost effective for us before the pandemic hit,” he said in response to a question about the move.
“But just want to clarify, we’re not — we didn’t get out of it, and our landlords have been wonderful for the decade that we were there.”
Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their care and provides a modern, consistent experience, while enabling healthcare organizations to optimize their staffing, boost profitability and enhance clinical care.