AdvancedMD, which started in October 2002, offers Web-based technology to the health care industry, including practice management and medical billing software.

It was sold by a group of venture capitalists: Park City-based Prospector, San Diego-based Windward, and San Francisco-based Dominion Ventures.

The company will continue to operate in Utah, and officials said they are expecting it to grow as a result of the transaction.

"We probably would have grown on our own, but this will accelerate employee growth," said AdvancedMD Chief Financial Officer Michele Hilton, who has been with the company since it started.

The management team at AdvancedMD will continue to run the company, said Lane Peterson, the vice president of marketing for AdvancedMD.

"We get the benefit of [Francisco Partners'] resources and capital, but it doesn't change the operations," he said.

Jim Pack, CEO of AdvancedMD, will assume a position on the board of directors for AdvancedMD, and John Trzeciak will be the interim CEO.

AdvancedMD currently has about 150 employees in Draper and Layton. The selling price was not disclosed.