Healthcare IT firm QuadraMed has agreed to be acquired by private equity firm Francisco Partners in a deal valued at approximately $126 million in cash.
Under the definitive agreement, Francisco Partners will acquire all of the outstanding shares of QuadraMed's common stock for $8.50 per share, and all of the outstanding shares of the Reston, VA-based firm's Series A preferred stock for $13.71 per share in cash.
The proposed purchase price per share of common stock represents a premium of approximately 32.6% to the closing share price of the firm's common stock on December 7. The deal is subject to customary closing conditions, including the approval of QuadraMed's common stockholders and regulatory approval.
QuadraMed said it anticipates holding a stockholder meeting in the first quarter of 2010, with closing to follow shortly thereafter.
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