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QuadraMed stockholders approve acquisition by Francisco Partners |
QuadraMed Corporation, a leading provider of healthcare information technologies and services that help turn quality care into positive financial outcomes, has announced stockholder approval of QuadraMed's acquisition by Francisco Partners, a technology-focused private equity firm.
QuadraMed provides solutions that streamline processes, ensure compliance and help healthcare professionals deliver quality patient care. It has a staff of around 600 and a client base of over 2,000 healthcare provider facilities. Francisco Partners is a large technology-focused private equity fund with around $5 billion of committed capital and offices in San Francisco and London. It targets majority and minority investments in private and public companies, and divisions of public companies. Typical transaction values range from $30 million to $2 billion, and the fund's principals have invested over $3 billion of equity capital in over 50 technology companies.
At the March 9, 2010 special meeting, QuadraMed's stockholders approved the agreement and plan of merger as outlined on December 7, 2009, by and among QuadraMed and acquisition entities formed by Francisco Partners. QuadraMed had inked the deal on December 8, 2009, in an all-cash transaction for all of its stock valued at approximately $126 million.
Francisco Partners will now acquire QuadraMed via its acquisition entities. QuadraMed said it would remain a wholly owned subsidiary of Francisco Partners. The acquisition is expected to in a week subject to customary closing conditions. The company has also requested NASDAQ Global Market for withdrawal of the listing of its common stock.
Duncan W. James, QuadraMed's President and CEO expressed his pleasure at gaining stockholder approval for the pending acquisition, saying that the acquiring private equity firm Francisco Partners brings “extensive resources and a proven track record of helping hospitals and health systems execute on their strategic and operational goals.”
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