In a deal valued at $13 million, Nightingale Informatix Corp., a provider of Web-based software for outpatient clinics, announced it has entered into an agreement to buy all outstanding shares of VantageMed Corp., a Rancho Cordova, Calif.-based practice-management software supplier.
Nightingale, Markham, Ontario, which also has an office in Pembroke, Mass., said VantageMed shareholders will receive 75 cents per share. According to a Nightingale news release, shareholders representing about 39% of VantageMeds outstanding common stockincluding all of the companys directors and officershave agreed to the deal and have also agreed to vote against any other offer to purchase the company.
The deal is expected to close before April 15 and is subject to shareholder approval. VantageMed Chief Executive Officer Steve Curd and his management team will be in charge of running Nightingale operations in the U.S. once the purchase is completed.