“After a thorough and careful review of the strategic alternatives available to us, QuadraMed’s special committee and Board of Directors have concluded that this transaction represents the best option to maximize value for our shareholders,” James Peebles, chairman of QuadraMed’s board, said in a corporate news release about the deal, which also reported that the company’s directors and executive officers and affiliates—who control about 8.4% in the aggregate of the common stock—have agreed to vote their shares in favor of the acquisition.
With the deal, QuadraMed—which provides services to more than 2,000 healthcare facilities—will become Francisco Partners’ firth investment in the healthcare IT industry, joining API Healthcare, AdvancedMD Software, Healthland, and a former company, LYNX Medical Systems, which was acquired by Picis in 2007.
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