... because it's a construction worksite. (It's a bit more evident from the second photo in the linked post.)
QuadraMed To Be Acquired by Francisco Partners
QuadraMed announced this morning that it has agreed to be acquired by Francisco Partners, a private equity firm, in an all-cash deal valued at $126 million. Shareholder approval is expected in the first quarter of 2010.
”Francisco Partners brings to QuadraMed extensive resources, expertise and a proven track record of helping healthcare technology companies sharpen their strategy and operational execution. Operating as a private company will also allow us to place more emphasis on generating long-term value for our clients with less distraction on short-term results for the public markets,” said Duncan James, QuadraMed president and CEO.
Francisco Partners partner Ezra Perlman was quoted as saying, “We are excited to become part of QuadraMed’s future success with this acquisition. We understand the critical role technology plays to drive quality care and to make healthcare more efficient. QuadraMed has a quality set of products, an extensive customer base, and a solid market position. We look forward to supporting Duncan and the Company’s management team as we go forward together to create long-term value for the Company’s customers, employees, and stakeholders.”
Other healthcare IT investments of Francisco Partners include API Healthcare, AdvancedMD, and Healthland.
The $8.50 acquisition price represents a 32% premium to yesterday’s $6.41 market close price of common shares.
It’s great to get the early scoop from you — hours before the CEO sends an expanatory e-mail to his clients! Nice work.