Under acquisition terms expected to close early this year, Francisco Partners, a San Francisco-based equity firm, will pay $8.50 per share for all outstanding shares of QuadraMed stock, taking the company private. The price is about 33% higher than the stock's value at the time the deal was announced.
Reston, Va.-based QuadraMed sells revenue, health information, care and identity management systems, in addition to the QCPR hospital electronic health record system. The company during the first nine months of 2009 had revenue of $106.7 million, down 4.6% from the same period a year ago. Nine-month net income in 2009 totaled $3.75 million, down 17.8%. The company expects to maintain its Reston headquarters and other offices across the nation.
Francisco Partners owns API Healthcare (labor management software), AdvancedMD Software (physician practice management/electronic records) and Healthland (community hospital information systems). To a degree, QuadraMed and Healthland are direct competitors. The equity firm previously owned physician documentation and coding vendor LYNX Medical Systems before selling it to Picis Inc. in 2007.
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