RESTON, Va. — March 18, 2010 — QuadraMed Corporation, a leading provider of healthcare information technologies and services that help turn quality care into positive financial outcomes, today announced the completion of its acquisition by Francisco Partners, one of the world’s largest technology-focused private equity firms.
“This transaction is a strong endorsement of the strength of our products and services and also delivers significant value to our shareholders,” said Duncan W. James, QuadraMed’s President and Chief Executive Officer.
“Francisco Partners brings QuadraMed extensive resources and a proven track record of helping healthcare IT companies execute on their strategic and operational goals,” stated James. “We look forward to working with Francisco Partners as we continue to focus on helping clients meet their ARRA Meaningful Use goals, prepare for ICD-10, and improve the quality and efficiency of patient care.”
Ezra Perlman, Partner, Francisco Partners said, “QuadraMed is a world-class company with top-ranked solutions, a large client base, and a strong leadership team. We look forward to working with management to help position QuadraMed’s clients and the Company for future success.”
As provided by the acquisition agreement, QuadraMed’s common stockholders are entitled to receive $8.50 in cash, without interest, less any applicable withholding taxes, for each share of QuadraMed common stock they own, and QuadraMed’s Series A Preferred Stockholders are entitled to receive $13.7097 in cash, without interest, less any applicable withholding taxes, for each share of QuadraMed’s Series A Preferred Stock they own, other than dissenting shares. As a result of the acquisition, QuadraMed’s common stock will no longer be listed for trading on the NASDAQ Global Market.
QuadraMed’s stockholders of record will receive a letter of transmittal and instructions on how to surrender their QuadraMed shares in exchange for the acquisition consideration, and should wait to receive the letter of transmittal before surrendering their shares.
www.quadramed.com
