The stockholders of QuadraMed have approved its acquisition by Francisco Partners, a technology-focused private equity firm. The all-cash transaction for all of QuadraMed’s stock is valued at approximately $126 million, according to the company.
With this approval, QuadraMed, of Reston, Va., will become a wholly owned subsidiary of Francisco Partners. The acquisition is expected to close next week, subject to the satisfaction of various closing conditions of the parties pursuant to the terms of the agreement.
QuadraMed has submitted a request to the Nasdaq Global Market for withdrawal of the listing of its common stock, which is contingent on the closing of the merger, among other conditions. To affect the delisting, Nasdaq will file a Form 25 with the Securities and Exchange Commission, the company added.