Amicas Inc. (NSDQ:AMCS) has agreed to be purchased by a private equity firm in a transaction valued at about $217 million.
The Dec. 24 deal, announced Monday by the Boston-based maker of radiology and cardiology imaging tools, calls on Thoma Bravo LLC to pay stockholders $5.35 per share in cash. Amicas directors have already signed off on the buyout, which is slated to close by March 31, 2010.
Amicas officials said the decision to take the company private was motivated by the attractive valuation Chicago-based Thoma Bravo gave the firm. The offer marks a 24-percent premium over Amicas average share price during the prior 30 trading sessions.
Under terms of the merger agreement, however, Amicas can solicit alternative proposals from another party through Feb. 6.
“Thoma Bravo will further strengthen Amicas through organic growth initiatives, acquisitions, and implementation of operational best practices,” said Seth Boro, a principal at the private equity firm. “We look forward to helping Amicas better serve the evolving needs of its healthcare industry customers.”
Through the first nine months of 2009, Amicas reported a $6.1 million net loss on $61.9 million in revenues. Maintenance and service fees command the largest portion of incoming dollars at the company, rising 68 percent so far this year, to $50.4 million. Growth for Amicas’ system sales and software licenses was more modest but still strong, reaching $11.5 million, a gain of 31 percent.
Amicas had a $1.3 million net loss on $38.6 million in overall revenues during the first three quarters of 2008. The company acquired medical imaging software firm Emageon in April for $39 million, nearly doubling revenues in a single move.