PACS vendor Amicas of Boston has agreed to be taken private in a buyout led by a Chicago-based private equity firm in a transaction valued at $217 million.
Amicas agreed to be acquired by Thoma Bravo at a price of $5.35 for every share of Amicas common stock. The offer represents a premium of 24% over Amicas' average closing share price during the 30 days ending December 24, and a 38% premium over the company's average closing share price during the 90 trading days ending December 24.
Amicas is one of the last independent publicly traded PACS firms, and itself is the product of several mergers and acquisitions over the years, such as the purchase of Emageon in April 2009.
In its most recent financial quarter (end-September 30), the company posted sales of $27.2 million, up 121% compared with sales of $12.3 million in the same period of fiscal 2008. The company turned a net profit of $1.7 million for the period, compared with a net loss of $809,000 in the comparable quarter of 2008. At the time, the company projected that it would have fiscal 2009 revenues of $98.5 million.
Thoma Bravo's investments include a variety of technology and business services companies. The firm's investment in Amicas will give the company's shareholders an "attractive all-cash valuation," said Dr. Stephen Kahane, president, CEO, and chairman of Amicas.
The investment will also enable Amicas to fund "organic growth initiatives, acquisitions, and implementation of operational best practices," said Seth Boro, a principal at Thoma Bravo.
The deal is subject to customary closing conditions and is expected to close in the first quarter of 2010. Under the merger agreement, there is a provision whereby Amicas may solicit alternative proposals from third parties during the 45 calendar days starting December 24, but there's no assurance that an alternative transaction will emerge, Amicas said.
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Amicas launches upgraded RIS, October 7, 2009
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