Amicas To Be Acquired By Thomas Bravo For $217M

Thoma Bravo to buy Amicas by Donna Block Updated 09:16 AM, Dec-28-2009 ET
Radiology imaging software company Amicas Inc. agreed Monday Dec. 28, to be acquired by private equity firm Thoma Bravo LLC in an all-cash deal valued at $5.35 per share or $217 million.
The per-share price represents a 21% premium over Amicas' closing price Thursday of $4.42.
Stephen Kahane, Amicas' chairman, president, and chief executive, said the deal provides an "attractive all cash valuation for shareholders." Kahane added that working with the private equity firm will give the company additional capital and operational expertise to grow and better serve its customers.
"We look forward to continuing our mission to provide the best solutions for image and information management in healthcare," said Kahane.
"Thoma Bravo will further strengthen the industry leadership position of Amicas through organic growth initiatives, acquisitions, and implementation of operational best practices," Seth Boro, a principal at Chicago-based Thoma Bravo said in a statement announcing the deal.
The transaction is expected to close in the first quarter of 2010 pending regulatory approvals and the approval of Amicas shareholders. The deal is not subject to a financing condition.
Under the merger agreement, however, Boston-based Amicas may solicit alternative proposals from third parties for 45 calendar days commencing Dec. 24, 2009.
Raymond James & Associates, Inc. is serving as financial adviser to Amicas. Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. is providing Amicas with legal counsel. Thoma Bravo's legal counsel is Kirkland & Ellis LLP.
Amicas was founded in 1996 as InfoCure Corp. and in 1999 acquired medical software company VitalWorks Inc. In 2005, Amicas sold the VitalWorks unit to Cerner Corp. for $100 million. Since then, the company has focused entirely on developing image and information management software for radiology and cardiology departments.
Earlier this year, Amicas bought Emageon Inc. a provider of software and services to hospitals and health care networks for $39 million. The deal expanded Amicas' expertise in image and information management products, and expanded its customer base to more than 1,000 clients.