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Battery Ventures Buying Quovadx

April 3, 2007
by root
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Quovadx Inc., a global software company, has reached an agreement to sell its CareScience division to the Premier Inc. healthcare alliance for $34.9 million. In a second and separate transaction, Quovadx has agreed to sell the rest of the company — which includes Rogue Wave Software and Integration Solutions operating divisions — to Battery Ventures, a venture capital and private equity firm.

Quovadx's purchase price, which includes the proceeds received from the CareScience sale, is $136.7 million, subject to a working capital adjustment at closing. Thus, stated Quovadx, stockholders are expected to receive $136.7 million, or $3.15 per share, a 24 percent premium when compared to the stock's closing price on March 30.

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