Thoma Bravo is taking AMICAS (NASDAQ: AMCS) private in a deal valued at approximately $217 million. The $5.35 per share price represented a 24% premium over AMICAS's 30-day average closing share price. AMICAS provides radiology and medical image information management solutions. The company reported revenues of $27.2 million for the third quarter, more than double its Q3 2008 revenues, and said it is expecting $95.8 million in revenue for 2009 with an EBITDA of approximately $13.3 million.
There have been 60 private equity investments in healthcare technology companies since the beginning of 2008, according to the PitchBook Platform. In total, $4 billion has been invested in the industry, the majority of which has gone into healthcare enterprise systems companies like The Trizetto Group (Apax Partners) and Emdeon Business Services (General Atlantic and Hellman & Friedman). The most popular investment strategy in the sector is consolidation, as 22 of the 39, or 56% of the healthcare technology buyouts in the past two years have been add-on deals, well above the private equity average of 35%.