Monday, April 2, 2007
Quovadx Divided, Sold for $171M
Quovadx Inc., a global software and vertical solutions company headquartered in Greenwood Village, Colorado, has sold its CareScience division to Premier Inc. for $34.9 million, Quovadx announced Monday. In turn, the remainder of the company has been shopped to Battery Ventures for $136.7 million. Premier's purchase of CareScience occurred Friday, and is worth some 2.3 times the division's 2006 revenue. Quovadx’s subsequent sale to Battery Ventures was finalized Sunday. Pending adjustments and calculations, Quovadx stockholders will receive approximately $3.15 per share. Premier is a San Diego-based health care alliance that serves more than 1,700 hospitals and 45,000 clinics across the country. Battery Ventures is a technology-oriented venture capital and private equity firm.