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QuadraMed to Buy Pyramid Health

June 03, 1998|Bloomberg News

QuadraMed Corp., which makes software for health-care providers, said it will buy Pyramid Health Group for about $66.8 million in stock, to expand the services it offers to health-care companies. Larkspur-based QuadraMed said it will issue about 2.7 million shares to acquire Pyramid Health, which provides consulting and outsourcing services to managed-care information systems such as medical records. The transaction, worth $66.8 million based on QuadraMed's closing stock price of $24.75, up $1.31 on Nasdaq. The transaction is expected to be completed by June 30. QuadraMed, which makes software to help hospitals and medical groups track contracts and other financial information, wants to expand its computer-related services and sell more products to Pyramid's customers. San Jose-based Pyramid has more than 600 clients and employs 1,500 people. QuadraMed also said it acquired MetriCor Inc., a closely held compliance and consulting company in Louisville, Ky., for about $2.08 million in stock.

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