Battery buys tech firm for $137m

Battery Ventures has completed a$137 million take-private of Quovadx, a software and software services firm formerly listed on NASDAQ, for $136.7 million.

Battery Ventures, a venture capital and private equity firm focused on technology and innovation investments, has completed its acquisition of NASDAQ-listed Quovadx, a software and software services company, for $136.7 million (€99 million).

Under terms of the agreement, Battery will pay Quovadx shareholders $3.20 per share in cash.

Quovadx sold its CareScience division to healthcare alliance Premier for $34.9 million in March. Battery will take private the remaining divisions, Rogue Wave Software, which provides reusable software components to professional developers, and Integration Solutions, which services hospitals, government entities and health plans.

Battery just closed its eighth fund on $750 million earlier this month. At the time the firm said the size of the new fund would give it the leeway to do larger deals than it has in the past.

Battery manages $2.9 billion in committed capital, and has offices in Boston, Silicon Valley and Israel.