Software-focused private investment firm Thoma Bravo, is to acquire NextGen Healthcare, a provider of cloud-based healthcare technology solutions, in a take-private all-cash deal valued at around $1.6bn.

The transaction, which was unanimously approved by NextGen's board of directors, is expected to close in the fourth quarter of the year.

Under the terms of the transaction shareholders will receive $23.95 in cash for each share they own, representing a 46.4% premium to the Company’s unaffected closing stock price on 22 August, and a 39.2% premium to the 30-day volume-weighted average price for the period ending 1 September.