LLR, the $1.4 billion Philadelphia private-equity fund founded by Seth Lehr, Ira Lubert and Howard Ross, will pay $23.3 million, or 43 cents a share, for I-many, a Nasdaq-traded business software firm in Edison, N.J. LLR also pays off I-many's $17 million in debt and obligations, and takes control of its $8 million in cash.
Expect more of these going-private transactions as cash-rich p.e. firms like LLR do the math on penny-stocks like I-many.
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