ASX-listed Limeade said it will be acquired by WebMD in an all-cash deal with an enterprise value of A$112 million ($75.21 million).
Shareholders of the U.S.-based software-as-a-service firm will receive A$0.425 per share from WebMD, a premium of 325 percent to Limeade’s last closing price.
The software provider said the transaction is expected to close in the third quarter of 2023. Limeade will become a wholly-owned subsidiary of WebMD.
Limeade had cut 15 percent of its workforce in January under its restructuring plans and posted a 33 percent drop in its net profit after tax to $13.3 million for fiscal 2023.