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Francisco Partners to buy ClickSoftware for $438 mln in cash

JERUSALEM, April 30 (Reuters) - ClickSoftware Technologies said on Thursday it signed a deal to be bought by private funds managed by Francisco Partners Management for $438 million in cash.

Francisco will buy all of ClickSoftware's outstanding shares for $12.65 each, a premium of 45 percent over the average closing price of the company's Nasdaq shares the past 90 days, it said.

The board of U.S.-Israeli ClickSoftware, a provider of automated mobile workforce management products for the service industry, has already approved the transaction and recommends that its shareholders do so as well, the company said.

ClickSoftware expects the deal to be completed in July. Upon completion, it will become a private company.

(Reporting by Steven Scheer)