Just weeks after officially shelving a planned initial public offering, hospital software maker Picis Tuesday announced a $155 million debt and equity infusion from Goldman Sachs that will be used to acquire Lynx Medical Systems.

In August 2006, Picis filed for an $86.3 million IPO on the Nasdaq, but that deal—in which Goldman was to be an underwriter--languished.

“Three hundred forty days in registration—that’s pretty stale,” said Ben Holmes, publisher of IPO tracker MorningNotes, who noted that the typical time between a company’s filing and its trading debut is between 75 and 90 days.

Still, Picis Chief Executive Todd Cozzens said plans for an IPO were still alive, but the filing was withdrawn because it would have delayed the acquisition of Lynx, which had hired investment bank William Blair to expedite a sale.

“We were highly motivated to make this happen,” Mr. Cozzens said. The merger is expected to close within four weeks. Precise terms of the deal were not disclosed, though the Goldman investment was believed to approximate the purchase price.

Picis acquired Lynx from Menlo Park, California, private equity firm Francisco Partners, which bought the company in 2005. Ezra Perlman, a Francisco partner who sat on the board of directors, said Lynx revenues were growing 30 percent a year and an investment bank was hired only after potential buyers began courting the company.

“Picis was the best strategic fit and the people at Picis were aggressive to get something done,” he said.

Mr. Cozzens said Lynx, whose software tracks billing and workflow in hospitals, would complement Picis’ software that follows patient care in hospital emergency and operating rooms.

While Picis’ software can reduce patient mortality, he said, Lynx’s can ensure that caregivers record all services provided to the patient. With little overlap among customers, the merger also gives the combined company the opportunity to cross-sell products, Mr. Cozzens added.

Wakefield, Massachusetts-based Picis customers include Boston Medical Center, Mayo Clinic, Stanford Hospital and Clinics and Mount Sinai Hospital in New York City.

Founded in France in 1993 and moved to the United States seven years later, Picis posted a net loss of $8.5 million for the nine months ended Sept. 30, according to a filing with the Securities and Exchange Commission. The company’s board members include Tommy Thompson, who served as secretary of the Department of Health and Human Services in the Bush Administration.

Frost & Sullivan estimated that the U.S. market for emergency, intensive care and pre-and post-operative software will grow from about $549 million in 2005 to more than $1.2 billion in 2012.

Lynx, with a headcount of about 200, has its headquarters in Bellevue, Washington.

The Goldman private placement is roughly two-third equity and one-third debt, Mr. Cozzens said. Another major holder of Picis stock is the private equity arm of white shoe Wall Street investment bank Brown Brothers Harriman, which had a 32 percent stake, according to a January SEC filing.