Streamline (STRM) Completes $5M Acquisition of Interpoint Partners; Enters New Financing
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Streamline Health Solutions, Inc. (Nasdaq: STRM), announced the closing of its acquisition of Atlanta-based Interpoint Partners, LLC.
Streamline Health acquired substantially all the assets of Interpoint for a combination of cash and a convertible subordinated note totaling $5 million. Additionally, the Agreement provides for a contingent earn out payment in cash or convertible subordinated notes based on Interpoint's financial performance for the 12 month period beginning 6 months after closing and ending 12 months thereafter.
In conjunction with the definitive asset purchase agreement with Interpoint, Streamline Health has entered into a new financing agreement with Fifth Third Bank whereby the bank will provide the Company with a $4.1 million two-year term loan, the proceeds of which were used to finance the cash portion ($2 million) of the initial purchase price, as well as pay down the outstanding balance of the Company's revolving line of credit with the bank. The Company continues to have the availability of its $3 million revolving line of credit with Fifth Third Bank.
Streamline Health acquired substantially all the assets of Interpoint for a combination of cash and a convertible subordinated note totaling $5 million. Additionally, the Agreement provides for a contingent earn out payment in cash or convertible subordinated notes based on Interpoint's financial performance for the 12 month period beginning 6 months after closing and ending 12 months thereafter.
In conjunction with the definitive asset purchase agreement with Interpoint, Streamline Health has entered into a new financing agreement with Fifth Third Bank whereby the bank will provide the Company with a $4.1 million two-year term loan, the proceeds of which were used to finance the cash portion ($2 million) of the initial purchase price, as well as pay down the outstanding balance of the Company's revolving line of credit with the bank. The Company continues to have the availability of its $3 million revolving line of credit with Fifth Third Bank.
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