Thursday, August 16, 2012
Noro-Moseley Partners completes new investment
Streamline Health Solutions, Inc. today completed a $12 million equity investment led by Great Point Partners LLC (GPP), Greenwich, CT and CED Member Noro-Moseley Partners (NMP), Atlanta, GA. As part of this investment, the company issued no dividend convertible preferred stock, which has the right to convert to common stock on a one for one basis at $3 per share, and warrants to purchase common stock. In addition, the company issued convertible notes, which, upon shareholder approval, will convert into the same series of convertible preferred stock noted earlier. As part of this transaction, the membership of the Board of Directors of the company was increased from 7 to 9. Accordingly, Allen Moseley, General Partner at NMP, has joined our board of directors. The additional board member will be identified at a later time.
"We are proud and excited to have the teams from GPP and NMP invested in Streamline Health," said Robert E. Watson, President and CEO. "This investment, by two well-known healthcare-focused investment funds not only provides us with the capital to address our growth plans going forward, but it also validates our vision for Streamline Health."
Rohan Saikia, Senior Vice President at GPP, said "As a growing, dynamic and well-positioned leading provider of health information technology solutions including enterprise content management, business analytics and integrated workflow systems, Streamline Health is a perfect fit with Great Point Partners. We're pleased to partner with Streamline Health during this exciting period of their corporate history."
Allen Moseley, General Partner of NMP, said "We look forward to actively participating in the next phase of growth for Streamline Health. We believe their expanding suite of solutions in health information management and business analytics solutions will be in great demand throughout the industry."