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CRYSTAL FINANCIAL PROVIDES $17.0 MILLION TERM LOAN FOR NUMEREX, CORP.
Boston, March 29, 2016
Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $17.0 million Term Loan for Numerex Corp. (NASDAQ: NMRX). Headquartered in Atlanta, Numerex is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT).
Proceeds from the facility will be used for general business purposes in support of the company's efforts to transform and enhance their business.
“We needed a financing partner that would truly understand our strong market potential and provide a flexible structure that would facilitate our key business objectives. Crystal Financials Steve Migliero and team distinguished themselves very quickly and executed a transaction that met all of our needs. We look forward to a mutually beneficial relationship.” Said Marc Zionts, Chief Executive Officer of Numerex.
Steve Migliero, Senior Managing Director of Originations, said, “We are exciting to be working with an experienced executive like Marc who has a demonstrated track record of driving operational and financial change. Numerex has a portfolio of IoT enterprise solutions that provide its customers with a comprehensive solution set incorporating device, network, application and platform that allows their customers to solve sometimes very complex IoT challenges. We look forward to a long term partnership with Numerex.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating efficiencies for its customers. Numerex provides its technology and services through its integrated platforms, which are generally sold on a subscription basis. The Company offers a portfolio of managed end-to-end IoT solutions including smart devices, network connectivity and service applications capable of addressing the needs of a wide spectrum of vertical markets and industrial customers. The Company's mission is to empower enterprise operations with world-class, managed IoT solutions that are simple, innovative, scalable, and secure. Numerex is ISO 27001 information security-certified, highlighting the Company's focus on data security, service reliability and around-the-clock support of its customers. For additional information, please visit www.numerex.com.
CRYSTAL FINANCIAL CONTACT
Numerex Financial Contact