HealthStream, Inc. acquired Providigm, LLC for $22.2 million.
January 09, 2019
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HealthStream, Inc. (NasdaqGS:HSTM) acquired Providigm, LLC for $22.2 million on January 10, 2019. The consideration includes approximately $18 million in cash, subject to a post-closing working capital adjustment. In addition, up to an additional $0.5 million in cash may be paid following the closing based on the financial performance of Providigm during an 18-month period following closing and an additional cash of $4.15 million held in escrow. HealthStream funded the $18 million cash portion with cash on hand (subject to a post-closing working capital adjustment). $0.5 million paid will be held in escrow for a period of time following the closing to serve as a source of recovery for any post-closing working capital adjustment claims in favor of HealthStream, and an additional $3.65 million will be held in escrow for a period of time following the closing to serve as a source of recovery for certain potential indemnification claims by HealthStream. Providigm’s operations along with the continued contributions of their approximately 45 employees will continue in its Denver office.
HealthStream, Inc. (NasdaqGS:HSTM) completed the acquisition of Providigm, LLC on January 10, 2019.
HealthStream, Inc. provides platform-delivered workforce solutions. Its solutions include Software-as-a-Service (SaaS), subscription-based applications used by healthcare organizations to meet a range of their workforce development needs around learning, clinical development, credentialing, and scheduling. Its content libraries allow customers to subscribe to an array of courseware, which includes content from healthcare and nursing associations, medical and healthcare publishers, and other content providers. Its scheduling solutions provide customers with real-time visibility into clinical staff scheduling. Its credentialing, privileging, and enrollment solution, CredentialStream, provides customers a user experience with a continual stream of enhancements, evidence-based content, and curated data, which provides healthcare organizations with tools to support the provider lifecycle management from recruiting, application submission, verification of licensure, and other credentials.