Search
Homepage Rankings and Research Companies Channelcast Marketing Matters CRNtv Events WOTC Jobs Cisco Partner Summit Digital 2020 Lenovo Tech World Newsroom Dell Technologies World Digital Experience 2020 HPE Zone Masergy Zenith Partner Program Newsroom Dell Technologies Newsroom Fortinet Secure Network Hub Hitachi Vantara Digital Newsroom IBM Newsroom Juniper Newsroom The IoT Integrator Lenovo Channel-First NetApp Data Fabric Intel Tech Provider Zone

Emtec, On Acquisition Spree, Nails Down Financing

As it continues buying other companies, Radnor, Pa.-based solution provider Emtec has secured financing to help pay for more acquisitions, the company announced.

As it continues buying other companies, Radnor, Pa.-based solution provider Emtec has secured financing to help pay for more acquisitions, the company said Monday.

The amount of the financing was not disclosed. Privately held Emtec -- No. 117 on CRN’s 2015 Solution Provider 500 -- said the money would also help it refinance its current debt, and provide a source of funding for limited share repurchases and working capital.

Emtec is a consulting firm that also partners with software giants Microsoft and Oracle, among other firms.

[Related: Emtec Launches Wave6 Consulting, Services Practice For Salesforce CRM Customers]

The financing is being provided by LBC Credit Partners of Philadelphia, which provides financing for midsize companies in a range of industries.

The announcement came four days after Emtec said it had acquired Summit Technology, based in Athens, Ala., a managed services provider specializing in Oracle applications and focused on the health-care industry -- a rapidly growing sector, according to Emtec. Summit’s health-care clients include Children’s of Alabama, a hospital in Birmingham, and Grady Health System, based in Atlanta.

Summit represents Emtec’s third acquisition of 2015. In July, it bought Intelenex, an Oracle Cloud Applications partner based in Denver and Santa Rosa, Calif. Three months earlier, Emtec acquired Lucidity Consulting Group of Irving, Texas, which focuses on the utilities, manufacturing and distribution industries.

In Emtec’s statement on the financing, CFO Greg Chandler said the company has entered ’a new stage of growth [which] will be fueled by the support’ of LBC. ’This transaction will enable us to move more quickly in the future on larger opportunities.’

In last week’s statement on the Summit deal, Emtec cited the gains the acquisitions of Lucidity and Intelenex gave it in implementing Oracle Cloud Applications. ’Combined with deep mobile, analytics and industry expertise, Emtec is well positioned to be a ’partner of choice,’ providing complete digital solutions to our clients,’ the statement read.

Summit’s management and team has become part of Emtec’s Global Services group, Emtec said in the statement announcing the acquisition.

Emtec’s stock is publicly traded, but according to the company, it has not been required to report its financial data to the U.S. Securities and Exchange Commission. The company last publicly disclosed financial data in 2013. According to MarketWatch, Emtec has a market capitalization of $15.65 million.

PUBLISHED DEC. 7, 2015

Back to Top

Video

 

trending stories

sponsored resources