MDaudit and Streamline Health Announce Definitive Merger Agreement
MDaudit has announced a definitive merger agreement to acquire Streamline Health Solutions (NASDAQ: STRM) in an all-cash transaction valued at approximately $37.4 million, including debt. Under the agreement, MDaudit will acquire all outstanding Streamline shares for $5.34 per share, representing a 138% premium to Streamline's closing price on May 28, 2025.
The merger combines MDaudit's billing compliance and revenue integrity platform with Streamline's pre-bill integrity solutions, serving healthcare organizations with aggregate Net Patient Revenue exceeding $300B. The transaction is expected to close during Q3 2025, after which Streamline will become private and delist from Nasdaq. Officers and directors owning approximately 22% of Streamline's stock have agreed to vote in favor of the merger.
MDaudit ha annunciato un accordo definitivo di fusione per acquisire Streamline Health Solutions (NASDAQ: STRM) tramite un'operazione interamente in contanti del valore di circa 37,4 milioni di dollari, inclusi i debiti. Secondo l'accordo, MDaudit acquisirà tutte le azioni in circolazione di Streamline al prezzo di 5,34 dollari per azione, corrispondente a un premio del 138% rispetto al prezzo di chiusura di Streamline del 28 maggio 2025.
La fusione unisce la piattaforma di conformità alla fatturazione e integrità dei ricavi di MDaudit con le soluzioni di integrità pre-fatturazione di Streamline, servendo organizzazioni sanitarie con un ricavo netto aggregato da pazienti superiore a 300 miliardi di dollari. L'operazione dovrebbe concludersi nel terzo trimestre del 2025, dopo di che Streamline diventerà privata e sarà rimossa dalla quotazione Nasdaq. Dirigenti e amministratori che detengono circa il 22% delle azioni di Streamline hanno accettato di votare a favore della fusione.
MDaudit ha anunciado un acuerdo definitivo de fusión para adquirir Streamline Health Solutions (NASDAQ: STRM) en una transacción totalmente en efectivo valorada en aproximadamente 37,4 millones de dólares, incluyendo deudas. Según el acuerdo, MDaudit adquirirá todas las acciones en circulación de Streamline a 5,34 dólares por acción, lo que representa una prima del 138% sobre el precio de cierre de Streamline del 28 de mayo de 2025.
La fusión combina la plataforma de cumplimiento de facturación e integridad de ingresos de MDaudit con las soluciones de integridad previa a la facturación de Streamline, atendiendo a organizaciones de salud con ingresos netos agregados de pacientes superiores a 300 mil millones de dólares. Se espera que la transacción se cierre durante el tercer trimestre de 2025, tras lo cual Streamline se privatizará y se retirará de Nasdaq. Los directivos y miembros de la junta que poseen aproximadamente el 22% de las acciones de Streamline han acordado votar a favor de la fusión.
MDaudit는 약 3,740만 달러 규모의 현금 거래로 Streamline Health Solutions (NASDAQ: STRM)를 인수하는 최종 합병 계약을 발표했습니다. 이 금액에는 부채도 포함되어 있습니다. 계약에 따라 MDaudit는 2025년 5월 28일 Streamline 종가 대비 138% 프리미엄이 적용된 주당 5.34달러에 Streamline의 모든 발행 주식을 인수하게 됩니다.
이번 합병은 MDaudit의 청구 적합성 및 수익 무결성 플랫폼과 Streamline의 사전 청구 무결성 솔루션을 결합하여, 총 환자 순수익이 3,000억 달러를 초과하는 의료 기관들을 지원합니다. 거래는 2025년 3분기 중 완료될 예정이며, 이후 Streamline은 비상장사가 되어 나스닥에서 상장 폐지됩니다. 약 22%의 Streamline 주식을 보유한 임원 및 이사들이 합병 찬성 투표에 동의했습니다.
MDaudit a annoncé un accord définitif de fusion pour acquérir Streamline Health Solutions (NASDAQ : STRM) dans le cadre d'une transaction entièrement en espèces d'une valeur d'environ 37,4 millions de dollars, dette comprise. Selon l'accord, MDaudit acquerra toutes les actions en circulation de Streamline au prix de 5,34 dollars par action, représentant une prime de 138 % par rapport au cours de clôture de Streamline au 28 mai 2025.
La fusion associe la plateforme de conformité de facturation et d'intégrité des revenus de MDaudit aux solutions d'intégrité pré-facturation de Streamline, desservant des organisations de santé avec un revenu net patient agrégé dépassant 300 milliards de dollars. La transaction devrait être finalisée au troisième trimestre 2025, après quoi Streamline deviendra privée et sera retirée du Nasdaq. Les dirigeants et administrateurs détenant environ 22 % des actions de Streamline ont accepté de voter en faveur de la fusion.
MDaudit hat eine endgültige Fusionsvereinbarung zur Übernahme von Streamline Health Solutions (NASDAQ: STRM) in einer rein bar abwickelten Transaktion im Wert von etwa 37,4 Millionen US-Dollar einschließlich Schulden angekündigt. Gemäß der Vereinbarung wird MDaudit alle ausstehenden Streamline-Aktien zu 5,34 US-Dollar pro Aktie erwerben, was einer Prämie von 138% gegenüber dem Schlusskurs von Streamline am 28. Mai 2025 entspricht.
Die Fusion kombiniert MDaudits Plattform für Abrechnungs-Compliance und Umsatzintegrität mit Streamlines Lösungen zur Integritätsprüfung vor der Abrechnung und bedient Gesundheitsorganisationen mit einem aggregierten Nettopatientenerlös von über 300 Milliarden US-Dollar. Die Transaktion soll im dritten Quartal 2025 abgeschlossen werden, danach wird Streamline privatisiert und von der Nasdaq delistet. Führungskräfte und Direktoren, die etwa 22% der Streamline-Aktien besitzen, haben sich bereit erklärt, für die Fusion zu stimmen.
- 138% premium offered to shareholders over the last closing price
- Combined entity will serve healthcare organizations with over $300B in Net Patient Revenue
- Transaction provides immediate cash value to Streamline shareholders
- Strong support with 22% stockholder commitment through voting agreements
- Merger enhances service offerings by combining complementary solutions
- Streamline will delist from Nasdaq and become private, reducing investment options for public market investors
- Transaction is subject to stockholder approval and customary closing conditions which could delay or prevent completion
Insights
MDaudit's acquisition of Streamline Health at a 138% premium represents significant shareholder value while strengthening healthcare revenue cycle solutions.
This definitive merger agreement between MDaudit and Streamline Health (NASDAQ: STRM) represents a substantial premium for Streamline shareholders. MDaudit is acquiring all outstanding shares at
The strategic rationale for this combination is compelling. Both companies serve healthcare organizations with solutions aimed at improving financial performance - MDaudit with its post-bill compliance monitoring platform and Streamline with its pre-bill revenue integrity solutions. The combined entity will support healthcare organizations with an aggregate Net Patient Revenue exceeding
Transaction certainty appears high. The deal is not subject to a financing condition, with MDaudit planning to use cash on hand and existing credit facilities. Additionally, voting agreements have been secured from Streamline's officers, directors, and affiliates who collectively own approximately
From a governance perspective, Streamline will become a wholly-owned subsidiary of MDaudit and will be delisted from Nasdaq, becoming a private company. The transaction is expected to close during Q3 2025, subject to stockholder approval and customary closing conditions.
For Streamline shareholders, this represents an attractive exit opportunity at a significant premium in an all-cash deal, eliminating exposure to execution risks of Streamline's standalone strategy while providing immediate liquidity.
The combined entity supports healthcare organizations nationwide with an aggregate Net Patient Revenue of more than
MDaudit to acquire all outstanding shares of Streamline stock for
Boston, Mass. and Atlanta, Ga., May 29, 2025 (GLOBE NEWSWIRE) -- MDaudit, an award-winning cloud-based continuous risk monitoring platform that enables the nation’s premier healthcare organizations to minimize billing risks and maximize revenues, and Streamline Health Solutions, Inc. (“Streamline” or the “Company”, NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced today that they have entered into a definitive merger agreement pursuant to which MDaudit will acquire Streamline in an all cash transaction valued at approximately
Pursuant to the terms of the merger agreement, MDaudit will acquire all outstanding shares of Streamline stock for
This combination brings together two organizations that share a common vision: enabling healthcare organizations to expand patient care and access by improving financial stability. By joining Streamline’s pre-bill integrity solutions with MDaudit’s robust billing compliance and revenue integrity platform, the parties believe that the combined organization will be uniquely positioned to unify disparate data silos, broaden executive insights, and drive coordinated actions across the revenue cycle continuum to accelerate revenue outcomes and mitigate risk.
“At a time when health systems are facing mounting financial and operational pressures, we believe the future belongs to those who can connect the dots across the revenue cycle continuum with data- and AI-driven solutions,” said Ritesh Ramesh, CEO of MDaudit. “Streamline’s eValuator and RevID solutions complement MDaudit’s current strengths in billing compliance and revenue integrity capabilities by enabling pre-bill visibility in real-time to unlock revenue opportunities. These solutions reflect our shared belief that human-driven revenue cycles deserve proactive, systemwide intelligence with closed feedback loops that are actionable”.
“MDaudit and Streamline have always believed that the most sophisticated technology won’t drive successful outcomes without an unwavering focus on customer satisfaction,” said Ben Stilwill, CEO of Streamline Health. “Our teams have built trust by being true partners to our customers. Together, we’re building a broader platform that reflects the reality of today’s revenue cycle: distributed teams, disconnected data, and immense responsibility. Together, we’re delivering foresight and action; not just reports or alerts.”
Transaction Summary
At the effective time of the merger, a wholly-owned subsidiary of MDaudit will merge with and into Streamline, with Streamline surviving the merger as a wholly-owned subsidiary of MDaudit. The closing of the transaction is subject to certain customary closing conditions, including approval of the merger agreement by the Streamline stockholders. The transaction is not subject to a financing condition, and MDaudit intends to finance the transaction using a combination of cash on hand and available funds from existing credit facilities.
The merger is expected to close during the third quarter of 2025.
Following the closing of the merger, Streamline’s common stock will no longer be listed on the Nasdaq Stock Market, and Streamline will become a private company.
Voting Agreements
MDaudit has entered into voting agreements with certain officers and directors of Streamline and their respective affiliates, who collectively own approximately
Advisors
Cain Brothers, a division of KeyBanc Capital Markets, acted as exclusive financial advisor to Streamline and rendered a fairness opinion to its Board of Directors, and Troutman Pepper Locke LLP served as legal counsel to Streamline.
Goodwin Procter, LLP served as legal counsel to MDaudit.
About MDaudit
MDaudit is a leading healthcare technology provider that partners with the nation’s premier healthcare systems to reduce compliance risk, improve efficiency, retain revenue, and enhance communication between cross-functional teams. Bringing solutions to an industry in transformation, MDaudit enables organizations to minimize billing risks and maximize revenue with an AI-powered, integrated, cloud-based platform that leverages the power of collaboration between people and sophisticated technology to keep humans at the forefront of decision-making while driving sustainable change. To learn more, visit www.mdaudit.com/.
About Streamline Health
Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net
Forward-looking Statements
This press release, and any related oral statements, may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and all other statements that are not statements of historical fact. Such statements may include statements regarding the closing of the proposed merger and the expected timing thereof, the expected value provided to stockholders as a result of the proposed merger, the management of the Company upon closing of the proposed merger, and the Company’s operating and strategic plans upon closing of the proposed merger. Such forward-looking statements are based on various assumptions as of the time they are made, all of which are subject to change, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” “aim,” “could,” “would,” “seek,” “might,” “considered,” “continue,” “target” or words of similar meaning or the negatives of these words or other statements concerning opinions or judgments of the Company or its management about future events or outcomes or that otherwise convey uncertainty about future events or outcomes. By their nature, forward-looking statements address matters that involve risks and uncertainties because they relate to events and depend upon future circumstances that may or may not occur, such as the closing of the merger and the anticipated benefits thereof. There can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements or any related oral statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the inability to close the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to closing of the proposed merger; (iii) risks related to disruption of management’s attention from the Company’s ongoing business operations due to the proposed merger; (iv) unexpected costs, charges or expenses resulting from the proposed merger; (v) the Company’s ability to retain and hire key personnel; (vi) certain restrictions during the pendency of the proposed merger that may impact the company’s ability to pursue certain business opportunities or strategic transactions; (vii) the ability of the buyer to obtain necessary financing arrangements, if any; (viii) potential litigation relating to the proposed merger that could be instituted against the parties to the merger agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; (ix) the effect of the announcement of the proposed merger on the Company’s relationships with its customers, operating results and business generally; (x) continued availability of capital and financing and rating agency actions; (xi) legislative, regulatory and economic developments affecting the Company’s business; (xii) general economic and market developments and conditions; (xiii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as the Company’s response to any of the aforementioned factors; (xiv) significant transaction costs associated with the merger; (xv) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and (xvi) the risk that the proposed merger will not be consummated in a timely manner, if at all. Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by the Company in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Form 10-K for the fiscal year ended January 31, 2025, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. While the list of factors presented here and in such filings with the SEC is considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material impact on the Company’s financial condition, results of operations, credit rating or liquidity. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements and any related oral statements speak only as of the date they are made, and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Additional Information and Where to Find It
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the proposed merger, the Company intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement on Schedule 14A, the definitive version of which will be sent or provided to the Company’s stockholders. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC or send to its stockholders in connection with the proposed merger. STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER DOCUMENTS FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE BUSINESS TO BE CONDUCTED AT THE SPECIAL MEETING. All such documents, when filed, may be obtained free of charge at the SEC’s website (http://www.sec.gov). These documents, once available, and the Company’s other filings with the SEC also will be available free of charge on the Company’s website at www.streamlinehealth.net.
Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed merger. Information about the Company’s directors and executive officers and their ownership of the Company’s common stock is set forth in the Company’s proxy statement on Schedule 14A filed with the SEC on August 19, 2024, and the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on May 2, 2025. To the extent that such individual’s holdings of the Company’s common stock have changed since the amounts printed in the Company’s proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the identity of the potential participants, and their direct or indirect interests in the proposed merger, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed merger. Free copies of these materials may be obtained as described in the preceding paragraph.
To Learn More
For MDaudit
Brian Martorana
Vice President, Marketing
816.522.4886
bmartorana@hayesmanagement.com
For Streamline
Jacob Goldberger
Vice President, Finance
303.887.9625
jacob.goldberger@streamlinehealth.net
Jacob Goldberger Vice President, Finance 303.887.9625 jacob.goldberger@streamlinehealth.net
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