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Intersections sells pet health monitoring biz

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Intersections sells pet health monitoring biz

Intersections Inc. sold its wholly owned subsidiary i4c Innovations LLC to One Health Group LLC, a newly formed entity, under a membership interest purchase agreement.

The purchase price for the interests is $100, paid in cash at closing, plus a revenue participation of up to $20 million. One Health Group is also obligated to reimburse Intersections Holdings for the full amount of any operating expenses of i4c incurred after July 8. The agreement contains limited representations, warranties, covenants and indemnification provisions.

The terms of the transaction were approved by Intersections' independent directors. i4c conducted Intersections' pet health monitoring business known as Voyce.

Intersections chairman and founder Michael Stanfield will be a minority investor in One Health, effective July 31, and certain former members of the i4c management team are the managing member and investors.

The sale is part of Intersections' strategy to divest noncore businesses and direct resources to identity and privacy protection services. As part of the deal, Intersections amended its $20 million credit agreement, dated as of April 20.