IGambit Inc. agreed to merge with healthcare analytics company Clinigence Holdings Inc. in a stock-for-stock transaction.
In line with a letter of intent signed in late June, iGambit had stated that it would acquire Clinigence and merge it with the company's unit HealthDatix Inc. The merged entity will operate as a publicly traded healthcare technology firm under the name Clinigence Holdings Inc.
Clinigence shareholders will own 85% stake in New York-based iGambit following the transaction.
The combined company will enable healthcare organizations to utilize cloud-based platforms to provide value-based services.
Clinigence CEO and President Jacob Margolin will lead the combined company in the same roles, while Warren Hosseinion will continue as company chairman following the deal closing. IGambit CFO Elisa Luqman will continue in the same role with the combined company, with Lawrence Schimmel continuing as Chief Medical Officer.
John Salerno will resign as iGambit's president and director, and will be an observer on the combined company's board. Additionally, Charles Kandzierski will be appointed Chief Operating and Information Officer.
The transaction is expected to close by the end of November, subject to customary closing conditions.
Shartsis Friese LLP acted as legal adviser to Clinigence, while Dickinson Wright PLLC served as iGambit's legal counsel.