ScanSource, Inc. (NASDAQ:SCSC) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On July31, 2017, a subsidiary of ScanSource, Inc. (the “Company”) completed its previously announced acquisition of all of the outstanding shares of stock of POS Portal, Inc. (“POS Portal”) from the Stryker family and the other POS Portal shareholders. POS Portal is a leading distributor of payment devices and services primarily to the SMB market segment in the United States.
The purchase price consists of (i)approximately $144.9 million paid in cash at closing ($13.5 million of which is being held in escrow to cover indemnity claims) subject to working capital and other customary adjustments and (ii)an earn-out payment to be made November30, 2017, of up to approximately $13.2 million, based on POS Portal’s earnings before interest expense, taxes, depreciation and amortization for the year ending September30, 2017. The amount of the purchase price paid in cash at closing was funded through borrowings under the Company’s revolving credit facility.
The Company previously disclosed the acquisition in a Form 8-K filed on June29, 2017, with a description of the acquisition agreement.
Item 2.01. Financial Statements and Exhibits.
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| 99.1 | Press release |
SCANSOURCE, INC. ExhibitEX-99.1 2 d434493dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 For Immediate Release Contact: Media: Melissa Andrews July 31,…To view the full exhibit click here
About ScanSource, Inc. (NASDAQ:SCSC)
ScanSource, Inc. is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services. The Barcode & Security distribution segment focuses on automatic identification and data capture (AIDC), POS, electronic physical security and three dimensional (3D) printing technologies. The Communications & Services distribution segment focuses on communications technologies and services. As of June 30, 2016, the Company marketed over 100,000 products from approximately 400 hardware and software vendors to approximately 35,000 reseller customers from distribution centers in Mississippi, Virginia, Florida, Mexico, Colombia, Brazil, Belgium, France, Germany and the United Kingdom.
