Crystal Financial has closed a $17 million term loan for Numerex, a managed enterprise solutions enabling the Internet of Things (IoT).

Proceeds from the facility will be used for general business purposes in support of the company’s efforts to transform and enhance its business.

“We needed a financing partner that would truly understand our strong market potential and provide a flexible structure that would facilitate our key business objectives. Crystal Financials Steve Migliero and team distinguished themselves very quickly and executed a transaction that met all of our needs. We look forward to a mutually beneficial relationship,” said Marc Zionts, chief executive officer of Numerex.

Crystal Financial, a portfolio company of Solar Capital is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings to middle-market companies.

Numerex is a provider of managed enterprise solutions enabling the Internet of Things (IoT). The company’s solutions produce new revenue streams or create operating efficiencies for its customers.