Model N, a provider of cloud-based revenue management solutions, has completed its acquisition of Revitas, a provider of life sciences revenue management software.
“We are excited to welcome the Revitas customers, partners and employees to the Model N family,” said Zack Rinat, founder, executive chairman and CEO of Model N. “Together we will deliver increased value to our joint customers by delivering innovative revenue management solutions in the cloud.”
According to a related 8-K filing, TC Lending served as administrative agent and sole lead arranger for a $50 million term loan to fund the cash portion of the purchase. Crystal Financial is a member of the lender group.
Redwood, CA-based Model N’s acquisition of Revitas unites more than 40 years of combined revenue management experience, more than 80 life sciences customers and a presence in 10 major locations around the world.
“Today is a major milestone in the history of Model N as we increase the value we can deliver to both customers and shareholders. We expect to drive top line growth, complete the transition of our business model to 100% recurring revenues and accelerate our path toward profitability and cash flow generation,” said Rinat.
JMP Securities served as exclusive financial advisor to Model N and Robert W. Baird served as financial advisor to Revitas on the transaction. Durham Capital Corporation advised on the debt financing.