Nxt-ID, a provider of mobile security solutions, has secured a $16m loan from Sagard Credit Partners.
The Term Loan will be used by the business to refinance its existing revolving loan facility and to pay for accrued interest and costs associated with the refinancing. Proceeds will also provide ongoing working capital, funds for future capital expenditures, and capital for general corporate purposes.
“This transaction significantly lowers our interest rate which will significantly increase our cash flow,” said the company’s CEO, Gino Pereira. “It provides stability to our balance sheet and improves our overall financial position, which will help serve as a catalyst for future growth. This is a positive step forward for the company.”
Melbourne, Florida-based Nxt-ID provides a platform of technology products and services that enable the Internet of Things (IoT).
Through its experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturisation and sensor technologies, NXT-ID develops and markets solutions for payment and IoT applications.
Its products and solutions include MobileBio, a suite of biometric solutions that secure consumers’ mobile platforms, the Wocket, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
NXT-ID also includes three mobile and IoT-related subsidiaries: LogicMark, , a manufacturer and distributor of non-monitored and monitored personal emergency response systems; Fit Pay, a technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID, which is engaged in biometric identification and authentication.
“We are very pleased to work with NXT-ID management on this refinancing transaction,” said Mustafa Humayun of SCP. “We look forward to fostering a long and mutually beneficial relationship with the company and supporting potential future growth needs.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
