Capital enables company to accelerate full integration of its industry leading Source-to-Pay solution suite
SAN MATEO, CA February 8, 2016 – Determine, Inc. (NASDAQ: DTRM), a leading global provider of SaaS enterprise contract lifecycle management, strategic sourcing, supplier management, and procure-to-pay solutions, announced that it has completed a package of debt and loan guarantees, providing the company access to an additional $5.5 million.
The $5.5 million is funded by entities invested in by Mr. Lloyd I. Miller, III, a private investor, who currently holds a material equity position in Determine. The financing package is composed of two elements; $2.5 million convertible debt and $3 million of loan guarantees. The $2.5 million in convertible debt is a 5-year note with interest at 8% cash or 10% payment in kind. The convertible price is $3.75 per share, and the Company can call the debt if the Company’s stock is trading over $10 per share. The $3 million loan guaranty is a 2-year agreement, with 12% annual interest in the first year and 18% annual interest in the second year, and allows the Company to make borrowings through Western Alliance Bank, where Mr. Miller is an affiliate of the entity that is providing the guarantee.
“We are pleased to have access, on an as needed basis, to this additional capital, while we aggressively build out our Determine ‘one platform’ strategy,” said Patrick Stakenas, President and CEO of Determine. “Whether companies are interested in choosing a single, or multiple solution sets, the Determine platform will provide business solutions with real bottom-line value, across the supply management spectrum including the complete Source-to-Pay with Enterprise Contract Management functionality.”
Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine’s products and services, risks of losing key personnel or customers, protection of the company’s intellectual property and government policies and regulations, including, but not limited to those affecting the company’s industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company’s most recent Form 10-K as filed by the company with the Securities and Exchange Commission.
About Determine, Inc.
Determine (NASDAQ: DTRM) is a provider of leading enterprise cloud software solutions with over four decades of collective technical and process knowledge in the areas of strategic sourcing, enterprise contract lifecycle management, and procure to pay solutions. We provide the next generation of agile, enterprise cloud solutions for managing the needs of modern business. Using our intuitive applications, organizations can effectively manage the full scope of source to pay and enterprise contract lifecycle management requirements using the Determine platform.
The Determine platform is an open technology infrastructure based on smart process application models. The goal of our platform is to establish awareness of relevant data, manage business documents, embed analytical tools, create a means for collaboration, and provide advanced process management tools for fully integrating business processes through an open API infrastructure. Built on a unified and highly scalable platform, we deliver deep and innovative capabilities in strategic sourcing, supplier management, enterprise contract lifecycle management, e-procurement, invoicing, and other business operation areas.
In addition to our source to pay and enterprise contract lifecycle management solutions suite, we also provide a powerful, patented configuration engine solution, which Global 1000 companies use to increase revenue by facilitating the right combination of products, services, and price.
For more information, please visit: www.determine.com.