Numerex Corp.,  a provider of enterprise solutions enabling the Internet of Things (IoT), announced that it recently closed a $13.5 million note purchase agreement with Hale Capital Partners, an independent commercial investment company. Hale Capital will become Numerex’s new primary financing partner.  A portion of the proceeds from the sale of the note will be used to retire the debt previously financed by Crystal Financial.

Martin Hale, Jr., CEO of HCP, commented, “We are excited to be working with a company like Numerex.  They have a unique portfolio of IoT enterprise solutions that offer deep insight into key, select underserved vertical markets that have yet to be fully penetrated.  Additionally, Numerex’s comprehensive IoT platform allows differentiation through an end-to-end approach which incorporates device, network, application and platform, allowing their customers to solve very complex business challenges.  We look forward to a long-term partnership with Numerex.”

Ken Gayron, Interim CEO and CFO of Numerex, added, “Numerex is very pleased to be working with a quality financial institution like Hale Capital.  This new financing agreement provides Numerex with cost-effective and flexible capital to support our business model. Additionally, the new facility reduces our cash interest expense in the near term, extends the maturity date under the primary credit facility from 2020 to 2021, and removes some of the more onerous restrictions from the prior loan, all of which should help Numerex focus on organic execution and growth.