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Patriot Announces Sale of Global HR Research

Staff Writer | April 04, 2017

Patriot National, a provider of technology and outsourcing solutions to the insurance industry, announces it sold substantially all of the assets of Global HR Research, a pre-hire intelligence solutions provider, to a subsidiary of Renovo Capital. The transaction reflects Patriot National’s strategic plan to focus on its core businesses, workers’ compensation insurance services and technology.

The purchase price for the sale of Global HR is up to $30 million, plus the assumption of certain liabilities. Specifically, $20 million was paid to Global HR in cash at closing and $5 million will be deposited into escrow for possible purchase price and working capital adjustments, satisfaction of certain post-closing conditions and any indemnification claims. In addition, Global HR may receive an earn-out payment of up to an additional $5 million. 

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