Imaging Business Machines, LLC acquired IntelliScan Smart Scanning Solutions of Exela Technologies, Inc. for $30.1 million on June 9, 2023. The purchase price is approximately $30.1 million, subject to final working capital adjustments. Per the terms of the sales agreement, the Company may receive additional cash consideration upon the future occurrence of certain earn out events described in the sales agreement. The Contingent Consideration, if any, will be recognized in the period the earn out event occurs, and the Contingent Consideration is realizable. Exela Technologies plans to use the incremental liquidity for general corporate purposes, debt obligations and transactions expenses. The Business generated revenue of $20.5 million in 2022. Sheryl Orr of Morgan, Lewis & Bockius LLP acted as legal advisor to Imaging Business Machines, LLC.

Imaging Business Machines, LLC completed the acquisition of IntelliScan Smart Scanning Solutions of Exela Technologies, Inc. on June 9, 2023.