Hayes Management Consulting, Inc. entered into a definitive merger agreement to acquire Streamline Health Solutions, Inc. (NasdaqCM:STRM) for $23.1 million on May 29, 2025. A cash consideration valued at $5.34 per share will be paid by Hayes Management Consulting, Inc. The all cash transaction is valued at approximately $37.4 million, including debt. Sell side termination fee is $9 million. The closing of the transaction is subject to certain customary closing conditions, including approval of the merger agreement by the Streamline stockholders. The transaction is not subject to a financing condition, and MDaudit intends to finance the transaction using a combination of cash on hand and available funds from existing credit facilities. The merger is expected to close during the third quarter of 2025. On August 7, 2025, the transaction was approved by Streamline Health Solutions's shareholders.

Cain Brothers acted as exclusive financial advisor to Streamline and rendered a fairness opinion to its Board of Directors, and David W. Ghegan of Troutman Pepper Locke LLP served as legal counsel to Streamline. Andrew J. Weidhaas and Rachel Frankeny of Goodwin Procter, LLP served as legal counsel to MDaudit. Spencer Klein of Morrison Foerster advised Cain Brothers in its role as financial advisor.