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Related Party Transactions
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
Digital Matrix Systems, Inc. — The Chief Executive Officer and President of Digital Matrix Systems, Inc. (“DMS”) serves as one of our board members. We have service agreements with DMS for monitoring credit on a daily and quarterly basis, along with occasional contracts for certain credit analysis and application development services. In connection with these agreements, we paid monthly installments totaling $2.5 million and $1.7 million in the years ended December 31, 2017 and 2016, respectively. These amounts are included within cost of services revenue and general and administrative expenses in our consolidated statements of operations. As of December 31, 2017 and 2016, we owed $178 thousand and $162 thousand, respectively, to DMS under these agreements.
Loeb Partners Corporation – In connection with the closing of the Prior Credit Agreement, we paid $553 thousand in advisory fees to Loeb Partners Corporation in the year ended December 31, 2016. Loeb Partners Corporation is an affiliate of Loeb Holding Corporation. One of the members of our Board of Directors is the beneficial owner of a majority of the voting stock of Loeb Holding Corporation, and is the Chairman and Chief Executive Officer of Loeb Partners Corporation.
PEAK6 Investments, L.P. - During 2017, we refinanced our existing senior secured indebtedness under the Prior Credit Agreement with the New Credit Agreement with PEAK6 Investments, L.P. ("PEAK6 Investments"), which had a principal outstanding amount of $21.5 million as of December 31, 2017. In connection with the New Credit Agreement, we paid PEAK6 Investments $1.5 million for the repurchase of common stock, and we received a total of $2.2 million for the issuance of the Warrant. In the year ended December 31, 2017, we paid interest of $1.4 million. PEAK6 Investments owned approximately 419 thousand shares of our common stock immediately prior to the closing of the New Credit Agreement. For additional information, please see Note 15.
One Health Group, LLC - On July 31, 2017, we entered into and consummated the divestiture of Voyce to One Health Group, LLC (the "Purchaser"), pursuant to the terms and conditions of a membership interest purchase agreement (the "Purchase Agreement") between our wholly owned subsidiary and the Purchaser. The purchase price for the Interests (the "Purchase Price") is equal to (i) the sum of one hundred dollars ($100), paid in cash at closing, plus (ii) a revenue participation of up to $20.0 million (the "Maximum Amount"), payable pursuant to the terms and conditions of the Purchase Agreement.
The Purchaser is a newly-formed entity of which Michael R. Stanfield, our Executive Chairman and President, is a significant minority investor, and certain former members of the Voyce management team are the managing member and investors.
Monde of Events - The Chief Executive Officer of Monde of Events is the spouse of our Chief Operating Officer. We have retained Monde of Events to provide event planning services for our corporate events. In the years ended December 31, 2017 and 2016, we paid Monde of Events $123 thousand and $106 thousand, respectively, for these services. As of December 31, 2017, there were no amounts due to Monde of Events.