secwatch.observer — SEC 8-K summary
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Issuer:     iCoreConnect Inc. (—)
CIK:        0001906133
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0001477932-24-006112
Event type: m_and_a
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iCoreConnect divests MSP Division to The 20 LLC for $2.02M plus earnout
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- Sold MSP Division assets and customer contracts for ~$2.02M (base price) less transaction expenses.
- Earnout potential up to $224,334 if ARR exceeds $1.62M in the 3-month period beginning April 1, 2025.
- Proceeds will be used to reduce debt and reinvest in core SaaS business, which operates at higher margins.
- Divestiture aligns with strategy to streamline operations and focus on cloud-based software and healthcare platform.
- Sale closed on October 1, 2024; Purchaser is The 20 LLC (T20).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1906133/000147793224006112/0001477932-24-006112-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1906133/000147793224006112/icct_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-24-006112

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer