Intellinetics acquires Yellow Folder for $6.5M, financed via equity and 12% notes

INTELLINETICS, INC.

Acquired substantially all assets of Yellow Folder (K-12 document management) on April 1, 2022 for ~$6.5M cash, subject to working capital adjustment.
Yellow Folder's 2021 unaudited revenue ~$2.8M, adjusted EBITDA ~$0.6M; run-rate (Feb 2022) revenue $3.1M, EBITDA $0.8M.
Purchase price represents ~10.4x 2021 adjusted EBITDA and ~2.3x 2021 revenue.
Financed via private placement: 1,242,588 shares at $4.62 ($5.74M) and $2.96M of 12% subordinated notes due March 30, 2025.
Taglich entities (10%+ owners) purchased shares/notes; placement agent Taglich Brothers received $696K commission and 124,258 warrants.

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