Kingsway Financial acquires Digital Diagnostics Imaging for $11M

Kingsway Financial Services announced the acquisition of Digital Diagnostics Imaging, a provider of fully managed outsourced cardiac monitoring telemetry services for $11M in an all-cash transaction funded with $5.4M in cash on hand and $5.6M in debt financing. Digital Diagnostics Imaging provides fully managed outsourced cardiac monitoring telemetry services to long-term acute care and inpatient rehabilitation hospitals throughout the U.S. The business enables remote access to client hospital telemetry systems from an outsourced monitoring station ensuring that a patient’s ECG is continuously under watch. All technicians are certified by nationally-recognized organizations. DDI has been operating for over 10 years and currently has a presence in 42 states. The transaction was structured as a purchase of all of the issued and outstanding shares of capital stock of DDI. Financing was provided by Signature Bank. Holland & Knight LLP served as legal counsel to Kingsway, and Sichenzia Ross Ference Carmel LLP served as legal counsel to the sellers in connection with the transaction.