NEW BUSINESS Digital River Inc., Eden Prairie, has signed an agreement to manage European online sales for Freecom, a Mitsubishi Kagaku Media company and manufacturer of external hard drives and portable storage devices. As part of the agreement, Digital River will be managing global e-commerce operations, e-marketing, payments and the physical fulfillment of products across Europe.
Ingenix, Eden Prairie, has been awarded a three-year contract by the Iowa Medicaid Enterprise (IME), a combination of state employees and commercial vendors that manage Iowa's $3 billion Medicaid program, to handle its Program Integrity initiative to help ensure that taxpayer dollars are properly spent.
DEBT AND EQUITIES Electromed Inc., New Prague, Minn., said that Feltl and Co. Inc., the underwriter of its previously announced public offering, has purchased an additional 200,000 shares of Electromed's common stock at the initial public offering price of $4 per share, less the applicable underwriting discount. Net proceeds from the IPO, including the overallotment option, are expected to be about $5.99 million after deducting underwriting discounts and commissions and offering expenses. Electromed intends to use the net proceeds for additional employees, product research and development and for general corporate purposes.
MoneyGram International, St. Louis Park, has made an optional $30 million prepayment on its tranche B term loan under the senior secured credit facility. Including this latest payment, MoneyGram International will have paid $277 million toward its outstanding debt obligation. This represents a 28 percent decrease in the company's total outstanding debt since Jan. 1, 2009.
PERSONNEL Haberman, a Minneapolis-based media and marketing firm, has named Eric Block managing director. Block previously was chief operating officer at Fallon Worldwide, Minneapolis.
Hormel Foods Corp., Austin, Minn., announced the retirement of James Cavanaugh, senior vice president of external affairs and general counsel, effective Jan. 30. Lori Marco will succeed Cavanaugh as vice president of external affairs and general counsel. Hormel also announced the promotions of Jody Feragen to executive vice president and chief financial officer from senior vice president and chief financial officer, and Steven Binder to executive vice president of refrigerated foods from group vice president of refrigerated foods.
