Digi International Inc. (NasdaqGS:DGII) acquired SMART Temps, LLC for $36 million on January 9, 2017. The terms of the acquisition included an upfront cash payment together with future earn-out payments and a holdback amount. Cash of $28.8 million was paid at time of closing. The earn-out payments are scheduled to be paid after December 31, 2017 which is the end of the earn-out period. The cumulative amount of these earn-out payments will not exceed $7.2 million. SMART Temps' Chief Executive Officer, John Miller and the SMART Temps employees will become part of the Digi Cold Chain Solutions team and will report to Chief Operating Officer, Kevin Riley. Bharat Ramprasad, John Vigliotti and Alex Pandrangi of Stifel, Nicolaus & Company, Incorporated acted as financial advisors to SMART. Stephens Inc. served as exclusive financial advisor to Digi. Digi International Inc. (NasdaqGS:DGII) completed the acquisition of SMART Temps, LLC on January 9, 2017.