Cerno and Stream complete financial merger

Stream Claims Services has announced the financial merger with Cerno Ltd is now complete.

 

In December equity holders of Cerno Ltd voted to accept the all scrip offer. The second part of the offer for debt holders has not yet been completed.

 

Stream CEO Paul Lynch said “a great deal of hard work has occurred to complete the transaction which has now come to an end. We can now concentrate on delivering the best outcomes possible for our clients.”

 

“Whilst the shareholder debt transaction is still to be completed, this does not stop Stream completing the merger,” Mr Lynch said. “We hope to have this completed within a number of days”.

 

Jim Jobson, Chief Operating Officer of the newly combined group said “whilst the Cerno brand will be retired and replaced by Stream, it is our intention to retain all product lines and maintain seamless service to our clients.”

 

“As per our previous market updates Cerno’s business will effectively be merged into Stream in conjunction with our client’s approval and agreement.” Mr Jobson said.

 

Stream plans to closely integrate each product line across Australia and United Kingdom to leverage expertise and resources.