GentleWave root canal disinfection system developer Sonendo has sold software assets comprising TDO Software to Montreal-based Valsoft for $16 million and has amended a loan with a creditor.
The moves were made to preserve cash while prioritizing new growth opportunities for GentleWave, according to the company.
Based on the terms of the deal, $15 million was paid upon closing of the sale of Sonendo's stake in TDO Software, which develops endodontic practice management software, including an integrated communication system with GentleWave, on March 1. The balance will be paid in about 12 months, according to Sonendo.
Additionally, Sonendo has reached a deal with Perceptive Credit Holdings to update its amended and restated credit agreement and guarantee, which was dated August 23, 2021. The amendment includes a one-time $15 million principal repayment and initiates monthly principal repayments beginning in March 2024 in addition to modifications to other terms, including revenue covenants.
