Plus, of the $119 million being raised, $100 million is going to repay debt. That leaves only $19 million to fund future acquisitions and for working capital. This is a problem, since most of ExamWorks' growth has come through acquisitions.
The company added 27 businesses in just 2 years from 2008 to 2010. Plus, it's internal growth rate has dropped from 17% in 2009 to 14% in 2010. While this fragmented market presents opportunities, its questionable that ExamWorks will have enough money to capitalize on that.