Texas-based Austin Ventures has appointed Andrew Busey, former vice president/general manager at Zynga, as venture partner. Busey brings extensive leadership and operational experience from his years of working with high-growth companies as an entrepreneur, leader, investor, and advisor.
Austin Ventures (”AV”), the most active and established early-stage venture capital firm in Texas, today announced that Andrew Busey, former VP/GM at Zynga (ZNGA), has joined the firm as venture partner. Andrew brings extensive leadership and operational experience from his years of working with high-growth companies as an entrepreneur, leader, investor, and advisor.
“In his new role, Andrew will help the venture team identify and attract very early-stage companies,” said John Thornton, General Partner, Austin Ventures. “He has an extensive network and solid reputation within the entrepreneurial community and we’re delighted to welcome him to our team.”
“As a founder and CEO, I have experienced firsthand what it takes to build a start-up company. I am very excited to work alongside the AV team on new opportunities while helping entrepreneurs build successful category-defining businesses,” said Busey.
Busey’s most recent success was the sale of Challenge Games, where he was founder and CEO, to Zynga, where he recently stepped down after building its Austin office and leading a large team developing social games. Over the past 15 years, Andrew has pioneered some of the industry’s most important web technologies — including work on Mosaic, the first web browser (now part of Microsoft Internet Explorer); creating iChat, the first web-based chat system and one of the first instant messaging applications; and building WebCenter, the first major web-based customer service technology (now part of Avaya).
Andrew co-founded AV portfolio company Pluck (acquired by DemandMedia), which enables social media on major sites such as TheStreet.com, USA Today, and Reuters. In the past, Andrew led, developed, and contributed to numerous “Multi-User Dungeon” or “Multi-User Domain” (MUDs) games, which were the early predecessors to games like World of Warcraft and Everquest. In 1994, he wrote Secrets of the MUD Wizards, the first major published book on the topic. Andrew is an inventor on 15 technology patents and has several others pending.
He is a graduate in computer science and marketing from Duke University and holds an MBA from The Wharton School at the University of Pennsylvania.
About Austin Ventures Austin Ventures (”AV”) has worked with talented entrepreneurs to build valuable companies for over 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, new media, Internet, and information services, AV invests at all stages of company development, from $100,000 in “planned experiments” in early-stage ideas to $100+ million investments in expansion rounds and recapitalizations. AV’s strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs.
Prospect Medical Holdings has acquired Nix Health Care System, a company that offers San Antonio and the surrounding communities a vast array of medical services ranging from primary care and surgical services to behavioral and rehabilitation services. Prospect Medical Holdings is a healthcare services company headquartered in Los Angeles and backed by private equity firm Leonard Green & Partners.
Prospect Medical Holdings, Inc. (”Prospect” or the “Company”), today announced the closing of its acquisition of Nix Health Care System (”Nix Health”). Under the terms of the Asset Purchase Agreement entered into on December 23, 2011, Prospect has acquired substantially all of the assets of Nix Health from its present owner, a subsidiary of Merit Health Systems, LLC. The acquisition of Nix Health will result in the expansion of Prospect’s operations, and provide a great opportunity for future expansion in the state of Texas.
About Nix Health
Nix Health offers San Antonio and the surrounding communities a vast array of medical services ranging from primary care and surgical services to behavioral and rehabilitation services. Accessible and comprehensive services are available at various locations throughout the city and include Nix Medical Center, Nix Alamo Heights, Nix Specialty Health Center, Nix Primary Care Center, Nix North Orthopaedic Center, among other physician offices.
About Prospect Medical Holdings
Prospect Medical Holdings, Inc., headquartered in Los Angeles, California, is a healthcare services company that owns and operates hospitals, and manages the provision of healthcare services for managed care enrollees through its network of primary care physicians and specialists. Prospect is affiliated with Leonard Green & Partners, L.P.
About Leonard Green & Partners, L.P.
Leonard Green & Partners is one of the nation’s leading private equity firms with approximately $9 billion in equity commitments under management, was founded in 1989, and has invested in 59 companies with an aggregate value in excess of $51 billion. The firm’s investments are focused primarily on North American companies in a range of industries including retail, consumer products, distribution, business services and healthcare.
SOURCE: Prospect Medical Holdings, Inc.
Auxogyn, a privately-held company focused on advancing women’s reproductive health, has closed the final tranche of its Series A financing, bringing total funding to $20 million. Investors in the round include Kleiner Perkins Caufield and Byers, TPG Biotech and Merck Serono Ventures.
Auxogyn, Inc., a privately-held company focused on advancing women’s reproductive health, today announced the close of the final tranche of its Series A financing, bringing the total funding to $20 million. The initial tranche was placed in May 2010, and investors in the round include Kleiner Perkins Caufield and Byers, TPG Biotech and Merck Serono Ventures.
“Over the course of the last year, we have executed an aggressive operating plan in preparation for the commercialization of our first product, Eeva. Importantly, we expect to announce data from our five-site, 150-patient clinical study in the months ahead that will then be used as part of our regulatory filings in Europe and the United States,” said Lissa Goldenstein, president and chief executive officer of Auxogyn.
“In evaluating investments throughout the medical technology field, we were impressed with Auxogyn’s unique approach of bringing scientific rigor and data analytics backed by a robust intellectual property portfolio and top-tier clinical advisors to a market in desperate need of improved results,” said Mark Gudiksen, Ph.D., principal of TPG Biotech and member of Auxogyn’s board of directors.
“As the leader in fertility, Merck Serono is committed to investing in innovative technologies to improve the chance of a successful IVF pregnancy,” said Nilesh Kumar Ph.D., director, Merck Serono Ventures. “This investment reflects our confidence in achieving this goal.”
“Having developed its first product, initiated a substantive clinical study, and built a sound organizational infrastructure, Auxogyn has set the stage for an exciting 2012, springboarding toward commercialization in the latter half of the year,” said Beth Seidenberg, M.D., partner at Kleiner Perkins Caulfield and Byers and a member of the Auxogyn board of directors.
About Eeva(TM)Auxogyn’s non-invasive early embryo viability assessment (Eeva) system may improve IVF outcomes by providing IVF clinicians and patients with objective information on embryo viability. Eeva’s proprietary software automatically analyzes embryo development against scientifically and clinically validated cell-division timing parameters. With Eeva’s quantitative data on each embryos’ potential development, IVF clinicians can optimize the treatment path for their patients undergoing IVF procedures.
About Kleiner Perkins Caufield & ByersSince its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in more than 500 ventures including AOL, Amazon.com, Citrix, Compaq, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Sun, Symantec, Verisign, WebMD and Zynga. KPCB portfolio companies employ more than 350,000 people worldwide. More than 150 of the firm’s portfolio companies have gone public, and many other KPCB ventures have achieved success through mergers and acquisitions. KPCB focuses its global investments in three practice areas - digital, greentech and life sciences - and provides entrepreneurs with company-building expertise out of its offices in Silicon Valley, Beijing and Shanghai.
About TPG BiotechTPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. With more than $1 billion under management, TPG Biotech targets investments in pharmaceutical discovery and development, medical technology, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. TPG Biotech’s investments in personalized medicine and genomics have included such companies as Genomic Health, XDx, CardioDx and Veracyte.
About Merck Serono VenturesMerck Serono Ventures is the strategic, corporate venture capital fund of Merck Serono, the division for biopharmaceuticals of Merck KGaA. The fund invests in emerging biotechnology companies with the potential to provide breakthrough medical solutions in Merck Serono’s focus therapeutic areas: Oncology, Neurodegenerative Diseases, Rheumatology, Fertility and Endocrinology. In addition, Merck Serono Ventures invests in companies developing innovative technologies that could enable the discovery and development of new products in its core therapeutic areas.
About AuxogynAuxogyn, Inc. is focused on advancing the field of reproductive health through its uniquely-combined knowledge of early human developmental biology, advanced computer vision technology and best clinical practices. The company’s first product, Early Embryo Viability Assessment (Eeva), provides quantitative information regarding embryo development, to assist IVF clinicians in optimizing the treatment path for their patients undergoing IVF procedures. Auxogyn is privately held and funded by Kleiner Perkins Caufield & Byers, TPG Biotech and Merck Serono Ventures.
OpenX Technologies, a global provider of digital advertising technology, has appointed senior online advertising industry executive Eric Rosenthal as general manager of the company’s enterprise business. OpenX Technologies is based in Los Angeles and is backed by investors including Accel Partners, Index Ventures, SAP Ventures, AOL Ventures, Mitsui & Co. Global Investment Presidio Ventures and O’Reilly AlphaTech Ventures.
OpenX Technologies, Inc. (OpenX), the world’s leading independent provider of digital advertising technology, today announced the appointment of senior online advertising industry executive Eric Rosenthal as General Manager of the company’s Enterprise business. In the newly created role, Rosenthal will be responsible for rapidly increasing adoption of OpenX Enterprise, the company’s paradigm-shifting Software as a Service revenue serving platform. The appointment is immediately effective.
Launched in February 2011, OpenX Enterprise is the company’s digital ad technology platform that combines the capabilities of a true premium ad server with new, advanced ad exchange technology which enables publishers to maximize yield across all their ad revenue channels in real-time. Specifically, unified real-time ad decisions allow publishers to maximize the value of every ad impression, including allowing them to take full advantage of a wide range of Real-Time Bidding buyers in a controlled way. Combined with groundbreaking ad operations tools, highly sophisticated data capabilities, and massively flexible architecture with complete APIs, OpenX Enterprise solves some of the most fundamental challenges facing publishers.
“We’re very pleased that Eric is joining the team and look forward to him using his deep experience and knowledge of the industry to help grow our business and continue furthering the global adoption of OpenX Enterprise,” said Tim Cadogan, chief executive officer, OpenX. “Eric brings a wealth of experience from working directly with publishers and has a rare knowledge and understanding of what they need in today’s rapidly changing online advertising ecosystem to be successful.”
Prior to joining OpenX, Rosenthal was at AOL where he was Vice President of National Sales and a member of the executive team that led Publisher Partner Development for AOL’s Rich Media Ad Serving platform (Pictela) for both publishers and agencies. In 2011, Rosenthal’s team achieved a tenfold increase in revenue. Rosenthal also brings experience as Senior Sales Director at DoubleClick (now Google DoubleClick) where he helped generate an annual run rate of more than $50M. Prior to AOL, Rosenthal was Vice President of Sales at Kyte (now Kit Digital), a leading online, social media and mobile video platform for live and on-demand content, where he increased revenues by more than 200%.
“I’m extremely excited to join OpenX and help publishers maximize their ad revenue through OpenX’s unique revenue serving vision,” said Eric Rosenthal, general manager, Enterprise. “OpenX had an incredible 2011 with hundreds of publishers signing up to use OpenX Enterprise. It’s truly a great time to be joining the team and helping to scale the business.”
Rosenthal began his career as Regional Sales Manager at Verizon Business before holding roles at Solbright (now part of Operative) and Panther CDN (now CDNetworks). He is a graduate of Ithaca College and holds an MBA in Marketing from The George Washington University School of Business.
OpenX is the world’s leading independent provider of digital advertising technology that enables businesses to manage and maximize their ad revenue. OpenX products, including OpenX Enterprise and OpenX Market, provide a comprehensive revenue serving platform by combining ad serving with a unique ad exchange.
OpenX Technologies, Inc. is based in Los Angeles and is backed by leading investors including Accel Partners, Index Ventures, SAP Ventures, AOL Ventures, Mitsui & Co. Global Investment, Inc., Presidio Ventures and O’Reilly AlphaTech Ventures.
OpenX is a trademark of OpenX Limited.
SOURCE: OpenX Technologies, Inc.
More potential buyers lined up for the assets of insolvent refiner Petroplus on Thursday, with private equity group Goldsmith registering interest in all five of its plants, writes Reuters. Swiss-based Petroplus is filing for insolvency after battling with high debt and poor refining margins.
Reuters - More potential buyers lined up for the assets of insolvent refiner Petroplus on Thursday, with private equity group Goldsmith registering interest in all five of its plants.
Swiss-based Petroplus, Europe’s largest independent refinery by capacity, is filing for insolvency after battling with high debt and poor refining margins.
The company was forced to close three of its refineries, including Petit Couronne in France, after lenders froze credit lines late in December.
Goldsmith, already a shareholder in Petroplus through a fund, said it had registered its interest with the refiner’s administrators in Germany, Britain and Switzerland.
“Petroplus’ refinery businesses in Germany, Britain and Switzerland, but also in France and Belgium, are sustainable and interesting, despite the current difficulties in this sector,” Goldsmith Group said in a statement.
Goldsmith plans to carry out due diligence on parts of the business in Belgium and France, it said.
A spokesman for the administrators of the Petroplus Ingolstadt refinery in Germany declined to comment on possible investors.
French Energy Minister Eric Besson told France Info radio there were a number of potential buyers for the Petroplus French refinery at Petit Couronne.
Swiss investment vehicle Gary Klesch Group said last week it was considering purchasing the French plant, which stopped production last month, and possibly other refineries owned by Petroplus.
Besson said he hoped he could announce the restart of the refinery within the next 15 days.
The company’s UK refinery at Coryton has attracted more than 40 interested parties, UK Energy Minister Charles Hendry said.
“I understand there have been over 40 expressions of interest in Coryton from companies around the world, which is extremely encouraging. Work will now focus on securing a sustainable long-term future for the refinery,” Hendry said.
Founded by German businessman Clemens J. Vedder in 2007, Goldsmith dropped out of a bidding race in 2009 for German retailer Metro’s department store chain Kaufhof.
Industry analysts said they doubted private equity groups would be able to turn around Petroplus, because the structural problems facing European refiners had defeated even the biggest oil companies.
Poor margins have forced several European refiners to put plants on the market, and some have been unable to find buyers.
“The majors could not make money out of those assets, and now you have some private equity groups, be it Klesch or Goldsmith, that supposedly can make it better. I doubt it very much,” said Olivier Jakob, an energy analyst at consultancy Petromatrix.
“In the long term, those refineries need somebody involved in the oil trade - a supplier from ex-Russian republics or Asia, not just a financial group that just buys something distressed and then tries to sell it two years afterwards.”
The leveraged finance market, one way private equity groups raise money for purchases, is difficult to tap, bankers say, casting some doubt on the number of potential buyers for Petroplus.
“We need to take things with a pinch of salt. Most oil companies and private equity companies will have, at the very least, kicked the tyres and attempted to get as much information as possible. How many of them are serious (and at what price) is another matter,” said one analyst who has looked at Petroplus.
Refining industry analyst Roy Jordan at Facts Global Energy says more closures are needed for processing margins to recover.
“We can see nothing on the horizon which would provide relief to existing European refiners without a reduction in capacity,” Jordan said. “We cannot see a future for new investment in European refinery distillation capacity. And it is difficult to see how deals with large debt and leverage would be attractive on a sustained basis.”
Shares in Petroplus have plunged since lenders froze credit lines in late December. They jumped 73.4 percent to 1.11 Swiss francs at 1619 GMT.
Hong Kong’s Hutchison 3G will buy Orange Austria from France Telecom and a private equity fund in a deal valued at 1.3 billion euros ($1.7 billion) including debt, writes Reuters. The deal by the unit of Hutchison Whampoa follows a cluster of outbound M&A transactions from Asia in early 2012 as firms with large cash piles and low debt buy assets in Europe, where economies are struggling with the debt crisis, writes Reuters.
Reuters - Hong Kong’s Hutchison 3G will buy Orange Austria from France Telecom and a private equity fund in a deal valued at 1.3 billion euros ($1.7 billion) including debt, expanding the corporate footprint in Europe of one of Asia’s richest men.
The deal by the unit of Hutchison Whampoa follows a cluster of outbound M&A transactions from Asia in early 2012 as firms with large cash piles and low debt buy assets in Europe, where economies are struggling with the debt crisis.
Hutchison said on Friday it would buy 100 percent of Orange Austria, confirming an earlier Reuters story. Hutchison shares rose as much as 3.8 percent to HK$76.20 on the news, bucking a flat overall market.
Hutchison, controlled by Hong Kong billionaire Li Ka-shing, has been shopping for regulated infrastructure and utility assets in developed countries, especially Britain, which is open to foreign ownership of its infrastructure assets.
“It is definitely a positive for the future development as the acquisition cost can be lower in the current economic climate,” said Conita Hung, head of equity research at Delta Asia Financial Group.
“It is a good opportunity for those financially strong companies to buy assets in Europe, especially if they believe in the strong growth prospect,” she said.
Li’s business empire bought British utility Northumbrian Water Group for 2.41 billion pounds ($3.81 billion) last year, having paid 5.8 billion pounds to buy the British electricity distribution network of France EDF in 2010.
Li, a high-school drop-out nicknamed “Superman” by Hong Kong media for his deal-making savvy, started out with a plastic flower business and now has a global empire with 26,000 employees in 55 countries.
So far in 2012, Asian corporates have launched about $9.3 billion worth of outbound deals, compared with $181 billion worth transactions attempted the whole of last year, according to Thomson Reuters data.
High-profile deals this year include Shandong Heavy Industry Group’s purchase of a 75 percent stake in debt-laden Italian yacht-maker Ferretti Group and China Investment Corp’s purchase of an 8.7 percent stake in the holding company of Thames Water, the privately held UK utility.
No.3 IN AUSTRIA
Hutchison 3G Austria already operates under the ‘3′ brand, competing against Deutsche Telekom AG’s T-Mobile and A1.
Hutchison said the deal would make it Austria’s third-biggest mobile phone operator, with 2.8 million customers and a 22 percent market share. The two units had combined revenues of more than 700 million euros in 2011.
“Overall, we do think the deal offers one of the few relatively visible paths to long-term sustained profitability for 3 Austria,” Bank of America/Merrill Lynch said in a report.
As a second leg of the deal, Hutchison will sell some of Orange Austria’s assets to Telekom Austria for 390 million euros, Telekom said separately.
The assets comprise frequencies, base station sites, mobile phone operator YESSS! Telekommunikation GmbH and certain intellectual property rights, the statement added.
Hutch’s net consideration is 900 million euros, giving the business an enterprise value to EBITDA multiple of 6.9 times.
Bank of America/Merrill Lynch said that the multiple paid by Hutch “is at the high end of comparable private transaction multiples, but below the 7.6 previously speculated.”
EXIT LOW-GROWTH MARKETS
For France Telecom, the sale is the second deal in an ongoing portfolio review aimed at exiting low-growth mature markets and returning cash to shareholders. It recently agreed to sell Orange Switzerland to private equity group Apax Partners for about 1.6 billion euros.
Orange Austria is jointly owned by France Telecom and Mid-Europa Partners.
France Telecom said it expected cash proceeds of 70 million euros from the sale of its 35 percent equity stake in the Austrian business, which had around 1 billion euros of debt. It described the move as “another milestone in the optimisation” of its asset portfolio following the Swiss transaction.
The French company will likely now announce a share buyback programme for up to around 800 million euros, or half of the proceeds of the two sales, according to Raymond James analysts.
“This would also leave more than enough to pay for half of the acquisition of minority interests in Mobistar while the other half would be paid by potential tax synergies,” the analysts said, referring to the Belgian mobile phone operator in which France Telecom is majority shareholder.
Shares in France Telecom were down slightly, in line with the French bluechip CAC 40 index, and have fallen about 5.5 percent so far this year.
Hutchison also owns 3G wireless network operations in Britain, Italy and Australia, among other countries. It competes with Britain’s biggest mobile operator, Everything Everywhere — a joint venture of Orange and T-Mobile — Telefonica SA’s O2 and Vodafone Group Plc.
The wireless business had been losing money over the past decade, but broke even in the second half of 2010 and recovered further last year. Hutchison said it was expected to contribute to the conglomerate’s profits in the second half of 2011.
J.P. Morgan advised Hutchison group on the purchase, while Morgan Stanley advised the sellers, a source familiar with the process said. The source was not authorised to speak to the media.
Ron Peele was named chief operating officer of Surefire Social. He is also an investor in Surefire Social, an Internet marketing platform. Peele was a founding investor and CFO of Revolution Health. Prior to that, he helped launch and build the AOL/Time Warner venture capital group.
Surefire Social®, creator of an end-to-end digital marketing solution that helps businesses become more visible in search and discovery, announced today that Ron Peele has been appointed to the role of Chief Operating Officer.
In addition to being named COO, Peele is also an investor in Surefire Social, where he joins former AOL executive and colleague, Chris Marentis, Surefire Social’s founder and CEO.
As COO, Peele will work to amplify Surefire’s growth by establishing a strong operations division, enhancing processes and systems and securing strategic partnerships. With Peele’s investment, the company is focusing on recruitment of key talent to its experienced team, as the company is strategically positioned for growing with existing accounts and acquiring new customers with a limited ramp-up time.
With more than 25 years of experience as both an investor and operating executive, Peele has built innovative companies that create and define new markets. Recently, Peele was a founding investor and CFO of Revolution Health, where he worked closely with Steve Case from the company’s inception. Prior to that, Peele helped launch and build the AOL/Time Warner venture capital group, which invested $250 million in a portfolio of 70 companies.
Ron Peele said, “It’s a great time for small businesses to be able to leverage the capabilities of local search and social networks to generate sales, but the digital marketing landscape can be confusing and it is constantly changing. I’m excited to be part of a company focused on providing America’s small businesses the platform, technology and coaching to stay relevant and grow their businesses.”
Chris Marentis, who founded Surefire Social in 2009, said, “As we continue our rapid growth, an experienced COO like Ron, who has invested in and transitioned new platform and technology companies into market leaders, will help drive Surefire Social’s ongoing evolution.”
About Surefire Social
Surefire Social is an integrated Internet marketing platform and services company that helps businesses optimize local search and discovery to generate sales.
Vincent Policard joins KKR as a director in the firm’s infrastructure team. Policard, who will be based in London, will be responsible for originating and executing transactions in the European infrastructure sector. He joins from Morgan Stanley where he was part of the infrastructure fund team.
Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) today announced the appointment of Vincent Policard as a Director in its Infrastructure team. Vincent, who will be based in London, will be responsible for originating and executing transactions in the European infrastructure sector. He joins KKR from Morgan Stanley, where he most recently spent three years in the firm’s infrastructure fund team (MSI). Here he was responsible for originating and executing transactions in the European infrastructure sector, most notably playing a leading role in MSI’s investments in Madrilena Red de Gas, the Spanish gas distributor, and Eversholt Rail Group, the UK rolling stock leasing company.
Over the last year, KKR’s global infrastructure fund made four significant investments, with three of these coming from the European Infrastructure team: in June it partnered with Sorgenia to invest in operating wind assets in France, in July it partnered with Munich Re to acquire a 49% equity stake in Grupo T-Solar, the largest European solar photovoltaic (PV) power generator, and in November it partnered with Criteria CaixaHolding, Torreal, and ProA Capital to acquire an equity stake in Saba Infraestructuras, a leading car parks and logistics operator. In December, KKR’s U.S. infrastructure fund formed a partnership with Google to acquire a portfolio of solar PV projects in California from Recurrent Energy. The partnership involved the creation by KKR of SunTap, a new venture to invest in solar projects in the U.S.
Commenting on his appointment, Vincent said: “Infrastructure as an asset class offers tremendous opportunities and I am excited to be joining such a strong and growing team in this area. KKR has the skills, track record and ambition to become a leader in infrastructure and also brings a great spirit of partnership to each investment it enters. I look forward to applying my experience to further establish KKR’s global infrastructure platform.”
Marc Lipschultz, Global Head of KKR’s Energy and Infrastructure business, said: “Today’s announcement represents a further step in the development of KKR’s energy and infrastructure effort. Being able to attract such senior talent to KKR is a testimony to the growing strength of our infrastructure franchise. Vincent brings with him significant transaction experience, having spent fifteen years in the financial and investing industries and he also has a strong knowledge of all key European markets and established relationships across the sector. He led his teams at Morgan Stanley on notable investments in the infrastructure space and we look forward to welcoming him to the team at KKR.”
Jesus Olmos, European Head of KKR’s Infrastructure Fund, added: “We are very pleased to welcome Vincent to our Energy & Infrastructure team in London. Vincent brings complementary skills to the existing team in terms of execution capabilities and geographic reach, and we look forward to working with him as we build on our strong position in the European energy & infrastructure sector.”
Prior to his most recent role, Vincent spent nine years in Morgan Stanley’s investment banking division, providing advice on M&A and financing issues to corporates and financial sponsors across a variety of sectors and geographies. Before joining Morgan Stanley, Vincent spent three years in BNP Paribas’ investment banking division, based in Frankfurt.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $58.7 billion in assets under management as of September 30, 2011. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR’s website at www.kkr.com.
ORIX Venture Finance has made an equity investment in Kemp Technologies alongside Edison Ventures and Kennet Partners. peHUB reported in January that Kemp had raised $16 million in new funding, which included $7.5 million from Edison Ventures. Kemp makes server load balancer appliances.
ORIX Venture Finance, a leading provider of growth capital to mid- and late-stage private companies, today announced an equity investment in Kemp Technologies alongside Edison Ventures and Kennet Partners. As a result of the financing, ORIX Venture Finance Co-Head William Bishop has joined Kemp Technologies’ board of directors.
Headquartered in Yaphank, New York, Kemp provides network load balancing appliances and software solutions to small and medium businesses (“SMBs”) at a competitive price point. SMBs require effective and affordable measures to cope with network stress fueled by the growth of online transactions and proliferation of smartphones and other networked-linked devices. Kemp’s solutions enable its customers to optimize their web applications while minimizing response time and server downtime.
William Bishop noted, “ORIX Venture Finance has a lengthy track record of partnering with financial sponsors to deliver flexible growth capital solutions. We are proud of our ability to provide pure debt financing, pure equity capital or a combination of both. Our equity investment in Kemp demonstrates our continued commitment to tailoring the best possible capital solution to fuel a company’s continued success.”
Bishop continued, “Kemp’s seasoned management team, excellent growth profile and strong value proposition to the underserved SMB segment created a perfect fit for ORIX and we are excited to support the company’s growth and international expansion. We also look forward to strengthening our existing relationship with Edison Ventures and to establishing a new relationship with Kennet Partners.”
Lenard Marcus, Principal of Edison Ventures, commented, “We value ORIX’s ability to deliver unique debt and equity solutions to our portfolio companies, and welcomed their flexibility on this transaction.”
About ORIX Venture Finance
ORIX Venture Finance, an ORIX Corporate Capital business unit, provides customized financial solutions up to $50 million in capital per transaction to mid- and late-stage companies which have established customers and run-rate revenues of $10 million or greater. Since its inception in 2001, ORIX Venture Finance has invested in more than 90 growth companies throughout the U.S. and Canada. www.orixventurefinance.com. ORIX USA, the parent of ORIX Corporate Capital, is a Dallas, Texas-based financial services and investment firm with over 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $6 billion of assets and manages through various subsidiaries an additional $25 billion. ORIX USA Corporation (www.orix.com) is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 27 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX).
About KEMP Technologies
KEMP Technologies is a leader in affordable server load balancer appliances and application delivery controllers tailored to meet the needs of businesses that rely on the Internet for e-commerce and business-critical applications. KEMP helps companies rapidly grow their business with 24/7 high-availability, better web infrastructure performance, scalability and secure operations – while streamlining IT costs. KEMP’s highly affordable LoadMaster products include Layers 4-7 load balancing, content switching, server persistence, SSL offload/acceleration, and application front-end capabilities (caching, compression, intrusion prevention system), plus one full year of product support – delivering industry leading price/performance value. For more information, visit www.KEMPtechnologies.com, or call at +1 631-345-5292.
United Silver Corp., a mining company based in Vancouver, has finalized its agreement with New York-based private equity firm Hale Capital Partners, which has issued USC $6 million in secured convertible notes. Proceeds of the loan will be used for working capital and general corporate purposes.
United Silver Corp. (”USC” or the “Company”) CA:USC -1.37% (otcqx:USCZF) and Hale Capital Partners (”Hale” or the “Lender”) are pleased to announce that, subject to final approval from the Toronto Stock Exchange (the “TSX”), they have successfully closed their previously announced financing transaction. USC is now in a position to begin its four-year exploration and development plan to test the mineralization of the South Vein and Alhambra Vein at depth and along the east/west strike extensions of the veins.
In the financing transaction, USC issued to Hale a convertible note (the “Convertible Note”) in the principal amount of USD$6,300,000 (being the Canadian equivalent of $6,332,760.00, based on the Bank of Canada noon rate on January 31, 2012) evidencing a loan the proceeds of which were advanced by Hale pursuant to the Convertible Note and a securities purchase agreement (the “Securities Purchase Agreement”) entered into among a wholly owned subsidiary of Hale, as agent and initial purchaser, and USC. USC also issued to Hale 5,040,000 common share purchase warrants (the “Warrants”). Hale will have the right at any time to convert any or all of the principal owing under the Convertible Note into common shares (”USC Common Shares”) of USC at a conversion price of USD$0.50 (being the Canadian equivalent of $0.50, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share. In addition, Hale will have the right at any time to convert any or all of the accrued and unpaid interest that USC has elected (provided that USC has satisfied certain conditions set out in the Convertible Note) to add to the principal amount of the Convertible Note (”PIK Interest”). The conversion price with respect to PIK Interest will be an amount equal to the “market price” (as defined in the Toronto Stock Exchange Manual) on the applicable interest payment date, subject to the approval of the TSX in each instance. Each whole Warrant will entitle the holder to acquire one USC Common Share at an exercise price of US$0.42 (being the Canadian equivalent of $0.42, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share for a period of four years from the date of issuance.
If the principal amount of the Convertible Note is fully converted, Hale would hold 12,600,000 or 14.4% of the total number of issued and outstanding USC Common Shares. In the event that all of the Warrants are also exercised, Hale’s holdings would increase to 17,640,000 or 19% of the total number of issued and outstanding USC Common Shares. As the number of USC Common Shares issuable to Hale in respect of PIK Interest, if any, is contingent, in part, upon future values and share prices, the number of USC Common Shares which Hale may acquire should it exercise its conversion rights in respect thereof cannot be determined at this time.
None of the Convertible Note, the Warrants or the USC Common Shares that may be issued upon conversion or exercise, respectively, of these securities, have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Under the terms of the Securities Purchase Agreement, USC is required to appoint to its board a person mutually agreed upon with Hale and to permit an observer from Hale to attend its Board meetings, subject to conditions.
Hale has filed an early warning acquisition report on SEDAR. A copy of the report may be obtained by contacting Martin Hale at (212) 751-8228.
USC intends to use the net proceeds from the financing for exploration and development and working capital purposes. The loan proceeds will allow USC to continue its exploration and development drifting, bulk sampling and test mining on the South Vein. USC proposes to mill ore from the bulk sampling and test mining under a milling JV agreement with New Jersey Mining Company and to refine it under a contract with Formation Metals at its refinery located less than three miles from the mill. USC intends to use cash generated from operations, including the bulk sampling and test mining activities, to fund an extensive surface and underground drilling program to test the mineralization of the entire Crescent property and develop a property-wide mine plan without further equity raises and dilution.
Hale may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors material to Hale’s investment decisions and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time and to engage in hedging or similar transactions with respect to the securities.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho’s prolific Silver Belt - directly between two of the world’s historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC’s common shares trade on the Toronto Stock Exchange under the symbol “USC”. For more information about USC, please visit: www.unitedsilvercorp.com .
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners’ team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners’ mining portfolio spans all stages of mine development from exploration to commercial production.
Hale’s contact information is as follows:
Hale Capital Partners, L.P.
570 Lexington Avenue, 49th Floor
New York, NY 10022
Attn: Martin Hale, CEO and Portfolio Manager
ON BEHALF OF UNITED SILVER CORP.
Graham Clark, Chairman and Interim CEO
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward-looking statements in this press release include statements about USC’s intended use of the net proceeds and that they will enable USC to continue its exploration and development activities, its proposal to mill ore under a milling agreement with New Jersey Mining Company and refine it under a contract with Formation Metals, its intent to use cash from operations to fund an extensive surface and underground drilling program and that it can develop a property-wide mine plan without further equity raises and dilution. These forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. These assumptions include management’s assumption that the net proceeds of the financing, together with revenue from operations, will generate sufficient cash flow to fund the budget and that the price for metals will continue to make the Company’s activities economically feasible. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include the risks inherent in the Company’s activities and the risks identified in the Company’s periodic disclosure filings on the SEDAR website maintained by the Canadian Securities Administrators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Polaris Venture Partners has invested $4 million in Aria Retirement Solutions. Aria Retirement, a provider of guaranteed retirement income services, will use the funds to expand its tech platform for independent RIAs.
Aria Retirement Solutions (Aria), a premier provider of guaranteed retirement income solutions, today announced that it has received a significant capital infusion from Boston-based Polaris Venture Partners, a leading investor in seed, early-stage and middle-market businesses.
The $4 million investment will allow Aria to expand its technology platform for independent Registered Investment Advisors. In January, Aria introduced the first in a series of RetireOne guaranteed income solutions. RetireOne solutions are designed specifically to let Registered Investment Advisors control and actively manage investments on behalf of their clients.
“This is an important milestone as we build out our offerings to Registered Investment Advisors,” said David Stone, Aria’s Founder and CEO. “With this investment, we will continue to broaden our unique cloud-based technology platform, giving advisors real solutions to help clients enjoy a successful retirement by providing a guaranteed income stream.”
“Aria’s breakthrough technology is a game-changer for the insurance and financial advisory industries,” said Polaris Venture Partners general partner Alan Spoon. “Independent Registered Investment Advisors represent one of the fastest growing segments of the financial services industry and our investment in Aria reinforces our commitment to the Registered Investment Advisors segment as it serves the needs of a swelling population of retirees.”
“Our advisors want a simple, low-cost way to provide clients with guaranteed retirement income solutions,” said Tiya Lim, director of Institutional Advisory Services, Buckingham Asset Management. “This is a great alternative to variable annuities, providing a cleaner solution to help protect retirement income and give clients peace of mind.”
With approximately 76 million Baby Boomers entering retirement now and through 2029, the need for a consistent, low cost source of guaranteed retirement income is a growing issue for Americans. Two significant drops in the U.S stock market in the past decade, coupled with declining pensions and uncertainty about Social Security, have left retirees—and those approaching retirement—seeking reliable sources of income.
Aria’s first retirement income solution, RetireOne Transamerica, is based on a stand-alone living benefit (SALB) product design. This fixed contingent annuity provides the benefits of a guaranteed income insurance product centered around traditional investment vehicles such as no-load mutual funds and exchange-traded funds (ETFs) offered from leading fund families, including American Funds, iShares, PIMCO, Vanguard, and Schwab. The RetireOne Transamerica annuity is underwritten by Transamerica Advisors Life Insurance Company.
Polaris Venture Partners has made investments in several financial services businesses, including Focus Financial Partners, the leading international partnership of independent, fiduciary wealth management firms.
About Polaris Venture Partners
Polaris Venture Partners is a partnership of experienced investors, operating executives and entrepreneurs. The firm’s mission is to identify, invest in and partner with seed, early stage and middle-market businesses having exceptional promise, helping them to grow into market-leading companies. Polaris invests in businesses across a number of sectors including technology, consumer services, and life sciences. Past Polaris-backed successes include: Adnexus (acquired by BMS), Advanced Inhalation Research (acquired by Alkermes), Akamai Technologies (AKAM), Allaire (ALLR, acquired by Adobe), Alnylam Pharmaceuticals (ALNY), Asthmatx (acquired by Boston Scientific), Athenix (acquired by Bayer), Glycofi (acquired by Merck), Internet Brands (acquired by Hellman and Friedman), Ironwood (IRWD), LogMeIn (LOGM), Momenta Pharmaceuticals (MNTA), Powersoft (PWRS, acquired by Sybase), Solidworks, and TechTarget (TTGT). Its current portfolio includes notable investments which include: Adimab, Art.com, AscendHealth, Cardlytics, Confluence, e-Rewards, Focus Financial, LegalZoom, LivingProof, MarkMonitor, ShoeDazzle and Quantcast. For more on the firm, its mission and its portfolio companies: http://polarisventures.com.
About Aria Retirement Solutions
Aria Retirement Solutions (Aria) provides a new generation of guaranteed retirement income solutions to independent Registered Investment Advisors (RIAs) operating fee-only practices. Headquartered in San Francisco, Aria was founded by veteran executives from such industry-leading firms as Charles Schwab and Fidelity, with the shared vision of building a cutting-edge platform focused exclusively on fee-only RIAs. Recognizing the need that effective asset management must balance an aggressive strategy with the need to protect client assets, the Aria executive team developed a platform to support both objectives as RIAs shift portfolio strategy for clients from asset accumulation to income distribution. Through its open, multi-provider platform, Aria gives fee-based RIAs greater control of underlying assets backed with fully licensed sales and advisor support through the Louisville, Ky.-based Aria Retirement Solutions Advisor Support Center. Securities offered through Protected Investors of America, member FINRA/SIPC.
Publicly traded SandRidge Energy, an oil and natural gas company headquartered in Oklahoma City, Oklahoma, is planning to acquire Dynamic Offshore Resources for $1.275 billion, consisting of roughly $680 million in cash and approximately 74 million shares of SandRidge common stock valued at $8.02 per share.
SandRidge Energy, Inc. (NYSE: SD) has entered into an agreement to acquire Dynamic Offshore Resources, LLC for aggregate consideration of $1.275 billion consisting of approximately $680 million in cash and approximately 74 million shares of SandRidge common stock valued at $8.02 per share. These oil rich assets will add reserves, production and cash flow at an attractive valuation that is consistent with the achievement of SandRidge’s three year plan to triple EBITDA and double oil production while lowering its debt to EBITDA ratio. Dynamic Offshore Resources operates primarily in water depths of less than 300 feet and their current production is approximately 25 Mboed. Dynamic’s year-end 2011 proved reserves are 62.5 MMboe and are valued at approximately $1.9 billion using SEC net present value discounted at 10 percent (PV-10). Of these reserves, 80% of the value and the quantity are proved developed. Approximately 50% of Dynamic’s current production and proved reserves consists of oil. The acquisition will be accretive to SandRidge’s earnings and cash flow per share as well as improve its leverage metrics.
Tom L. Ward, Chairman and CEO of SandRidge, commented, “The value of this acquisition will be evident immediately in our results. We are acquiring these assets for less than PV-10 of the proved developed reserves and at just over $50,000 per flowing barrel. Additionally, we expect these operations to contribute significant free cash flow in excess of the anticipated annual drilling and recompletion capital budget of $200 million.”
SandRidge has secured $725 million in committed financing from BofA Merrill Lynch, SunTrust Robinson Humphrey and The Royal Bank of Scotland plc that the company may use to fund the cash portion of the consideration. In addition, the company’s $790 million borrowing base facility remains undrawn. The transaction is expected to close during the second quarter of 2012, subject to customary closing conditions.
BofA Merrill Lynch and SunTrust Robinson Humphrey served as financial advisors to SandRidge in connection with the acquisition. SandRidge is represented by Covington & Burling LLP. Dynamic is represented by Vinson & Elkins LLP.
SandRidge Energy, Inc. Announces Year-End 2011 Operations Results
Total proved reserves, adjusted for asset sales, increased 11% to 471 MMboe
Oil reserves, adjusted for asset sales, increased 17% to 245 MMbo
Reserve replacement of 302%
PV-10 (Non-GAAP) of total proved reserves increased 52% to $6.9 billion
Total production growth of 16% to 23.4 MMboe and 60% growth in oil production
Horizontal Mississippian EUR increased 11% to 456 MMboe per well
Current production 67 Mboed
SandRidge Energy averaged 31 rigs operating during 2011 and drilled 970 wells. A total of 943 operated wells were completed and brought on production throughout the year. Currently, the company has 38 rigs operating (including 3 drilling saltwater disposal wells). SandRidge plans to drill 1,139 wells in 2012, all targeting oil.
Permian Basin The company drilled 803 wells in the Permian Basin throughout 2011. SandRidge presently operates 13 rigs in the Permian Basin, all of which are operating on the Central Basin Platform drilling primarily Grayburg/San Andres vertical wells at depths ranging from 4,500 feet to 7,500 feet. The company plans to drill 759 wells in the Permian Basin in 2012.
Mississippian Play SandRidge drilled 167 horizontal wells in the Mississippian play in northern Oklahoma and southern Kansas during 2011. The company presently has 24 rigs operating in the play, of which 21 are drilling horizontal producer wells with 3 drilling saltwater disposal wells. SandRidge plans to increase the Mississippian rig count by one rig per month throughout 2012 and plans to drill 380 horizontal wells in the play this year.
SandRidge Energy, Inc. Announces Year-End 2011 Reserve Summary
SandRidge increased year-end 2011 proved reserves to 471 MMboe, 11% higher than 2010 proved reserves of 423 MMboe (which reflects the divestment of 123 MMboe during 2011) and represents a reserve replacement ratio of 302%. The Horizontal Mississippian play and the Central Basin Platform contributed reserve growth of 101 MMboe offset by 30 MMboe of downward revisions to gas reserves primarily in the Pinon field.
Essentially all of SandRidge’s 2011 reserve additions were the result of the company’s drilling program.
SandRidge’s 2011 proved reserves included 2,810 gross (2,438 net) PUD locations. Approximately 86% of the PUDs are located in the Horizontal Mississippian play and Permian Basin.
Forty-nine percent of 2011 proved reserves were proved developed, compared with 41% at year-end 2010.
Approximately 96% of the 2011 PV-10 value is associated with the company’s Horizontal Mississippian and Permian core areas.
The company’s 2011 proved reserves had a PV-10 of $6.9 billion, a 52% increase from 2010. Third party engineers including Netherland Sewell and Lee Keeling evaluated a combined 98% of the total proved PV-10 value.
Conference Call Information
SandRidge will host a conference call to discuss this acquisition on Thursday, February 02, 2012 at 8:00am CST. The telephone number to access the conference call from within the U.S. is 866-713-8310 and from outside the U.S. is 617-597-5308. The passcode for the call is 72728503. An audio replay of the call will be available from February 02, 2012 until 11:59pm CST on March 03, 2012. The number to access the conference call replay from within the U.S. is 888-286-8010 and from outside the U.S. is 617-801-6888. The passcode for the replay is 67246058.
A live audio webcast of the conference call will also be available via SandRidge’s website, www.sandridgeenergy.com, under Investor Relations/Events. The webcast will be archived for replay on the company’s website for 30 days.
SandRidge Energy, Inc. Earnings Conference Call Information
As a reminder, SandRidge Energy, Inc. will release its 2011 fourth quarter and full-year financial and operational results after the close of trading on the New York Stock Exchange on Thursday, February 23, 2012.
The company will host a conference call to discuss these results on Friday, February 24, 2012 at 8:00am CST. The telephone number to access the conference call from within the U.S. is 866-700-6379 and from outside the U.S. is 617-213-8836. The passcode for the call is 14163110. An audio replay of the call will be available from February 24, 2012 until 11:59pm CST on March 23, 2012. The number to access the conference call replay from within the U.S. is 888-286-8010 and from outside the U.S. is 617-801-6888. The passcode for the replay is 58664616.
A live audio webcast of the conference call will also be available via SandRidge’s website, www.sandridgeenergy.com, under Investor Relations/Events. The webcast will be archived for replay on the company’s website for 30 days.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma, with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and CO2 treating and transportation facilities and conduct marketing and tertiary oil recovery operations. In addition, Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business.
SandRidge focuses its exploration and production activities in the Mid-Continent, Permian Basin, Gulf of Mexico, West Texas Overthrust, and Gulf Coast. For more information, please visit SandRidge’s website at www.sandridgeenergy.com.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes. The forward-looking statements include statements relating to the impact we expect the proposed transaction to have on the company’s operations, financial condition, and financial results, our expectations about our ability to successfully integrate Dynamic’s business with ours, and when we expect to close the proposed transaction. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the ability to obtain governmental approvals of the acquisition on the proposed terms and schedule, the risk that the Dynamic business will not be integrated successfully with ours, disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers, the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, the availability and terms of capital, changes in economic conditions, regulatory changes, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC and our Quarterly Reports on Form 10-Q filed with the SEC for the quarters ended March 31, June 30, and September 30, 2011. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.
Sao Paulo-based Iochpe-Maxion S.A. announced today that its subsidiary, Iochpe Holdings, has officially acquired Hayes Lemmerz International to create Maxion Wheels, a global wheels business with manufacturing locations in 12 countries.
Iochpe-Maxion S.A. (”Iochpe-Maxion”) announced today that its subsidiary, Iochpe Holdings, LLC, has finalized its transaction to acquire Hayes Lemmerz International, Inc. (”Hayes Lemmerz”). The transaction combines the wheel businesses of Iochpe-Maxion and Hayes Lemmerz to create Maxion Wheels, a global wheels business with manufacturing locations in 12 countries and a presence in every major automotive region.
“Iochpe-Maxion is excited to have finalized its transaction to acquire Hayes Lemmerz,” said Dan Ioschpe, CEO of Iochpe-Maxion. “The acquisition of Hayes Lemmerz furthers our strategy of growing our core global business and puts us in an excellent position to offer technologically-advanced products and outstanding services to all of our global customers and to meet their needs in every major geographic region for years to come.”
“Customers will benefit significantly from the transaction,” continued Ioschpe. “As automotive and commercial vehicle manufacturers continue to expand globally, they seek global suppliers who have the resources to invest and grow with them. This acquisition enables us to better meet our customers’ needs by offering a broader and more competitive product line and enhancing service levels.”
Fred Bentley to Lead Maxion Wheels, the New Global Wheel Organization
Fred Bentley, former COO of Hayes Lemmerz, has been named CEO of Maxion Wheels, the new global wheel group of Iochpe-Maxion and will report to Dan Ioschpe. Maxion Wheels will have its headquarters in Northville, Michigan, USA and will combine the wheel businesses of the two companies. “In combining the skills and talents of these two world-class wheel manufacturers, we will be able to better serve the best interests of all our key stakeholders – our customers, our shareholders, our suppliers, and our committed employees all around the world. We anticipate a smooth and successful integration,” Bentley said. “We see many exciting global opportunities, and we have an experienced and talented team ready to pursue them.”
Quantum Telecom, a publicly traded, global provider of network and business support systems for MVNOs, has announced plans to acquire a controlling stake in Israel-based Zebra Technologies, through its subsidiary Forum Mobile Israel.
Forum Mobile Israel is purchasing 51% of Zebra’s shares using Quantum shares and has an option to purchase the remainder of them.
Quantum Telecom Inc., a global MVNE - provider of network and business support systems for MVNOs - announced today the signing of a definitive agreement to acquire a controlling stake in Zebra Technologies, a value added distributor of information security and networking brands operating in Israel, through its wholly owned subsidiary Forum Mobile Israel Ltd. With the acquisition, Quantum enhances its position in the telecommunication market and expands its comprehensive offerings.
According to the agreement, Forum Mobile Israel purchases 51% of the outstanding share capital of Zebra Technologies Ltd., in consideration of Quantum shares. Forum Mobile Israel has an option to purchase the additional 49% of the Zebra shares for the same amount.
Zebra, a profitable company with revenues of over US$16Million in 2011, brings to Forum Mobile its information security and networking domain expertise as well as its relationships with leading global software and equipment vendors. The cutting-edge solutions distributed by Zebra Technologies, such as Juniper, Trend Micro and VMware, complement Forum Mobile’s offering. This synergy will allow Forum Mobile to provide a flexible, end-to-end solution that can address a telecom operator’s needs, including the establishment of data centers.
“Operators are facing growing security issues in addition to their networking core requirements. As a result, they have made the implementation of information security products, such as those distributed by Zebra Technologies, a top priority,” said Benny Yehezkel, Executive Vice President of Forum Mobile. “We are committed to offer the very best. As part of our long-term strategy, we are complementing our existing MVNE platform with Zebra Technologies’ product line.”
The acquisition strengthens Forum Mobile’s offering, allowing it to provide end to end solutions to MVNOs and low tier MNOs globally.
“With this and additional acquisitions we are considering, Forum Mobile strengthens its balance sheet and financial stability,” said Ami Segal, Forum Mobile’s Chairman.
“We are proud of our success in building a winning brand offering that serves tier-one telecom operators and enterprises,” said Eli Vudinsky, Zebra Technologies founder and CEO. “Zebra is delighted to become an integral part of Forum Mobile, a leading telecommunication solution player. By joining forces with Forum Mobile, we believe we are well positioned to provide the industry a leading offering.”
About Forum Mobile (http://www.forum-mobile.com)
Quantum Telecom, Inc. d/b/a Forum Mobile is a global Mobile Virtual Network Enabler (MVNE) with international presence. Forum Mobile provides MVNOs with a turn-key solution portfolio and service needed for their operations, market position and business expansion - starting with infrastructure and IT through MNO agreements, applications and handsets.
Forward Looking Statement
This press release contains forward-looking statements concerning our marketing and operations plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management’s current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, risks related to the Telecommunication and MVNO market, value added distribution market, our ability to successfully market and sell our products in America, Europe and other territories, general economic conditions and other risk factors. We do not undertake any obligation to update forward-looking statements made herein.
Telmar, a New York-based software and services company that caters to the ad industry, has appointed Corey Panno president of Telmar Group. Formerly the president of Telmar North America, Panno will assume management responsibility for all worldwide business units.
Panno joined Telmar in 1989 as an account executive. Before then, he held media planning roles both on the agency and client sides at J. Walter Thompson and the Bristol-Myers Company.
Telmar, a global supplier of advertising media software and services, announced today the appointment of Corey Panno to President of Telmar Group Inc. Formerly President, Telmar North America, Panno will assume management responsibility for all worldwide business units and Development and IT corporate services. Stanley Federman, Chairman and CEO who previously held the President title as well, will continue to focus on new market expansion, global corporate strategies, and research and development activities.
Panno’s appointment parallels the expansion of MediaVision, Telmar’s philosophy and platform that ensures accountable advertising outcomes through integrated marketing and media planning processes.
Telmar’s alliance with Rex Briggs’ Marketing Evolution has helped advance MediaVision by dynamically incorporating key performance indicators into media planning. Panno will continue to take a lead role in this venture as a champion of both real time, and ROI-centric media planning.
“With marketers both having access to and grappling with large amounts of data, new media alternatives, a changing consumer purchasing dynamic and multiple technology platforms, the industry needs professionals with vision and the capacity to create meaningful solutions. Corey Panno is exactly that type of leader,” said Stanley Federman, Chairman and CEO, Telmar.
Panno added, “It is an exciting time for Telmar, and the industry. I’m looking forward to challenging ourselves and our clients worldwide to explore new models of media planning efficiency and efficacy.”
A media planning expert, prior to joining Telmar in 1989, Panno held media planning roles both on the agency and client sides at J. Walter Thompson and the Bristol-Myers Company, respectively. Panno joined Telmar as an Account Executive, and was quickly promoted through the positions of Manager of Client Services, Director of Product Quality and Production, and the corporate position of Global Director of IT and Product Design.
In his 20 + year tenure at Telmar, Panno has stewarded significant periods of growth, particularly in the design and development of Telmar’s unique software distribution system, eTelmar, and many of Telmar’s software and data management products and services. Mr. Panno has been President of Telmar’s US and Canadian Business Units and a member of the senior management team for Telmar Group Inc. since 2009.
Telmar is a world-wide leading supplier of advertising and media information software and services. Telmar’s 10,000 users across 85 countries include many of the world’s leading advertising agencies, digital and print publishers, broadcasters and advertisers. For advertisers and advertising agencies, Telmar provides software for survey analysis, data integration, media planning and optimization and more. For digital and print publishers, broadcasters and outdoor operators, Telmar offers the ability to collect, store and manage media research for media planning, media sales, revenue management and optimization. Telmar has offices around the world and is headquartered in New York City, New York. For more information on Telmar and its international services, please visit www.telmar.com.
TiqIQ, a New York City and Israeli based startup, has raised $1.7 million in equity financing, according to a recent regulatory filing. The company is backed by Contour Venture Partners, and Contour co-founder Matt Gorin sits on the TiqIQ board. TiqIQ aggregates event tickets and helps consumers find deals for sports, music or theater events.
Santa Monica, Calif.-based TigerText Inc., maker of secure mobile messaging technology for healthcare enterprises, has raised $8.2 million in financing, bringing its total raised to $10 million. The Series A investment was co-led by Easton Capital and New Science Ventures. As part of their investment, John Friedman, Managing Partner of Easton Capital; and Somu Subramaniam, Managing Partner of NSV, join the company’s board.
SANTA MONICA, Calif.–(BUSINESS WIRE)–TigerText Inc., the leading provider of secure mobile messaging for healthcare enterprises, has completed a second round of funding of $8.2 million, bringing the company’s total backing to more than $10 million.
The Series A investment is led by Easton Capital and New Science Ventures to accelerate development of TigerText Pro for Business, its HIPAA-compliant, easy-to-use messaging platform. Doctors, nurses and other clinicians in hospital and clinic settings are using standard text messaging because they need to communicate rapidly, but those systems don’t safeguard the privacy of protected health information. TigerText offers the same ease of use and rapid response by providing a private network controlled by the enterprise in compliance with patient privacy regulations.
Already, more than 20 healthcare organizations are enabling their clinicians to communicate both more effectively and more securely with TigerText’s private mobile messaging network, which works on all the major mobile platforms (Apple, Android, and BlackBerry) and on computers.
As part of their investment, John Friedman, Managing Partner of Easton Capital, and Somu Subramaniam, Managing Partner of NSV, have joined the board of TigerText, Inc.
“The addition of Easton Capital and New Science Ventures as partners significantly accelerates our development,” said Jeffrey Evans, TigerText Co-Founder. “John and Somu bring their incredibly rich experience, based on decades of advising life-sciences and technology companies, to our already strong board. Their leadership will help the Company reach its vast potential to transform the way physicians and nurses communicate, bringing in-hospital communications from the pagers of the 1980s to the smartphones of the 21st century.”
“This additional funding enables us to continue building out the unique features of the TigerText platform, the first service that meets the critical need of secure mobile messaging for healthcare enterprises,” said Brad Brooks, TigerText Co-Founder. “Our strong sales pipeline attests to the growing recognition that hospitals and physician practices need to provide doctors, nurses and other clinicians with a HIPAA-compliant alternative to unsecured texting.”
Healthcare organizations recognize the dangers, but largely haven’t acted on them. In a recent study, the Ponemon Institute found that 81% of surveyed healthcare organizations used mobile devices to collect, store or transmit protected health information – yet half of these organizations admitted that they do nothing to protect the data on these devices and fewer than a quarter use encryption.
“TigerText has staked a unique position in the healthcare space,” Easton’s Friedman said. “Not only is there a critical need for its product, but the Company also has already proven the robustness of its business model. With virtually no marketing effort, its platform has been adopted by more than 20 healthcare enterprises, with many more in its pipeline. I believe that its fantastic product and strong management team position the company to truly revolutionize communication in healthcare.”
TigerText previously closed $2.2 million of seed financing in 2010.
TigerText allows hospitals and physician groups to create their own private, HIPAA-compliant mobile messaging network for physicians, nurses and administrators. This controlled platform replaces the unsecured text messaging that leaves protected health information at risk. TigerText gives health care providers ultimate control over the messages they and their employees send, with features such as: Self-Deleting Messages (both on sender and receiver handsets), Message Recall and Forward Lock. TigerText works on all smartphone platforms and also has a desktop web interface.
ANDalyze Inc., a maker of products for testing water contamination, has raised $1.57 million of a planned $2.57 million round, according to a regulatory filing. The company, which uses catalytic DNA technologies for water testing, is backed by investors including the Illinois Emerging Technologies Fund II L.P. and Illinois Ventures LLC. The company’s board includes John Regan a senior director for Illinois Ventures.