Fairmount Partners Advises SDLC in its Sale to CitiusTech

PRINCETON, NJ – June 24, 2021 – CitiusTech, a leading provider of healthcare technology services, solutions and platforms, announced today that it has made a strategic acquisition of SDLC Partners (SDLC), a Pittsburgh, PA based provider of technology solutions to leading payer organizations.

SDLC focuses on three key areas of payer technology needs – technology transformation, consulting and automation solutions. With a team of 350+ healthcare technology professionals, SDLC has specialized payer business expertise including member experience management, intelligent automation, data & analytics and core applications. SDLC also comprises CyLumena, a top-ranked cyber security firm.

“Payer organizations are leaning heavily on digital capabilities and innovative technology solutions to enhance quality of care, member experience and overall performance,” said Bhaskar Sambasivan, President of CitiusTech. “Our investment in SDLC is another step towards helping payers accelerate their transformation to value-based, member-centric operating models.”

“By bringing together next-gen technology capabilities, deep industry expertise through FluidEdge Consulting and SDLC’s payer-focused solutions, we are uniquely positioned to drive digital transformation in the health plan industry,” said Eric Schultz, Executive Vice President,  CitiusTech & President, FluidEdge Consulting (a CitiusTech company). “I look forward to working closely with the SDLC leadership team to build strong synergies between our organizations.”

“SDLC brings proven capabilities and very talented team members with deep expertise, manifesting in the solutions we are known to deliver for clients” says Chris Simchick, Chief Executive Officer of SDLC Partners. “Combining this with CitiusTech’s industry presence and its rich portfolio of complementary digital offerings gives us the ability to broaden our access to payer markets, compete and win larger opportunities and move front and center in our customer’s digital transformation strategy.”

The acquisition of SDLC comes on the back of strong growth for CitiusTech across all its market segments. CitiusTech’s Payer market business has experienced a significant jump in revenue this year, through a portfolio of digital capabilities and platforms around member engagement, analytics, HEDIS / STARS optimization and quality & performance management needs. CitiusTech was recently recognized as a ‘Leader’ in Everest Group’s Healthcare IT Services Specialists PEAK Matrix® Assessment 2021, due to its focus on digital solutions, deep healthcare domain expertise and strong technology partnerships.

Fairmount Partners, a leading investment bank based in Philadelphia, PA, advised SDLC on this transaction.

About CitiusTech                                                                                                                                     

CitiusTech (www.citiustech.com) is a leading provider of healthcare technology services, solutions and platforms, with strong presence across the payer, provider, medical technology and life sciences markets. With over 4,500 technology professionals worldwide, CitiusTech helps healthcare organizations accelerate innovation through next-generation technologies, solutions, platforms and accelerators in the areas of healthcare interoperability, data convergence, quality & performance analytics, connected health, patient engagement, value-based care, omni-channel member experience, virtual care coordination & delivery, personalized medicine and population health management. With cutting-edge technology expertise, deep domain expertise and a global talent base, CitiusTech helps healthcare organizations reinvent themselves to deliver better outcomes, accelerate growth, drive efficiencies, and ultimately make a meaningful impact to patients.

About SDLC Partners

SDLC Partners is an essential leader of the Pittsburgh technology and business ecosystem. As a consultancy focused on delivering high-performance solutions for connecting business and technology, they have grown into a 350+-person firm, garnering awards and attention from the Pittsburgh Technology Council, the Inc. 5000, the Pittsburgh 100, and E&Y’s Entrepreneur of the Year.

About Fairmount Partners

Fairmount Partners (www.fairmountpartners.com) is an independent merger and acquisition advisory firm focused on emerging growth and middle-market companies. Fairmount helps its clients complete mergers and acquisitions; raise funds for growth, acquisitions and liquidity; and design and improve their corporate development strategies. Fairmount’s clients include successful entrepreneurs, private equity-sponsored enterprises, and global public companies. Since 2003, Fairmount has completed more than 245 transactions, representing over $12 billion in aggregate value, in 20 countries throughout North and South America, Europe, Asia and Australia. For further information, please contact Jonathan Smith at [email protected].

Veeva Link Now Available for 12 Therapeutic Areas Across More Than 50 Countries

Veeva Systems (NYSE: VEEV) today announced the availability of 11 new therapeutic areas in the Veeva Link customer intelligence platform. Initially started in oncology, Veeva Link delivers deep, curated expert profiles with real-time insights that help life sciences teams find and engage with global experts across twelve therapeutic areas.

“Veeva Link allows us to transform customer engagement by better connecting with key people, understanding the ecosystem around them, and making every interaction more relevant,” said Gandolf Finke, CEO at Fosanis. “Partnering with Veeva will help us bring our life-changing digital solutions to patients.”

Veeva Link delivers detailed information on key people — such as their expertise, collaborations, and scientific and digital activities. Dynamic profiles are sourced from thousands of publicly available data sources, including social media feeds, publications, clinical trials, events, and associations.

The expanded Veeva Link offering provides accurate and relevant data on influential stakeholders in bacterial infections, cardiology, dermatology, endocrinology, gastroenterology, hepatology, nephrology, neurology, respiratory, rheumatology, and virology, in addition to its existing oncology solution.

“With our expansion to new therapeutic areas and the depth of our profiles, Veeva Link is setting the industry standard for real-time customer intelligence,” said Kilian Weiss, general manager for Veeva Link at Veeva Systems. “By tapping into a broad range of digital and scientific data sources and embedding these insights into Veeva’s Commercial Cloud, we are helping the healthcare community improve research and patient care.”

For more information on Veeva Link and the new therapeutic areas, watch the 2021 Veeva Commercial & Medical North America Summit Connect on-demand. The live online event featured sessions from top 20 pharmaceutical companies discussing how customer insights from Veeva Link are helping them drive more agile, personalized interactions and build stronger relationships, as well as from a rapidly growing biotech about using market-level insights to accelerate its first product launch.

Additional Information
For more on Veeva Link, visit: veeva.com/veeva-link
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
Follow @veevasystems on Twitter: twitter.com/veevasystems

About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Accenture’s 2021 Digital Health Tech Vision Report Details Five Emerging Trends in Healthcare

Amid the challenges of 2020, two truths became evident: More healthcare organizations have come to terms with the notion that every business is a digital business. This year also accelerated exponential transformation as technology continuously reshapes industries and the human experience. Now, as we begin reimagining our post-pandemic reality, the healthcare industry must learn to master change and recognize that there is no leadership without technology leadership. For instance, 66% of healthcare executives say they will be in the cloud within the next year, 96% within three years.

The Accenture Digital Health Technology Vision surveyed 399 healthcare executives across six countries to learn from their perspectives. Healthcare executives (81%) say the pace of digital transformation for their organization is accelerating. Most (93%) report that their organization is innovating with an urgency and call to action this year.

Five emerging trends reveal what healthcare organizations will need to address in the next three to five years to accelerate and master change in all parts of their organization:

1. Stack strategically

2. Mirrored world

3. I, technologist

4. Anywhere, everywhere

5. From me to we

To access the full report visit:  https://www.accenture.com/us-en/insights/health/accenture-digital-health-technology-vision-2021

Sectoral Asset Management Makes $9M Investment into Cagent Vascular

Cagent Vascular Inc.1, a developer of next-generation angioplasty balloons using proprietary serration technology, announced the investment of $9M by Sectoral Asset Management. Along with the investment, Marc-Andre Marcotte has joined the board of directors.  The proceeds will be used to accelerate the commercialization and scaling of manufacturing for the Serranator® below-the-knee (BTK) product. Further uses of proceeds include expanding the product offering to include larger sizes to treat the above-the-knee arteries.

The Serranator® PTA Serration Balloon Catheter is an angioplasty device with serrated metal strips embedded on a semi-compliant balloon. The Serranator’s unique technology is designed to create multiple longitudinal lines of interrupted micro-serrations within the luminal surface to aid in arterial expansion. The result is predictable and controlled lumen gain using low atmospheres of pressure.

“Our BTK product launch is going extremely well. Early commercial adoption and clinical outcomes are confirming the positive results seen in the PRELUDE-BTK study. We are delighted to have a high-quality investor like Sectoral join our team.  Their deep experience investing and advising device companies focused on peripheral vascular interventions will enable a more rapid expansion of our commercial efforts,” stated CEO, Carol A. Burns.

Marc-Andre Marcotte, of Sectoral added, “We have been very impressed by Cagent’s achievements thus far and are excited to partner with them. We are confident that the unique features and high-quality clinical data of Serranator will drive strong market adoption”.

The Serranator’s differentiated mechanism of action is driving adoption.  “The BTK space is in desperate need of innovation.  These vessels are more challenging in terms of size, lesion length, and calcification and non drug-based balloon angioplasty is still the primary treatment.  My experience with Serranator has been excellent and with its novel mechanism of action it has become an important tool in treating BTK disease.   In the near future I look forward to using this technology in vessels above the knee to further optimize my angioplasty results,” explained Sarang Mangalmurti MD, Interventional Cardiology specialist at Bryn Mawr Hospital.

Cagent Vascular’s mission is to restore blood flow and restore life.  By providing greater access of the Serranator technology we believe more people suffering with peripheral arterial disease will see improvements in quality of life and avoid limb amputation. The Serranator for the infrapopliteal indication is currently available in 2.5, 3.0, 3.5mm balloon diameters and 40, 80 and 120mm balloon lengths.

1This project is supported by the Ben Franklin Technology Partners of Southeastern PA, an initiative of the Pennsylvania Department of Community and Economic Development funded by the Ben Franklin Technology Development Authority.


About Cagent Vascular

Cagent Vascular’s vision is to be the leader for treating atherosclerotic disease with the first and only serration balloon technology to restore blood flow. It is the second cardiovascular company formed by co-founders Carol Burns, President and CEO, Peter Schneider, MD, Vascular Surgeon, Chief Medical Officer and Robert Giasolli, Chief Technology Officer. The team previously co-founded Intact Vascular.

The information contained herein obtained from Cagent Vascular management is believed to be reliable. This does not constitute the solicitation of the purchase or sale of securities. Except for historical information contained herein, matters discussed in this document are forward-looking statements, the accuracy of which is subject to risks and uncertainties.

Financial Benefits of Moving to the Cloud

This is a guest blog post about the benefits of moving to the cloud from our friends at Cigniti


Migrating to the cloud has numerous benefits such as backup, recovery, and security, but one of the primary reasons why enterprises move to the cloud is due to its related cost savings.

A traditional infrastructure such as a data warehouse involves costly updates amidst several other issues such as server anomalies, data discrepancies, dedicated workforce, and most prominently costly updates.

According to Ashar Baig, a research director at Gigaom Research, “Cloud is mainstream today, driven forward by users’ desire for lower cost solutions, better scalability, and business agility.”

Even during the pandemic era, while we’ve seen several enterprises shutting down their businesses for good, cloud adoption has been on an upsurge.

Recent statistics reveal that 90% of the companies have expedited their adoption towards cloud in response to the COVID-19 pandemic with a relative increase in cloud expenditure.

As enterprises rally for a gigantic worldwide effort to produce and allocate COVID-19 vaccinations, Software as a Service (SaaS) based applications that empower vital tasks such as supply chain and automation are critical.

These SaaS based applications endure to prove trustworthy in ascending vaccine management, which in turn will aid CIOs further authenticate the continuing shift to cloud.

The proximity of emerging technologies with Cloud computing has further accelerated its growth.

According to Gartner, “Global public cloud spending is forecast to reach $332.3 billion in 2021, increasing by 23.1% from $270 billion in 2020. Growth in cloud spending can be attributed to increased adoption in technologies such as virtualization, edge computing and containerization.”

The usage and adoption of cloud is set to further evolve to those that amalgamate cloud with technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Big Data, 5G, and more.

Cloud will help as the adhesive amid several additional technologies that CIOs want to use more of, letting them to vault into the subsequent period as they address more multifaceted and evolving use cases and will certainly be a disruptive market, to say the least.

The revenues and profits for the big 3 Cloud companies continue to be on the rise.

The latest statistics reveal that Amazon’s AWS had a surge of more than 30% in revenue during the first quarter while Microsoft’s Azure revenue increased manifold to above 50%.

Followed by these two giants in Cloud business is Google’s Cloud where it has seen a rise of close to 50% in its business during the last quarter.

The constant growth of Cloud computing is a testimony to the fact that no disruptions in the technology or the economy can shake the foundations of cloud.

According to research and analytics firm Canalys, “In the first quarter of 2021, global cloud services infrastructure spending grew to $41.8 billion to represent a 35% year-on-year increment and 5% quarter-on-quarter growth.”

Given its huge financial benefits, enterprises have no other choice but to adapt to the cloud.


Here is a list of some of the economic benefits for enterprises implementing Cloud migration:

• Eradicates Operational Expenditures

Owning and managing servers on your own premises is no longer necessary, thanks to cloud data centers. In a variety of ways, this lowers ongoing running costs.

Apparently, if you have fewer hardware on your premises, you will save money on power and cooling. The extra physical space could be better utilized.

By decreasing the amount of maintenance necessary, cloud computing eliminates the need for costly service agreements and additional onsite IT support workers.

Because idle servers waste a lot of energy and money, the ability to scale up or down based on demand and improved hardware utilization corresponds to more efficient power use.

• Improve disaster recovery competences

An enterprise that uses cloud storage has a two-hour disaster recovery deadline.

Companies who employ local storage, on the other hand, can address this problem for up to eight hours, which might result in significant losses for the company.

Object-based cloud storage is supported by modern disaster recovery solutions, so you don’t have to copy the backup to physical media first and then restore it.

This indicates a lesser chance of financial loss due to downtime for a company. Furthermore, the cloud provider is responsible for restoring the system to functioning order, so you no longer have to worry about it.

• Nil maintenance cost

You gain complete responsibility for providing quality services and a serious approach to the work accomplished when you choose a cloud provider that intends to work effectively with a large corporation.

This includes the scope of services supplied, the level of service, equipment reliability and modernity, a team of engineers with extensive expertise, professional planning, and implementation of projects of any complexity, and a personalized approach.

Following the transfer of infrastructure to the cloud, the cloud provider is responsible for the continuous and correct operation of services and equipment, as well as security and a variety of other factors.

The cloud provider also monitors equipment and networks on a constant basis, provides round-the-clock technical help, prepares backups, and handles a variety of other jobs, allowing the client to focus on their primary business.

• Pay-As-You-Go

The pay-as-you-go business model of the Cloud allows businesses to save a lot of money. Essentially, whether it’s email, storage, or server space, organizations may cease paying for underutilized resources, postpone purchases, and check out alternatives before committing to anything.

The business world has begun to move at breakneck speed since the advent of the Internet.

Small and medium-sized business owners have struggled to keep up with the pace and adapt to new technologies.

Businesses profit from IT Cloud services because they improve their operations and communication with clients while saving time and money.

• Decrease the support load of IT department

You can trust the provider to manage the IT infrastructure in the cloud if the details of your organization do not necessitate maintaining and paying a large crew of technical specialists.

This is more cost-effective than engaging a specialist to do these jobs.

Even if your organization is involved in software creation, your experts can do more difficult duties than cleaning dust coolers and restoring unintentionally erased data.

They will be able to concentrate entirely on the quality of the product being developed and the efficiency of each sprint.

• Enhance suppleness

One of the most significant components of a productive day is having access to files. Employees who are not physically connected to an internal server are frequently unable to access files stored on the server.

Cloud storage allows you to access data from wherever, whether you need to open a budget spreadsheet from your hotel room or a Photoshop file from the office.

As a result, your staff will have more flexibility in completing daily activities and will be more successful in circumstances where time is of the essence.

For example, cloud data storage allows you to deploy a product significantly faster because employees don’t have to waste time transferring files, they can make real-time updates, and a circumstance where a specific file is deleted is impossible.



Cloud security is essential to assess the security of your operating systems and applications running on cloud.

Ensuring ongoing security in the cloud requires not only equipping your cloud instances with defensive security controls, but also regularly assessing their ability to withstand the latest data breach threats.

Cigniti’s team validates whether your cloud deployment is secure and gives you actionable remediation information when it’s not complying with the standards. The team conducts proactive, real-world security tests using the same techniques employed by attackers seeking to breach your cloud-based systems and applications.

Cigniti’s cloud testing services offer end to end validation of cloud migration transformation and cloud native build with a shift left cloud first approach.

Cigniti’s cloud testing services help enterprises achieve compliance, secure data, reduce efforts by 40% through automated build and deployment validation and improve productivity by 35% with early alerts for any issues.

Get maximum value from your cloud transformation journey with Cigniti’s Cloud Testing services. Schedule a discussion with us to consult with our experienced team of cloud testing experts.


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FS Investments and KKR Credit Advisors Close Merger Deal

PHILADELPHIA and NEW YORK – June 16, 2021 – FS/KKR Advisor, LLC (FS/KKR), a partnership between FS Investments and KKR Credit Advisors (US), today announced the completion of the merger between FS KKR Capital Corp. (NYSE: FSK) and FS KKR Capital Corp. II (NYSE: FSKR). The combined company will operate as FS KKR Capital Corp. and continue to trade on the New York Stock Exchange under the ticker “FSK.”

Michael Forman, Chairman and Chief Executive Officer of FSK, commented, “We are excited to complete this merger and operate a single BDC with the market reach and balance sheet strength to be a leader in private credit markets. This combination represents an important milestone for our franchise in our plan to drive enhanced value to our investors.”

Based on the merger exchange ratio, FSKR shareholders are receiving 0.9498 FSK shares for each share of FSKR held. The exchange ratio was determined based on the closing net asset value (NAV) per share of $26.77 and $25.42 for FSK and FSKR, respectively as of June 14, 2021, and ensures that the NAV of shares investors will own in FSK will be equal to the NAV of the shares they held in FSKR. As part of the closing, FSK will not be paying cash in lieu of fractional shares.

Dan Pietrzak, Chief Investment Officer and Co-President of FSK, said, “The combination creates a premier BDC lending franchise with approximately $15 billion in assets. With our portfolio diversification, enhanced access to capital markets, and over $3 billion of available investment capacity, we believe we are well-positioned as a leading lender to upper middle market borrowers.”

Share Repurchase Program
In addition, as previously announced, in connection with the closing of the merger, the board of directors of FSK (the “Board”) has authorized a share repurchase program. Under the program, FSK may repurchase up to $100 million in the aggregate of its outstanding common stock in the open market at prices below the current net asset value per share.

The timing, manner, price and amount of any share repurchases will be determined by FSK, based upon the evaluation of economic and market conditions, FSK’s stock price, applicable legal and regulatory requirements and other factors. The program will be in effect for one year from its effective date, unless extended, or until the aggregate repurchase amount that has been approved by the Board has been expended. The program may be suspended, extended, modified or discontinued at any time.

About FS KKR Capital Corp.
FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies. FSK is advised by FS/KKR Advisor, LLC. For more information, please visit www.fskkradvisor.com/fsk.

About FS KKR Capital Corp. II
FSKR is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSKR seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies. FSKR is advised by FS/KKR Advisor, LLC. For more information, please visit www.fskkradvisor.com/fskr.

About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC is a partnership between FS Investments and KKR Credit that serves as the investment adviser to FSK with approximately $15 billion in assets under management as of March 31, 2021.

FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Leawood, KS. Visit www.fsinvestments.com to learn more.

KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contact Information:

Investor Relations Contact
Robert Paun
[email protected]

Media (FS Investments)
Melanie Hemmert
[email protected]

Frontline Education Has Acquired Hayes Software Systems

Leading provider of school administration Frontline Education software adds advanced asset management and inventory control with integrated help desk to enhance partnership with K-12 districts

Malvern, PA – June 17, 2021 – Frontline Education, a leading provider of K-12 school administration software, today announced that it has acquired Hayes Software Systems (Hayes) from Transition Capital Partners (TCP). Hayes Software Systems, including TIPWeb-IT, TIPWeb-IM, and GetHelp, provides solutions for asset management and inventory control with integrated help desk capabilities for K-12 schools. Financial details of the transaction were not disclosed.

Hayes has served educators for nearly 30 years and currently supports school districts in 40 states. Hayes’ technology solutions support asset tracking and inventory planning for district technology, physical assets, textbooks and other instructional materials.

“We are thrilled that Hayes has joined the Frontline Education team. Their expertise in asset management and inventory control addresses critical operational needs for schools, especially today, with remote and hybrid models putting more technology and instructional materials in circulation,” said Mark Gruzin, CEO of Frontline Education. “Bringing Frontline and Hayes together allows us to provide K-12 school districts connected solutions that meet a broader set of administrative needs.”

Hayes’ TIPWeb-IT, TIPWeb-IM solutions complement Frontline’s ERP, SIS and HR systems by enabling the purchase, funding and financial management of assets and providing more targeted distribution and management of devices and instructional materials used by staff and students. GetHelp offers seamless help desk integration to provide end-user support for those assets. As the combined companies move forward together, Frontline and Hayes will drive additional operational effectiveness and efficiency for K-12 schools, enhancing the client experience through continued product innovation and connectivity.

“We are thrilled to join Frontline Education and are looking forward to continued employee growth, expanded customer support and enhanced innovation as part of the Frontline family,” said Matt Winebright, CEO of Hayes Software Systems. “This is an exciting day for the Hayes team and our clients as we begin to realize the synergies gained from our combined organizations. Together, we will explore opportunities for further integration and alignment of our asset management, instructional material management and help desk solutions to Frontline’s ERP, SIS and HR systems, to provide additional value to our collective clients.”

Transition Capital Partners (TCP) was the majority owner of Hayes Software Systems and Thoma Bravo is the majority owner of Frontline Education.

About Frontline Education:

Frontline Education is a leading provider of school administration software, connecting solutions for student and special programs, business operations and human capital management with powerful data and analytics to empower educators. Frontline partners with school systems to deliver tools, data and insights that support greater efficiency and productivity, enabling school leaders to spend more time and resources executing strategies that drive educator effectiveness, student success and district excellence.

Frontline’s broad portfolio includes solutions for proactive recruiting and hiring, absence and time management, professional growth, student information systems, special education, special programs, Medicaid reimbursement, school health management, payroll, benefits and financial management. Over 9,500 school districts representing millions of educators, administrators and support personnel have partnered with Frontline Education in their efforts to develop the next generation of learners.

Frontline Education’s corporate headquarters is located in Malvern, PA, with Location Hubs (physical offices) in Roseville, CA, Naperville, IL and Austin, TX. In addition to Frontline’s Location Hubs, Collaboration Hubs – flexible locations in areas where Frontline has a concentration of team members, have been established across the country and Remote Location Hubs – designed to drive remote employee engagement through intentional and common use of tools and processes, have been established as part of a company-wide effort to reimagine the work environment.

About Hayes Software Systems:

Based in Austin, TX, Hayes Software Systems provides SaaS solutions to empower K-12 school administrators. Schools partner with Hayes to address their asset management, inventory control and integrated help desk needs with simple, easy-to-use solutions, including TIPWeb-IT, TIPWeb-IM and GetHelp.

Offering software and services that are optimized for the unique needs of the education community, Hayes has helped over 10,000 schools across the country implement asset management and inventory control solutions. Today, the company supports hundreds of districts in 40 states across the country and serves district-wide deployments in 37 of the nation’s largest 100 school districts.

About TCP:

Transition Capital Partners (“TCP”) is a Dallas, TX-based private investment firm affiliated with the Patterson Thoma Family Office. TCP was founded in 1993 and has successfully invested in over 45 lower middle market companies spanning a diverse array of industries. TCP partners with management teams to build sustainable value in businesses over the long-term, without the artificial constraints fundraising cycles create for traditional private equity funds. With more than twenty-five years of proven success, we have a long track record of collaborating with our partners to accelerate the growth of lower middle market companies.

About Thoma Bravo:

Thoma Bravo is a leading private equity firm with over $78 billion in assets under management as of March 31, 2021, and a focus on investing in software and technology companies. They pioneered the buy-and-build investment strategy and applied this strategy to the software and technology industries 20+ years ago. Since then, Thoma Bravo firm has acquired more than 300 software and technology companies representing over $85 billion of value. Their investment philosophy is centered around working collaboratively with existing management teams to help drive operating results and innovation, taking a partnership-driven approach supported by a set of management principles, operating metrics and business processes. Thoma Bravo supports their companies by investing in growth initiatives and strategic acquisitions designed to drive long-term value.

EY Announces Bob Moul of Circonus as an EY Entrepreneur Of The Year® 2021 Finalist

EY Announces Bob Moul of Circonus as an Entrepreneur Of The Year® 2021 Greater Philadelphia Award Finalist

Celebrating the 35th class of unstoppable entrepreneurs who transform Greater Philadelphia and beyond


PHILADELPHIAJune 10, 2021 /PRNewswire/ — Ernst & Young LLP (EY US) today announced that CEO Bob Moul of Circonus was named an Entrepreneur Of The Year® 2021 Greater Philadelphia Award finalist. Now in its 35th year, the Entrepreneur Of The Year program honors unstoppable business leaders whose ambition, ingenuity and courage in the face of adversity help catapult us from the now to next and beyond.

Bob was selected by a panel of independent judges. Award winners will be announced during a special virtual celebration on July 27, 2021 and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world.

Entrepreneur Of The Year is one of the preeminent competitive award programs for entrepreneurs and leaders of high-growth companies. The nominees are evaluated based on six criteria: entrepreneurial leadership; talent management; degree of difficulty; financial performance; societal impact and building a values-based company; and originality, innovation and future plans. Since its launch, the program has expanded to recognize business leaders in more than 145 cities in over 60 countries around the world.

“I’m honored to be named as an Entrepreneur Of The Year® 2021 Greater Philadelphia Award finalist,” said Bob Moul, CEO, Circonus. “This opportunity would not be possible without the exceptional team at Circonus and the vision of our founder, Theo Schlossnagle. The Circonus monitoring and analytics platform can ingest and analyze unlimited telemetry from unlimited sources in real-time, making its power truly unmatched. It’s a privilege to be a part of this passionate team, and to provide our customers with the visibility, insights, and optimization they need to deliver exceptional digital services and experiences with confidence.”

Regional award winners are eligible for consideration for the Entrepreneur Of The Year National Awards, to be announced in November at the Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2022.

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored by SAP America and the Kauffman Foundation.

In Greater Philadelphia, sponsors also include PNC Bank, DFIN, SolomonEdwards Group, Ballard Spahr LLP, Morgan, Lewis & Bockius LLP, Murray Devine & Company and Pepper Troutman LLP.

About Circonus
Circonus is the monitoring and analytics platform built for the modern-day enterprise. Circonus delivers crystal-clear, real-time visibility of the behavior, health, trends, and performance of traditional infrastructure and cloud-based technologies in one powerful, unified platform. Led by experts in large-scale distributed systems and data science, Circonus is pioneering the way that telemetry data at scale is leveraged throughout the enterprise to drive smarter operations, deploy faster, make better decisions, and deliver mission-critical services with confidence. To learn more or create a free account, visit www.circonus.com.

About Entrepreneur Of The Year®
Entrepreneur Of The Year® is the world’s most prestigious business awards program for unstoppable entrepreneurs. These visionary leaders deliver innovation, growth and prosperity that transform our world. The program engages entrepreneurs with insights and experiences that foster growth. It connects them with their peers to strengthen entrepreneurship around the world. Entrepreneur Of The Year is the first and only truly global awards program of its kind. It celebrates entrepreneurs through regional and national awards programs in more than 145 cities in over 60 countries. National Overall winners go on to compete for the EY World Entrepreneur Of The Year™ title. ey.com/us/eoy

About EY Private
As Advisors to the ambitious™, EY Private professionals possess the experience and passion to support private businesses and their owners in unlocking the full potential of their ambitions. EY Private teams offer distinct insights born from the long EY history of working with business owners and entrepreneurs. These teams support the full spectrum of private enterprises including private capital managers and investors and the portfolio businesses they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/us/private

About EY
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com

Media Contact: Heather Miller[email protected]


Newmark Arranges Three Industrial Sales to Velocity Venture Partners LLC in PA

Philadelphia, PA (June 9, 2021)Newmark Real Estate (Newmark) announces 70,000-square-feet of real estate transactions totaling $5.325 million in Hatfield and King of Prussia, Pennsylvania. The transactions include the acquisitions of: a 27,500-square-foot flex building on 2.83 acres at 1111 North Broad Street and a 15,200-square-foot flex/industrial building at 1910 North Penn Road, both in Hatfield; and a 27,000-square-foot flex/industrial building at 451 Yerkes Road in King of Prussia. The transactions represented a combination of single- and multi-tenant, income producing assets with upcoming vacancies in 2022.

All three properties were acquired by Velocity Venture Partners LLC (Velocity), headquartered in Bala Cynwyd, and arranged by Newmark Managing Director Justin Bell. Mr. Bell said, “These were off-market transactions with significant complexities, and we appreciate Velocity’s ability to navigate each and reach the finish line.”

Tony Grelli, Founding Partner at Velocity Venture Partners added, “Velocity is excited to acquire three quality industrial assets that provide value-add growth opportunities for our expanding Montgomery County, Pennsylvania portfolio, which is nearing 2.5 million square feet.” According to Zach Moore, Grelli’s Founding Partner at Velocity, “Our very first acquisition–a 10,000-square-foot flex building–sits just a few miles down the road from these Hatfield sites, and we are thankful to Justin and Newmark for helping us grow our footprint in Hatfield and throughout the Greater Philadelphia Market.”

451 Yerkes Road offers 10,000 square feet of flex/warehouse space that is available October 1, 2021, and 1111 North Broad Street offers 27,000 square feet of warehouse and showroom/flex space that is available April 1, 2022. Newmark will be handling the leasing assignments for both properties.

According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of accelerating industrial activity across Southeastern Pennsylvania. Tenant demand from a diverse group of industrial occupiers has trimmed vacancy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7 percent in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0 percent over the same period, and new development has broken ground to meet occupier needs for space.


About Velocity Venture Partners LLC

Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania. The firm devotes its time exclusively to distribution, fulfillment and manufacturing style assets that are located close to densely populated suburban corridors and major transportation arteries. The team currently owns and operates 4,500,000+ SF of industrial space throughout the region – a portfolio comprising 150 tenants and 40 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore.   www.velocityinv.com.


About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.


Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.


Lula Closes Seed Round to Enable 30-minute Delivery from Thousands of Stores

Lula Closes Seed Round Funding to Enable 30-minute Delivery from Thousands of Convenience Stores Nationally

Lula, Inc. receives investment from top global institutional investors including Exelon Corporation, SOSV, Plug & Play Ventures, and Juno Capital.

Lula, headquartered in Philadelphia, PA., is a technology company that transforms convenience stores into last-mile micro-fulfillment centers. The company was founded in 2020 by Drexel University graduates Adit Gupta and Tom Falzani, who attempted to bring Gupta’s family’s shuttered convenience store in South New Jersey online amidst the pandemic with no success. According to the National Association of Convenience Stores (NACS), there are ~150,000 convenience stores in the U.S., two-thirds of which are independently operated with 93% of Americans within a 10-minute drive of any one of them. However, just under half of the North American c-stores offer delivery, compared to over 80% of European, Australian, and Asian stores. The team quickly realized the tremendous market opportunity to build a nationally scalable instant-needs delivery service without the laborious task of re-building micro-fulfillment centers.

Founded by two technologists, Lula aims to use innovative techniques to digitize existing convenience store inventories, ultimately making life easier for c-store operators. They enable 30-minute delivery for stores by syncing inventories across all popular delivery platforms, including Uber EATS, Postmates, Grubhub, Doordash, and Lula’s subscription-based marketplace. Customers can find virtual store listings on these platforms under the “convenience” section, labeled as “Lula Convenience Store.” Store operators can seamlessly manage sales, orders, and all inventory from a single platform – eliminating the problem of needing 5+ tablets to manage last-mile delivery. Partnering stores see a 30% increase in revenue by delivering their existing 3,000+ products within a 10-mile delivery radius. Lula can readily onboard stores remotely in all 50 states in the U.S. market.

Alongside Exelon Corp., Lula also received investment from SOSV, Plug and Play Ventures, and prominent angels. SOSV is a global venture capital firm providing multi-stage investment to startups solving challenging problems with disruptive solutions. Plug and Play Ventures is the world’s largest early-stage investor, accelerator, and corporate innovation platform with global headquarters in Sunnyvale, California. SOSV & Plug and Play Ventures were early investors in Rappi, Google, PayPal, Dropbox, JUMP, Honey, Kustomer, and Guardant Health.

Lula is currently serving convenience stores in New York, New Jersey, Florida, and its hometown, Philadelphia. The company has already seen significant growth with customers ordering daily, many of whom come back to order again. Lula plans to use the investment to grow the existing team and expand nationally in new markets through 2022. With a daily growing number of partners, the team is impacting the c-store community by democratizing e-commerce for stores that may traditionally not have the means to deliver online.

About Lula: Headquartered in Philadelphia, Pa., Lula provides carbon-neutral delivery solutions for convenience stores, pharmacies, and CPG brands that do not have a secondary sales channel, offering the first multi-vendor 30-minute delivery platform and a commitment to building a cleaner, more sustainable world. Learn more about Lula at www.luladelivery.com