Author: philadelphiapact
Phorum-register-footer-560×100
[singlepic id=18 w=200 h=75 ]
Impact-2014-310×138
[singlepic id=15 w=200 h=75 ]
impact-2014-310×138
[singlepic id=11 w=200 h=75 ]
impact-2014-310×138
[singlepic id=11 w=200 h=75 ]
impact-2014-310×138
[singlepic id=9 w=200 h=75 ]
Venture IMPACT Report
Philadelphia’s positive investment growth bucks national trends according to Ernst & Young LLP, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT)
Analysis of five and a half years of data shows $4.1B of investment across multiple sectors
To view the report, Click Here: Philadelphia Investment Trends Report
Transaction Announcement: Virtusa Corporation
Brandon K. Eck | Managing Director
Technology & Media Group
[email protected] | (215) 665-6050
Andrew M. Kurz, CFA | Vice President
Technology & Media Group
[email protected] | (215) 665-6461
January 2014 – Virtusa Corporation (NasdaqGS:VRTU) announced the pricing of an underwritten public follow-on offering of 2,300,000 primary shares at $34.50 per share. In addition, Virtusa granted the underwriters of the offering a 30-day option to purchase up to 345,000 shares, which was exercised in full. Including the over-allotment, 2,645,000 shares were sold for total gross proceeds of $91.3 million. Net proceeds from the offering are expected to be used to repay the outstanding borrowings drawn down under Virtusa’s $25.0 million revolving credit facility to fund its January 2, 2014 acquisition of Trade Tech Consulting Scandinavia AB and its subsidiaries. The remaining net proceeds are expected to be used for general corporate purposes.
Janney Montgomery Scott LLC served as a co-manager on this transaction.
—-
Virtusa Corporation (NasdaqGS:VRTU) provides end-to-end information technology (IT) services to Global 2000 companies. Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia
Fairmount Partners Update 2013
As we kick off 2014, we wanted to update you on our activity for 2013. In addition to another record year of transactions, we were happy to celebrate Fairmount’s ten year anniversary. Despite a decade that included the weakest economy in almost a century, we are pleased to report that Fairmount continued to grow our business throughout the downturn. It has been our pleasure to build relationships with so many of you over the past decade and complete well over 100 transactions for aggregate consideration of many billions of Dollars, Euros, Pounds and other currencies. We look forward to continuing to serve the middle market companies of our region and beyond in years to come. We gave ourselves a birthday present a few month back – we retired our old monochromatic web site, and introduced our brand new website, featuring bold new graphics – click here to take a look, or click on the links to the right. Here are the Fairmount Partners highlights for 2013. Partner Honored as Middle Market Thought Leader of the Year The Alliance of Merger & Acquisition Advisors ® (AMAA) selected our partner Andy Greenberg as the “Middle Market Thought Leader of the Year.” This honor is bestowed upon individuals who have made a substantial contribution to the merger & acquisition profession through publication of works that promote research and higher standards of excellence. Andy earned this award for his work in creating, founding and growing GF Data, the leading source of merger and acquisition data for private middle market transactions. Please join us in congratulating Andy for a job well done (and for providing critical data that helps us perform better work for our clients.) For more details, Charles Robins Selected as Vice Chairman of Ben Franklin Tech Partners The Board of Directors of Ben Franklin Technology Partners elected our partner Charles Robins as its Vice Chairman. BFTP, an initiative of the Pennsylvania state legislature, is a national, award-winning organization for stimulating entrepreneurial potential through entrepreneurship, technology and innovation. Ben Franklin has invested more than $165 million to grow more than 1,750 regional enterprises, across all areas of technology. It has also launched university/industry partnerships that accelerate scientific discoveries to commercialization. Charles has been a dedicated advocate for technology businesses in the region – serving as a the lead judge for the Greater Philadelphia Alliance for Capital and Technology (PACT) Enterprise Awards, advising dozens of the leading technology businesses in the region, and even starting two successful software businesses. For more details, click here. Completed Deals During 2013, we helped our clients to successfully complete a total of 13 transactions. All of our completed and working projects are in our four areas of expertise:
Assignments included assisting clients in selling their companies; acquiring other businesses; and raising money through investors and lenders to finance growth or achieve liquidity. We worked on several significant transactions in the Mid-Atlantic region, but because of our international network in our fields of expertise, we completed deals with companies in the United Kingdom, Germany, Ireland, and Israel, as well as the US. Nearly all of our completed 2013 projects came through referrals from former clients, attorneys, accountants, and other friends, and we thank all of you for your support. Summaries of a number of our 2013 deals can be found below, with additional details on our website . We have also included our first deal closed in 2014: the sale of Big Data analytics platform provider Agilis. ___________________________________________________________________________
Fairmount Partners served as financial advisor to Agilis in their acquisition by Infogix, Inc. ___________________________________________________________________________
Fairmount Partners served as financial advisor to Hagelin in their acquisition by Frutarom Industries Ltd. for a cash consideration of $52.4 million. ___________________________________________________________________________
Fairmount Partners represented CRI Lifetree in their sale to PRA/KKR. ___________________________________________________________________________
Fairmount Partners served as financial advisors to CFS Clinical, with the support of Anderson LeNeave, a Charlotte based investment bank, in their sale to DrugDev.
___________________________________________________________________________
Fairmount Partners advised WorkplaceDynamics, LLC in its recapitalization by Bancroft Woods, LLC.
___________________________________________________________________________
Concur completed its acquisition of TRX, Inc. Fairmount Partners provided financial advisory services to TRX and rendered a fairness opinion in connection with the transaction.
___________________________________________________________________________
Telerx, Inc. completed its acquisition of Sentrx Safety Solutions. Fairmount was working with Telerx on a buy-side acquisition assignment and simultaneously a separate team at Fairmount represented Sentrx on an exclusive sale assignment, so for the first time we had two satisfied customers in a single deal. ___________________________________________________________________________
Fairmount Partners represented Micron Technologies in their sale to Arlington Capital Partners (“Arlington”), a Washington, DC based private equity firm in partnership with the company’s management team. ___________________________________________________________________________
Fairmount Partners advised Synteract in completing its acquisition of Harrison Clinical Research (HCR), based in Munich, Germany, to form a new multinational CRO – SynteractHCR. The merger makes SynteractHCR a top tier, global CRO and provides additional resources and scale to support large international clinical research programs. Founded in 1987, Harrison was the 3rd largest independent CRO based in Europe. Harrison was an international company, with operations in 15 countries in Western and Eastern Europe, as well as Israel, South America, and the US. ___________________________________________________________________________
Fairmount Partners represented ICON plc in the acquisition of the Clinical Trial Services Division of Cross Country Healthcare, Inc. (NASDAQ:CCRN), for a cash consideration of approximately $60 million (including a modest earnout). Cross Country Healthcare’s Clinical Trial Services Division includes leading US resourcing providers, ClinForce and Assent Consulting, whose services include contract staffing, permanent placement and functional service provision, and AKOS, a UK safety and pharmacovigilance company. ___________________________________________________________________________
|
|
James Hill Joins Edison Ventures
LAWRENCEVILLE, NJ, February 18, 2014 – The General Partners of Edison Ventures are pleased to announce that James Hill has joined Edison Ventures as an Associate in our Lawrenceville, NJ headquarters. He will be generating investment opportunities in Healthcare IT and other industries.
James joins Edison on a permanent basis following his time with the firm as a Business Development Summer Intern at Edison in 2013. He will earn joint MBA and JD degrees from Michigan State University in May 2014 and will begin working with Edison during his final semester. James earned his BS in 2009 from the University of Wisconsin. James’s relevant prior experience includes multiple family start-up companies, IBM’s Watson Solutions group, and lead MBA fellow at MSU Center for Venture Capital, Private Equity & Entrepreneurial Finance.
“James showed strong judgment in qualifying companies for investment consideration,” commented Michael Balmuth, Edison General Partner. “We look forward to benefiting from James’ energy, intellect and rapport with entrepreneurs in expanding Edison’s Healthcare IT portfolio.”
“James exceeded our expectations as a Summer Intern. His enthusiasm when speaking with entrepreneurs was not only genuine, but contagious,” stated Chris Sugden, Edison Ventures Managing Partner. “James desire to learn and win every day sets the bar very high for future candidates.”
James joins a long list of successful Associates who were promoted from within Edison. Michael Kopelman, General Partner, started as a Summer Intern and Ryan Ziegler, Partner, joined Edison as a Business Development Associate. Mike Cichowski and David Nevas, Principals, also began their Edison careers as Business Development Associates. Edison’s Business Development program cultivates relationships with entrepreneurs and operating executives, as well as deal referral sources such as attorneys, accountants, bankers, investors and other service providers. The Business Development experience broadens our Associates knowledge and provides the firm with a more rounded experienced investment professional.
About Edison Ventures
Established in 1986 Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to growth stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, McLean, VA, Wellesley, MA, and Cleveland, OH. Industry specialties include Financial Technology, Healthcare IT, Interactive Marketing and eCommerce and Enterprise 2.0. Edison’s successes include Best Software, Cambridgesoft, Dendrite, Gain Capital, Liberty Tax, M5, Magnetic, Marcam, Mathsoft, MediaBrix, Neat, NetProspex, Octagon, PlumChoice, Tangoe, Virtual Edge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $700 million and actively making new investments. For more information on Edison Ventures, please visit www.edisonventures.com and follow us on Twitter @edisonventure.