The Greater Philadelphia Office Market Closes the Decade on a High Note

Philadelphia, PA (January 16, 2020) — Newmark Knight Frank (NKF) released its fourth-quarter 2019 office reports for the Philadelphia CBD and suburbs, Southern New Jersey, and Northern Delaware today. Across the region, the office market concluded 2019 with robust positive absorption, continued rent growth, new construction, and the promise of more demand-driven development to kick off the new year.

In Philadelphia’s Central Business District (CBD), market activity was largely driven by the “eds & meds” sector, which contributed significantly to the overall quarterly absorption of 142,976 square feet through notable deals such as Children’s Hospital of Philadelphia and Limelight Bio, each leasing a full floor at 3535 Market Street in University City. “Eds & meds” is also among the sectors catalyzing new development. Drexel University officially signed for a 258,000-square-foot build-to-suit in University City this quarter and exercised the option to expand the building to 454,000 square feet to accommodate multiple College of Medicine programs. This was one of two new build-to-suit deals signed in the fourth quarter downtown; Morgan Lewis & Bockius also signed with Parkway Corporation for a 308,000-square-foot build-to-suit at 2222 Market Street.

Read more.

RSM Names Patrick Healey Financial Due Diligence Partner

Addition expands transaction advisory practice in the Northeast

CHICAGO (January 07, 2020)RSM US LLP (“RSM”) – the nation’s leading provider of audit, tax and consulting services focused on the middle market – is pleased to announce that Patrick Healey has joined the firm’s national transaction advisory services (TAS) practice as a partner in financial due diligence.

“We’re very excited to have Patrick join our transaction advisory practice to continue building on our strength in the Philadelphia market with our comprehensive due diligence offering, including financial, tax, operational, IT and cyber due diligence.” said Michael J Grossman, national leader of RSM’s TAS practice.

Healey has nearly 19 years of financial analysis and accounting experience, with the last 15 years solely focused on transactions. Prior to joining RSM, he worked for a Big Four accounting firm,  where he focused on both corporate and financial sponsors across several industries including chemicals, manufacturing, consumer products, technology, business services and communications.

“I’m excited to join the RSM team and to bring the full breadth of transaction advisory services to the Philadelphia market and our clients across the country,” said Healey. “Joining this growing team in Philadelphia, I will be able to bring our strength in financial, tax, IT and operations due diligence to meet our clients’ needs when and where they need it.”

Healey earned his master of science in accounting from University of Virginia, and holds a bachelor’s degree in accounting and finance from Boston College. He will be based out of RSM’s Philadelphia office.

About RSM US LLP
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.

RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 41,000 people in 116 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.

LifeStance Selects Tridiuum to Advance Behavioral Health Outcomes; Reduce Suicides Nationally

Tridiuum ONE digital behavioral health platform to aid in rapid assessment of patient health needs, deliver evidence-based analytics, and enhance treatment progress

PHILADELPHIA, Pa. – Jan. 7, 2019 – Tridiuum, the leading digital behavioral health company for improving outcomes, access, and patient-provider engagement across integrated care environments, today announced that LifeStance Health, a national leader in behavioral healthcare services, has selected the Tridiuum ONE platform to drive improvements in patient outcomes, further enhance quality, and better demonstrate the value of its services to patients, providers, and purchasers. Both companies also view the relationship as a key driver toward their shared commitment to making suicide a “never event.”

“We are thrilled to support LifeStance in the essential work they do to treat mental health issues across the country – particularly as it relates to ending the suicide epidemic,” said Mark Redlus, Tridiuum CEO. “With demand for mental health services at an all-time high, LifeStance recognizes the need to improve the safety and quality of patient assessments by giving patients an active voice in calibrating treatment through continuous feedback. Ultimately, this translates into patients getting better faster.”

Read more.

Fairmount Partners January 2020 News

Fairmount is one of the largest and most active M&A firms based in the Mid-Atlantic, with a national and international practice. Since 2003, the firm has completed more than 220 transactions throughout North and South America, Europe, Asia and Australia. Fairmount specializes in advising middle-market companies on sell-side, buy-side and capital placement transactions, and provides fairness opinions and strategic advice in the transaction context.

  • Fairmount Partners advised California-based THREAD Research in its sale to Water Street Healthcare Partners and JLL Partners. THREAD is an innovative provider of technology that enables virtual research approaches to modernize clinical studies and registries. THREAD’s platform and services are designed to make clinical trials and registries more accessible and less costly by replacing patient visits at investigator sites with technology-enabled interactions at more convenient locations, including patients’ homes. Water Street and JLL Partners, two of the most active private equity investors in the pharmaceutical services sector, will invest their combined industry experience and network of resources to further develop and expand THREAD’s offering on a global scale.
  • Fairmount Partners represented Haskell Office, LLC, a leading provider of innovative furniture solutions, in the completion of a debt recapitalization transaction with The PNC Financial Services Group, Inc. (“PNC”). Since its founding in 1947, Haskell has earned a global reputation for excellence by supplying superior quality furniture to its customers. Haskell has been supported by PNC since 2002 for its commercial banking needs, and as the Company has continued to scale (i.e., revenue, profitability, product portfolio, customer base), PNC has continued to expand its lending partnership with Haskell.
  • Fairmount assisted Philadelphia-based GSI Health, a SaaS provider of workflow, engagement and compliance solutions and related services, in its sale to Medecision, an integrated health management solutions provider. GSI Health has been an innovator in driving change in the industry since 2003, having pioneered workflow automation and system integration with community care providers to streamline care coordination and value-based payments for population health improvements. The GSI Health population health platform, GSIHealthCoordinator, will become part of Medecision’s Aerial™ solution, a HITRUST CSF®-certified SaaS solution that optimizes the delivery of decision support to care teams and family members.
  • Fairmount Partners advised Boston-based Cambridge Biomedical, a leading large molecule-focused bioanalytical and biomarker lab, in its sale to BioAgilytix. The transaction expands BioAgilytix’s global footprint into the heart of the world’s major biotech center, and adds further capacity by joining Cambridge Biomedical’s CLIA-certified, CAP-credited, and GLP-compliant facility with its GxP laboratories in Durham, North Carolina and Hamburg, Germany. Cambridge Biomedical has particularly extensive capabilities in kit production as well as a premier molecular suite equipped with the latest generation of PCR platforms, both of which will be immediately available to BioAgilytix’s customers.

North Texas Food Bank Chooses Flexential Cloud for IT Transformation

NTFB an important part of Flexential’s Giving Thanks campaign for the holidays

CHARLOTTE, N.C. – December 16, 2019 – Flexential, a leading provider of data center colocation and hybrid IT solutions, today announced that North Texas Food Bank (NTFB), a hunger-relief organization providing access to more than 200,000 meals each day for hungry children, seniors and families across northern Texas, has chosen Flexential as its partner for IT transformation.

NTFB is a top-ranked nonprofit relief organization and a member of Feeding America, a national hunger-relief organization. NTFB provided access to nearly 77 million meals in its last fiscal year and recently launched a 10-year plan to provide access to 92 million nutritious meals annually by 2025. As part of scaling its operations to achieve this growth initiative, the organization needed to undergo an IT transformation.

“Flexential made what could be a very complicated process simple and easy for us,” said Mark Elrod, senior manager of Information Technology, NTFB. “They were the only vendor to offer a comprehensive solution that included an assessment and the migration. By managing our infrastructure and licenses, Flexential is taking away not just the burden of needing a dedicated room on-site for backup, but also the headache of renewals and working with multiple vendors for our storage needs. Overall, Flexential is giving us  the peace of mind that our data is in safe hands so we can focus on what matters most: fighting hunger.”

NTFB was previously hosting its data on-premise at its headquarters but did not have the workforce to maintain the environment as the organization grew. NTFB is a FEMA disaster location and needs to be up and running at all times. In its previous setting, NTFB had more risks for outages to the network, and with a small team, it would be challenging to guarantee worry-free services with no down-time. A final reason to make the switch to colocation and cloud was to protect sensitive data.

“We are proud to be working with nonprofit organizations like NTFB to remove IT infrastructure as an obstacle to conducting and growing their important work,” said Tom Myers, regional vice president at Flexential. “I’m also proud the NTFB’s story demonstrates strong early success for our Flexential Cloud solution, which provides world-class support for organizations like NTFB making the journey to the cloud.”

NTFB will move from on-premises to a fully cloud-managed solution on Flexential’s VMware Cloud Verified platform, which offers pre-built security and compliance, scalability and control options to ensure their most important data assets are always protected. Flexential will also provide NTFB with a large, experienced team to manage the migration. With Flexential’s data center within two miles of the NTFB headquarters, Flexential will develop a point-to-point solution with redundancy that ensures NTFB will stay up and running 24/7/365.

Additionally, Flexential will provide professional services, including cloud assessment and migration deployed via managed cloud and Disaster Recovery as a Service (DRaaS). In moving to the cloud, NTFB has the opportunity to right-size its infrastructure with a solution built exactly for the needs now, with the ability to scale in the future.

Flexential is featuring NTFB as part of it “Giving Thanks” campaign this year. The company will make a monetary donation to NTFB and three other food banks across the U.S. Also, employees at Flexential are donating hundreds of pounds of food to these and other food banks in the communities where they live and work. For more information on the Flexential Giving Thanks campaign, click here.

About Flexential

Flexential offers flexible and essential services that help organizations optimize their journey of IT transformation while simultaneously balancing cost, scalability, compliance and security. The company, co-headquartered in Charlotte and Denver, is committed to building trusted relationships and delivering tailored solutions that suit the individual needs of its customers. Flexential is deeply invested in the success of its customers, who trust it to deliver core data center solutions of colocation and connectivity, as well as, cloud, managed solutions and professional services. Flexential’s robust suite of assets spans 21 markets and comprises 40 highly redundant and connectivity-rich data centers. For more information on Flexential, please visit www.flexential.com. Flexential is a registered trademark of the Flexential Corp.

Follow Flexential on LinkedInTwitterFacebook and YouTube.

Contact:
Lori Stafford-Thomas

Senior Director, Corporate Marketing, Flexential

[email protected]

720-891-1070

 

MissionOG Closes $93 Million Fund II Focused on High-Growth B2B Companies

Investment firm triples the size of its prior fund to continue its successful approach of investing in B2B technology companies in financial services and payments, data, and software.

MissionOG, a high-growth B2B investment firm, announced that it successfully closed MissionOG Fund II, its third investment fund. The new fund provides fast-growing B2B technology companies in financial services and payments, data, and software with investment capital to accelerate their businesses.

By leveraging the operational expertise of its managing partners and team, MissionOG seeks to reduce investment risk, drive outsized returns, and support long-term sustainable growth in its portfolio companies.

“In 2014, we launched Fund I with $29 Million in capital. We believed there was an opportunity to offer both investors and portfolio companies a better model by combining relevant operator knowledge, a deep investor and professional network, and highly targeted capital,” remarked Gene Lockhart, chairman and managing partner of MissionOG. “Now with three funds and 25 theme-driven investments, we see that opportunity being realized and growing.”

Read more.

Onyx CenterSource Expands Solutions with Flexential Adding More Cloud and Disaster Recovery as a Service

Two companies will share their case study at the Gartner IT Infrastructure, Operations and Cloud Strategies Conference on December 10 

CHARLOTTE, N.C.– December 9, 2019 – Flexential, a leading provider of data center colocation and hybrid IT solutions, today announced an expanded cloud and data recovery partnership with Onyx CenterSource, a leading global provider of B2B payments and business intelligence solutions to the hospitality industry.

Onyx CenterSource began its relationship with Flexential in early 2018, with a combination of colocation and cloud services. That partnership has nearly doubled in the past 18 months, as Flexential’s team of experts offered a consultative approach to design the IT Infrastructure strategy to grow and support Onyx CenterSource’s entire global footprint, using the Flexential Cloud Solutions. The strategy includes infrastructure in Flexential’s data centers, single- and multi-tenant clouds, and multiple connections to hyperscalers, to scale and protect the transactional data of Onyx CenterSource’s customers which include more than 150,000 hotel properties and 200,000 travel booking providers worldwide. Onyx CenterSource’s U.S. business also uses the Flexential Amsterdam cloud region for its European services.

“At Onyx, we are continually seeking ways to streamline and integrate our systems to improve customers’ experience and the value of the services we provide. Flexential’s strategy and solutions contribute to this effort,” said Mike Brizendine, vice president of IT at Onyx CenterSource. “Flexential has been a strategic partner not only in the areas of cloud strategy,  security and compliance, but also in data protection, colocation, and managed and professional service. These areas are critical to keeping our business on track for growth and success not only in the U.S. but across Europe.”

As Onyx CenterSource evolves its technology platform strategy, its focus is on consistency and performance at each of its global locations.

“Onyx CenterSource, like many of our customers, needs one secure, unified platform to expand their services while providing improved performance and portability across many platforms,” said Jason Carolan, chief innovation officer, Flexential. “Our Professional Services team worked with Onyx to map a strategy to meet their goals cost-effectively and expediently, setting them up for success now and in the future.”

Carolan and Brizendine will discuss how the strategic decisions were made to support public and private cloud applications at the Gartner IT Infrastructure, Operations and Cloud Strategies Conference in Las Vegas on December 10. The session titled “Hybrid IT – The High Stakes Balancing Act,” begins at 3:45 pm Pacific time. The discussion will show how IT strategy must ensure application and infrastructure performance and portability across ecosystems, a challenging feat in today’s environment.​

About Flexential

Flexential offers flexible and essential services that help organizations optimize their journey of IT transformation while simultaneously balancing cost, scalability, compliance and security. The company, co-headquartered in Charlotte and Denver, is committed to building trusted relationships and delivering tailored solutions that suit the individual needs of its customers. Flexential is deeply invested in the success of its customers, who trust it to deliver core data center solutions of colocation and connectivity, as well as, cloud, managed solutions and professional services. Flexential’s robust suite of assets spans 21 markets and comprises 40 highly redundant and connectivity-rich data centers. For more information on Flexential, please visit www.flexential.com. Flexential is a registered trademark of the Flexential Corp.

Follow Flexential on LinkedInTwitterFacebook and YouTube.

About Onyx CenterSource

Onyx CenterSource is a leading global provider of B2B payments and business intelligence solutions to the hospitality industry. The company strives to build long-lasting relationships with its partners and is passionate about providing quality customer service, consultative insight and cost-effective solutions. With a legacy dating to 1992, the company facilitates in excess of $2.1 billion in payments annually, partnering with more than 150,000 hotel properties and 200,000 travel booking providers in 160 countries. In addition to its headquarters in Dallas, Onyx CenterSource has regional hubs in Seville, Spain and Tønsberg, Norway.

Contact:
Lori Stafford-Thomas

Senior Director, Corporate Marketing, Flexential

[email protected]

720-891-1070

 

 

Suvoda Secures $40M Investment from LLR Partners

Growth capital to support expansion of Suvoda’s clinical trial software and services

Conshohocken, PA – December 5, 2019 – Suvoda LLC, a SaaS provider of clinical trial software, announced it secured a $40 million minority equity investment from Philadelphia-based private equity firm, LLR Partners. LLR’s investment is the first institutional capital invested in Suvoda and will be used to help support the Company’s continued growth and the expansion of its product offerings.

Suvoda offers a powerful SaaS solution that helps pharmaceutical and biotechnology companies manage complex trial designs and helps optimize the supply chain across the clinical trial continuum, from small investigator-sponsored trials to large global Phase III studies. In just six years, Suvoda has grown organically from a six-person startup to a multi-national company with a staff of 386 in four offices in the U.S. and Europe serving customers and end-users in 62 countries.

Read more.

Relay Network Completes $30M Growth Capital Investment from LLR Partners

Capital to support continued growth of leading solution for personalized, mobile customer engagement

Philadelphia and Radnor, PA – December 4, 2019 – Relay Network, the leading personalized mobile engagement company for the enterprise, today announced it has completed a $30 million growth capital investment from LLR Partners. The capital will be used to accelerate innovation of its breakthrough customer engagement platform and growth within its three primary vertical markets: healthcare, financial services and home services.

At a time when customer retention is critical, Relay enables businesses to proactively deliver education and support through individualized mobile feeds that guide customers to take specific actions during key moments like onboarding, billing and account renewals. Users receive text messages that link directly to their secure web-based feed, reducing friction and achieving higher engagement than email, phone and mobile app notifications.

Read more.