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Provides software applications to the clinical trials industry
Provided valuation services
Conglomerate providing various software and related services for enterprise management and internet-based activities ($150+ million indebtedness)
Financial advisor for the unsecured creditors’ committee in the company’s Chapter 11 case; sales to Saratoga Partners (New York, NY), FatWire Corp. (Mineola, NY), Little Bear Investments, LLC (New York, NY) and Golden Gate Capital (San Francisco, CA)
Developer and marketer of Enterprise Content Management ("ECM") software primarily under its flagship brand, OnBase™
Provided solvency opinion for recapitalization
Manufacturer of graphics-based, man-machine interface hardware and software to automate industrial processes
Sold to: Eaton Corporation (Cleveland, OH)
Provider of emergency management software tools
Recapitalized by: Evolution Capital Partners (Cleveland, OH)
Western Reserve Partners served as the exclusive financial advisor to Knowledge Center, Inc. in its recapitalization by private equity firm Evolution Capital Partners.
Knowledge Center is the leading provider of emergency management software tools allowing government, healthcare, commercial and non-profit organizations to monitor and respond to incidents of all sizes in real-time. The daily emergency management operations Knowledge Center supports include incident, resource, critical infrastructure and document management.
“Knowledge Center has been positioned for major growth and Evolution has the needed experience to help the company achieve its goals. We are entering into a very exciting phase of the company’s life cycle,” said John Degory, CEO of Knowledge Center.
Developer of special education curriculum and special education materials
Sold to: The Riverside Company (Cleveland, OH)
Western Reserve Partners announced that it served as financial advisor to n2y LLC in its sale to The Riverside Company. DeSilva+Phillips, Western Reserve’s affiliate member firm of M&A International, co-advised on the transaction.
Based in Huron, Ohio, n2y is a leading developer of special education curriculum and supplemental materials. n2y’s core products include Unique Learning System, a standards-based special needs curriculum; news-2-you, a weekly current events newspaper; and SymbolStix, a symbol-based language used in all of the Company’s learning materials. The Company’s products, which are delivered to classrooms through an interactive web-based platform, serve the special education community by improving student performance, teacher efficiency, school compliance and parent satisfaction.
n2y Founder and CEO Jacquie Clark first developed the newspaper that would become news-2-you during her 30-year career as a speech-language pathologist. The homemade newspaper used symbols and current events news stories to engage students in a learning environment and as word-of-mouth of its success spread among teachers, Jacquie recognized a significant opportunity to improve special education practices nationwide. Jacquie then, with her husband Dave, himself a retired U.S. Air Force Colonel, started n2y out of their spare bedroom in 1997. Jacquie’s daughter Chrissy (President), son Michael (CTO) and son-in-law Don (COO) each joined the Company soon thereafter and they together have grown n2y to become the world’s leading developer of innovative special education curriculum and supplemental materials. The Clark family’s decision to partner with Riverside now allows the Company to pursue its significant growth opportunities and bring n2y’s innovative curriculum to more of the United States’ 6.6 million special education students.
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies.
Of working with Western Reserve, Jacquie Clark said, “The Western Reserve team did an excellent job advising us throughout the entire process. Their hard work and dedication resulted in an extremely favorable outcome. We are excited to partner with Riverside and look forward to utilizing the firm’s knowledge and experience in the sector as we continue to enhance and expand our business.”
Mr. Mayer said, “We could not be happier for n2y, its shareholders and their future partnership with Riverside. Riverside’s education and training industry expertise will be invaluable to n2y’s continued success.”
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Provider of software solutions for the insurance industry
Provided strategic advisory services
Anti-telemarketing product line
Sold to: VTech Holdings Ltd. (Hong Kong, China)
Provider of virtual reality simulation products for the medical industry
$7 million of Series C redeemable convertible participating preferred stock; lead investor: River Cities Capital Funds (Cincinnati, OH)
Western Reserve acted as exclusive financial advisor to Simbionix USA Corporation in its September 2008 $7 million private placement of Series C Convertible Preferred Stock. The lead investor was River Cities Capital Funds, and co-investors included Early Stage Partners LLC, a current Simbionix shareholder.
Simbionix, headquartered in Cleveland, Ohio, is the world’s leading provider of innovative and effective virtual reality simulation products and solutions for clinical education and training of medical professionals. The company’s products, which are protected by 20 global patents and pending and provisional applications, accelerate best-practice medical training, advance clinical performance and improve patient safety. In addition to its Cleveland operations, Simbionix has a world-class R&D facility in Lod, Israel and e-learning operations in Denver, Colorado.
River Cities Capital Funds, based in Cincinnati, Ohio, is one of the most active and experienced venture funds investing in the Midwest and Southeastern U.S. Early Stage Partners, based in Cleveland, Ohio, provides venture capital financing to the Midwest’s most promising early stage technology companies.
Simbionix Chief Executive Officer Gary Zamler said, “We cannot be more pleased with Western Reserve’s thoughtful advice in structuring the transaction and best approach to the market. Their effort in arranging this financing in a very difficult market was outstanding. We look forward to a long relationship with Western Reserve as we execute our strategic plan.”
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Provider of technology-enabled Release of Information (ROI) services to healthcare organizations
Received: growth equity capital from NewSpring Capital (Radnor, PA) and Blue Heron Capital (Richmond, VA)
Western Reserve Partners announced that it served as the exclusive investment banker to Verisma Systems, Inc. in the healthcare technology company’s first institutional capital raise. The growth equity financing was led by Radnor, PA-based NewSpring Capital and Richmond, VA-based Blue Heron Capital, among other investors, including Jim Crook, former President of IDX Systems Corporation, and Jim Riley, former President of Capario. The growth capital will be used to fund the Verisma’s marketing, technology and management expansion initiatives.
Verisma is a leading provider of technology-enabled Release of Information (ROI) services to healthcare organizations across the country. The company’s patented, cloud-based software platform allows healthcare systems to securely manage the release of medical records, improve workflow efficiency, decrease error rates and lower administrative costs. Verisma is a recognized innovator in the ROI market, known for developing next generation functionalities related to HIPAA compliance, audit reporting and dashboard analytics.
Verisma’s executive chair, Ken Thompson, said, “We are greatly appreciative to Western Reserve Partners for advising us through this transaction process, which resulted in our partnering with two excellent healthcare investment firms in NewSpring and Blue Heron. This is the third transaction I have engaged Western Reserve Partners on and greatly value our longstanding relationship.”
“We are very pleased to have assisted Verisma in this transformative financing. With NewSpring and Blue Heron’s strategic and financial backing, Verisma can accelerate the inflection-point growth it is experiencing and meet providers’ increasing demand for highly compliant, secure and efficient patient health information,” said Mr. Male.
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