I've been a business reporter for a while. I've covered Wall Street, venture capital and now private equity. I'm always looking for a scoop or something to talk about. I'm the eternal optimist and am still waiting for the Chicago Cubs to win the World Series. Yes, I believe.
Cloud Equity Group LLC has acquired CloudAccess.net. Financial terms weren’t announced. CloudAccess.net is a hosting and support platform for the Joomla and WordPress content management systems.
3 min read · 09 May 2016
Lending Club said May 9 that it accepted the resignation of its Chairman and CEO Renaud Laplanche. Scott Sanborn will continue in his role of President and will become acting CEO. Hans Morris, a Lending Club director, has assumed the newly created role of Executive Chairman. Lending Club said Laplanche’s resignation followed an internal review of sales of $22 million in near-prime loans to a single investor, in contravention of the investor's express instructions as to a non-credit and non-pricing element, in March and April 2016.
10 min read · 09 May 2016
First Reserve said May 9 that it has agreed to acquire a subset of the international power transmission and distribution division of Crompton Greaves Ltd. Financial terms weren’t announced. Pierre Bastid, former Chairman and CEO of Converteam, is investing in the deal. The acquired division, which is expected to be rebranded as Pauwels, makes transformers and switchgears, as well as provides systems across the transmission and distribution space.
3 min read · 09 May 2016
PsiKick said May 9 that it named Philip J. Carmack as its CEO. Brendan Richardson, PsiKick’s founding CEO, has transitioned to VP of Business Development. Carmack was the CEO of Aptina Imaging Corp until it was sold to ON Semiconductor in June 2014. PsiKick is backed by investors including New Enterprise Associates.
4 min read · 09 May 2016
GCA Savvian Corp said May 9 that it is merging with Altium. Financial terms weren’t announced. The combination, which will be called GCA, creates an international investment bank with about $200 million in advisory revenues.
4 min read · 09 May 2016
Apposite Capital said May 9 it invested in Medical Imaging Partnership Ltd (MIP) Financial terms weren’t announced. Medical Imaging is a UK provider of medical diagnostic imaging services.
2 min read · 09 May 2016
To start your week, a poll finds that 50 percent of teens say they're addicted to their phones, Donald Trump says taxes on the rich could go up if he's elected President and Cheddar, the so-called the “CNBC for millennials,” is going behind a paywall.
1 min read · 09 May 2016
Walgreens Boots Alliance Inc said May 5 that Kohlberg Kravis Roberts & Co LP is selling 15 million in a secondary offering. KKR also plans to grant the underwriter a 30-day option to buy another 1.5 million shares of Walgreens Boots stock. Following the sale, KKR’s stake in Walgreens Boots will drop to 37.5 million shares.
5 min read · 06 May 2016
American International Group Inc said May 6 it closed the sale of Advisor Group to Lightyear Capital LLC and PSP Investments. The deal was announced in January. Advisor Group is a network of independent broker-dealers in the United States, with more than 5,200 independent advisers and more than 800 full-time employees.
2 min read · 06 May 2016
Centana Growth Partners has agreed to buy Jumio Inc. Palo Alto, California-based Jumio, an online and mobile credentials authentication company, filed for Chapter 11 bankruptcy protection in March, Reuters News reported. The U.S. Bankruptcy Court for the District of Delaware approved the sale to Centana on May 6. Landis Rath & Cobb LLP is serving as legal advisor, Sagent Advisors LLC is serving as financial advisor and Ernst & Young Capital Advisors LLC is serving as restructuring advisor to Jumio. Winston & Strawn LLP acted as legal advisor to Centana Growth Partners.
4 min read · 06 May 2016
