These three hot e-commerce startups could have surprise IPOs in 2017

 

Not a single e-commerce company went public on a U.S. stock exchange in 2016, according to startup data firm CB Insights. But with the new year, there are some new possibilities — even in an industry dominated by Amazon.

Here are three young e-commerce companies that could surprise the startup world with IPOs in 2017.

Chewy.com

Maybe it’s that Chewy is headquartered in Fort Lauderdale, Fla. and not New York, San Francisco, Los Angeles or Seattle. Or maybe it’s that the startup has been more focused on its business than courting the business press.

Either way, online pet supply retailer Chewy.com is one of the most under-the-radar e-commerce success stories of the past few years, and a 2017 IPO is a possibility, according to a spokesman and another person familiar with the company’s plans.

As of last month, Chewy was projecting nearly $900 million in revenue for 2016 and $1.5 billion for 2017, a spokesman said. The startup has quietly raised $236 million from blue-chip public-market investors like T. Rowe Price and BlackRock, after getting its start with a Series A investment in 2013 from Volition Capital, a spinoff of Fidelity Ventures.

A 2017 public offering may well depend on whether Chewy can achieve profitability — something it hasn’t done yet — or at least prove there is a reasonable path to get there.

Stitch Fix

Right now, an IPO appears to be a “when,” not “if,” for Stitch Fix, the online retailer and personal styling service. The company’s try-on-at-home model has been a hit in middle America among busy moms and professional women who would rather “shop” at home than in a store, with a personal stylist assisting from afar. Now, it’s attempting to court men, too.

Industry sources estimate that the San Francisco-based company does well north of $500 million in annual sales, with its own portfolio of private-label brands helping to boost profit margins. The startup appears to have not raised any new investments since a funding round of between $25 million and $30 million in 2014, pointing toward a healthy cash-generating business.

Insiders talk about a public offering as a foregone conclusion, with only a multi-billion dollar acquisition offer as a potential alternative. Stitch Fix could pique the interest of Amazon — with its big push in apparel and fashion — but it would take the e-commerce giant’s largest-ever acquisition to make it happen.

Casper

The New York City-based mattress startup has built the best-known brand in the young bed-in-a-box space, in part by using big venture capital money to fuel aggressive advertising spending.

The company said it took in $100 million in sales in 2015 and was on track earlier this year for $200 million over the following 12 months. A key to sustainable success, however, may be how Casper fares overseas and whether it can get its mattress customers to come back often to buy other products, such as pillows and sheets.

Of the three companies on this list, Casper is probably the longest-shot to go public next year. But a source insists an IPO is a possibility, which could help it stand out more in a niche of the mattress world that has few barriers to entry and profit margins that should keep the clones coming.

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Startup raises $51.5M to combat the global counterfeit drug trade

 

Global prescription drug sales will soon exceed $1 trillion per year. With this much at stake, it’s not surprising that the market for counterfeit medicines is also booming.

It’s a complex threat, which North Reading, Massachusetts-based TraceLink aims to tackle with software that can monitor every ingredient and every stage of an international drug supply chain.

On Wednesday the company announced a new $51.5 million Series C financing round that will help the company scale and manage the huge volumes of data involved. The round was led by Goldman Sachs Growth Equity (GS Growth), with backing from earlier investors FirstMark Capital, Volition Capital, and F-Prime Capital.

Founded in 2009, TraceLink caters to businesses at every manufacturing stage with a family of Software as a Service (SaaS) applications, integrated with Amazon Web Services. By offering a range of software solutions TraceLink can begin to address one of the major industry challenges — a lack of international standardization.

“As part of a global marketplace, the pharmaceutical industry is facing an increasingly complex set of laws and regulations designed to secure the supply chain from manufacturer to consumer,” said Jason Kreuziger, a vice president on the GS Growth team in the Merchant Banking Division at Goldman Sachs. “TraceLink’s solution uniquely addresses the challenges of capturing, storing and transmitting product identifying data at scale and across a large number of supply chain partners.”

From a manufacturing standpoint, supply chains continue to increase in length and complexity. Hundreds of raw materials and components come together in different countries around the world. To produce a valid product, manufacturers have to comply with many country-specific track and trace requirements, which are distinct and ever-evolving.

The World Health Organization estimates that up to 10 percent of medications distributed throughout the world are counterfeit. While developing countries are disproportionately affected, the United States is not immune.

Counterfeit drugs can — and do — enter drug supply chains at every point. Each year they cause hundreds of thousands of deaths and cost the industry an estimated $75 billion in revenue.

Unlike other fields, there have been no universal guidelines for companies to follow. But with the introduction of the Drug Supply Chain Security Act (DSCSA) the industry’s haphazard oversight is slowly beginning to improve.

Signed in 2013, the DSCSA is being phased in over a number of years. By 2020, 50 countries will require an interoperable system for tracking and tracing authentic medications.

In the news release, president and CEO Shabbir Dahod said TraceLink’s software caters directly to that need.

“Thousands of businesses in the pharmaceutical supply chain need to make decisions on how to comply with time-bound regulations. With limited choices available, TraceLink wants to give these companies the opportunity to meet the regulations and achieve benefits beyond compliance with an established track and trace solution that can help them safely deliver drugs to patients.” 

The issue of counterfeit drugs extends beyond good tracking and tracing software. Countries also have to grapple with demand and how to police the industry, as consumers take advantage of increased access to prescription drugs, mediated by the Internet.

But for pharma, compliance must come first, to protect their brand and their customers.

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TraceLink raises $51.1 million to speed growth

 

TraceLink Inc., a North Reading startup that develops software to help drug companies fight counterfeiting by tracking their medicine shipments, said Wednesday that it has raised $51.5 million in venture capital to speed its growth.

The company will use the cash infusion to beef up its sales and marketing operations in Europe and elsewhere while working on new health care and patient adherence software application, said chief executive Shabbir Dahod. “We’re continuing our expansion globally,” Dahod said.

TraceLink’s latest funding round — its third — was led by Goldman Sachs Growth Equity. Also taking part were previous TraceLink investors FirstMark Capital of New York, Volition Capital of Boston, and F-Prime Capital, a Cambridge affiliate of Fidelity Investments. The round brings the company’s total funding to $77 million. TraceLink initially raised $5.5 million in February 2014 and it raised another $20.2 million last year.

Starting next November, a US law will require drug makers and their contractors to begin tracing their shipments to combat counterfeit prescription drugs, which have sickened patients and bedeviled health officials for decades. Similar laws and regulations will be taking effect in the coming years in Europe, China, Japan, and several other places.

TraceLink is among a cluster of technology vendors selling tools to document the path of drugs from manufacturers to distributors and dispensers, and finally to the pharmacies that sell the products. Competitors include German software giant SAP, along with more than a dozen smaller companies, such as Axway Software SA of France, rfXcel Corp. of San Ramon, Calif., and Frequentz Inc., a Palo Alto, Calif., company that bought a software business from IBM Corp.

Dahod said he expects TraceLink will seek to go public in the near future through an initial public offering, but he declined to specify a timetable.

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TraceLink Raises $51.5M Series C to Accelerate Growth

TraceLink Inc., the World’s Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today announced that it has raised $51.5M in Series C financing led by Goldman Sachs Growth Equity (GS Growth), with participation from Series A and Series B investors, FirstMark Capital, Volition Capital, and F-Prime Capital. TraceLink is also announcing that Jason Kreuziger from Goldman Sachs and Amish Jani of FirstMark Capital have joined its Board of Directors.

This investment will enable TraceLink to improve its position in the global pharmaceutical track and trace industry, providing manufacturers, distributors and dispensers with a cost-effective solution to secure the drug supply chain and protect patients from counterfeit medicines, a problem that causes hundreds of thousands of deaths and leads to an estimated $75 billion in lost industry revenue each year. The TraceLink Life Sciences Cloud enables any company in the pharmaceutical supply chain to implement an interoperable system for tracking and tracing authentic prescription medicines, which will be required by law in 50 countries by the year 2020, to combat the rise of counterfeit drugs. Today, more than 450 life sciences companies rely on TraceLink to meet track and trace regulations worldwide.

“As part of a global marketplace, the pharmaceutical industry is facing an increasingly complex set of laws and regulations designed to secure the supply chain from manufacturer to consumer,” said Jason Kreuziger, a vice president on the GS Growth team in the Merchant Banking Division at Goldman Sachs. “TraceLink’s solution uniquely addresses the challenges of capturing, storing and transmitting product identifying data at scale and across a large number of supply chain partners. We look forward to supporting Shabbir and the entire team at TraceLink as they look to extend their leadership position in this market and increase customer adoption of the Life Sciences Cloud platform globally.”

Founded in 2009, TraceLink’s Life Sciences Cloud, a family of SaaS applications that are natively integrated with Amazon Web Services, enables businesses across the pharmaceutical supply chain to comply with country-specific track and trace requirements. The TraceLink Life Sciences Cloud is the only purpose-built track and trace platform on the market that has evolved beyond traditional on premise software and single-tenant architectures, both of which are limited in their ability to address massive data transaction volumes, complex trade partner data exchange, and continuously evolving regulatory landscape resulting from new global track and trace regulations.

“Thousands of businesses in the pharmaceutical supply chain need to make decisions on how to comply with time-bound regulations. With limited choices available, TraceLink wants to give these companies the opportunity to meet the regulations and achieve benefits beyond compliance with an established track and trace solution that can help them safely deliver drugs to patients,” said Shabbir Dahod, president and CEO, TraceLink. “As a result of this growing industry need, we have continued to surpass our growth goals and are delighted to have this support from world-class, visionary investors to pursue our dedicated strategy in this space and further accelerate the adoption of our proven platform and leadership across the global market.”

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Cortera Announces Launch of Cortera Decisions

Automated Scorecard Platform Now Available

BOCA RATON, Fla., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Cortera, Inc., a leading provider of business-to-business analytics and cloud-based risk management solutions, is pleased to announce the launch of Cortera DecisionsTM, a new automated scorecard platform.  Available now, Decisions will help companies streamline processes and improve financial performance by increasing automation of credit decisioning and portfolio risk reviews.

Cortera Decisions will allow customers to create credit scorecards within the Cortera Pulse application using defined variables, conditions and weightings. When applied to a chosen business, the scorecard will automate an approved, pending or declined credit request along with a range of recommended credit limits.  The new analytics will be available through individual credit requests and batch scoring.  Users will also have access to their historical credit decisions.

“Cortera is known for constantly innovating to bring new functionality to our customers,” said Cortera’s CEO Jim Swift. “Recent brainstorming with customers resulted in what we believe is a powerful new way to deliver automated credit decisioning in a manner that allows companies to customize many dimensions to best meet their business needs.  This easy-to-use, highly configurable new product combines processing efficiency and higher order analytics to improve credit decisioning and credit limit management.”

Cortera Decisions is available for all Cortera Pulse customers. For more information on Cortera Decisions, visit https://www.cortera.com/products/decisions.

About Cortera

Cortera provides analytical and cloud-based workflow solutions that enable companies of all sizes to better understand their customers, suppliers and business partners. Our comprehensive solutions increase visibility into the financial health of your B2B customers while keeping you informed of important changes that traditional credit reporting tools miss. Thousands of companies across diverse industries use Cortera’s solutions to increase revenue, improve sales effectiveness, and reduce risk. Cortera is privately held with offices in Boca Raton, FL and Quincy, MA.

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LoanLogics Ranked Number 250 Fastest Growing Company in North America on Deloitte's 2016 Technology Fast 500™

Attributes 291% Percent Revenue Growth to automated, real-time loan quality management technology attracting large, multi-year enterprise contracts

LoanLogics, a recognized technology leader in loan quality management and performance analytics, today announced it ranked No. 250 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America based on their revenue growth during the period from 2012 to 2015. LoanLogics grew 291% percent during this period.

LoanLogics's president and chief executive officer, Brian Fitzpatrick, credits a number of large, multi-year enterprise contracts and the ongoing development of product enhancements to pre-closing, post-closing, pre-fund and due diligence audit capabilities, including the LoanHD® investor module for correspondent loan acquisition, with the company's 291% revenue growth. These capabilities help mortgage lenders lower costs, verify compliance and streamline quality oversight of the loan manufacturing process. He said, "Our product roadmap includes enhancements to our cloud-based platform and services that will help to transform the mortgage industry with an unprecedented level of automation, increasing transparency and eliminating material defects in mortgage loan files."

"Today, when every organization can be a tech company, the most effective businesses not only foster the courage to explore change, but also encourage creativity in using and applying existing assets in new ways, as resourcefully as possible," said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications industry leader. "This ingenious approach to innovation calls for the encouragement of curiosity and collaboration both within and outside the office walls."

"This year's Fast 500 winners showcase that when organizations are open to diverse perspectives and insights, they are able to create an environment for their employees and customers to see the possibilities and ingenious solutions that might lie ahead," added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. "Entrepreneurial environments foster change and innovation within businesses, and we look forward to watching these companies continue to drive change across all sectors."

Overall, 2016 Technology Fast 500™ companies achieved revenue growth ranging from 121 percent to 66,661 percent from 2012 to 2015, with median growth of 290 percent.

About Deloitte's 2016 Technology Fast 500™

Deloitte's Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2012 to 2015.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

About LoanLogics

LoanLogics was founded eleven years ago to improve the transparency and accuracy of the mortgage process and improve the quality of loans. LoanLogics serves the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance, and reliability throughout the loan lifecycle. It develops advanced solutions that help clients validate compliance, improve profitability, and manage risk during the manufacture, sale, and servicing of loan assets. Achieving these goals was the motivation in the development of the industry's first Enterprise Loan Quality and Performance Analytics Platform. To learn more, visit www.loanlogics.com.

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TraceLink Reports Annual Bookings Growth of 112% for Q3 2016

NORTH READING, Mass., Nov. 16, 2016 /PRNewswire/ -- TraceLink Inc., the World's Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today announced financial and company results for the third quarter of 2016.

Company growth highlights for third quarter of 2016 include:

  • A 112 percent year-over-year increase in overall sales bookings;
  • A 111 percent year-over-year increase in new bookings;
  • A two-year revenue compound annual growth rate (CAGR) of 83 percent;
  • A 110 percent increase in customer growth year-over year, with 55 new customers added during the third quarter. Of the new customers, 51 percent selected TraceLink for serialization; and
  • 63 brand owner and contract manufacturing organization (CMO) connections that are live in GMP validated production environment and exchanging serialization data.

"Our continuous company performance and success is a strong indicator that the industry is beginning to recognize the urgency of serialization and that a proven solution with an end-to-end network model is the only way to ensure drug supply and safety," said Shabbir Dahod, president and CEO of TraceLink. "As compliance deadlines get closer, we've seen an increasing trend of companies who have previously selected other solution providers promising DSCSA solutions but abandon those decisions after recognizing that TraceLink is the only proven solution available with live serialization customers. While many providers are still focusing on implementation, TraceLink maintains a long-term vision on track and trace and has developed industry performance benchmarks in serialization that demonstrate speed, scalability and the ability to efficiently exchange data with trade partners on the Life Sciences Cloud."

Additional highlights include:

  • Delivering unprecedented serial number exchange –TraceLink has already commissioned more than 100 million serial numbers in a GMP validated environment, with 183 percent growth year to date, and 235 percent growth compared to third quarter of 2015.
  • Experiencing a rapid-growing customer base - hitting a milestone of 119 pharmaceutical and contract manufacturing customers and 444 customers overall, utilizing the Life Sciences Cloud, including:
    • 27 percent representing pharmaceutical & contract manufacturers (28 percent are among the top 100 global manufacturers, 14 percent are contract manufacturers, 58 percent are small to mid-sized, including virtual pharmaceutical companies);
    • 10 percent representing wholesale distributors; and
    • 63 percent representing dispensers.
  • Leading the market in technology performance and innovation - TraceLink is the only company to demonstrate and publish its performance capabilities in processing and commissioning serial numbers to the expected scale and capacity necessary for the industry to comply with global regulations. The TraceLink Life Sciences Cloud demonstrates the capability to provision/commission 250 million serial numbers and serial number read/write speeds averaging 70,000/per second and 9,500/per second but performing as high as 150,000/per second and 14,000/per second.
  • Executing on NEXUS '16 with the highest attendance to date – which attracted thought leaders from across the global pharmaceutical supply chain, with 10 keynotes and 26 sessions/discussions from industry leaders, as well as global standards and regulatory organizations including GS1-US, EMVO, INTERFARMA, SINDUSFARMA, and the Indian Drug Manufacturers Association.
  • Expanding partnerships with 3PL and Repackaging customers - announced Woodfield Distribution and Sharp Packaging Services selected TraceLink to help their customers prepare for U.S. Drug Supply Chain Security Act (DSCSA) regulations for serialization.
  • Gaining access to over 80 percent of the entire U.S. hospital market through its group purchasing organization (GPO) partnerships - announced Intalere as the most recent GPO that selected TraceLink to offer DSCSA compliance solutions to 90,000 healthcare provider members within its network.
  • Driving interoperability for serialization - TraceLink was named to the steering committee for the Open Serialization Communication Standard (Open-SCS) Working Group, a consortium driven by healthcare providers to directly address the healthcare industry's product serialization regulations over the next decade.

About TraceLink
TraceLink is the World's Largest Track and Trace Network for connecting the Life Sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace. Leading businesses, including 16 of the top-20 global pharmaceutical companies, trust the TraceLink Life Sciences Cloud to deliver complete global connectivity, visibility and traceability of pharmaceuticals from ingredient to patient. A single point and click connection to the Life Sciences Cloud creates a supply chain control tower that delivers the information, insight and collaboration needed to improve performance and reduce risk across global supply, manufacturing and distribution operations. A winner of numerous industry awards including Deloitte's Technology Fast 500 (ranked number 293 in 2015), the Amazon AWS Global Start-Up Challenge Grand Prize, and the Edison Award for Innovation in Health Management, the Life Sciences Cloud is used by businesses across the globe to meet strategic goals in ensuring global compliance, fighting drug counterfeiting, improving on-time and in-full delivery, protecting product quality and reducing operational cost. For more information on TraceLink and our solutions, visit www.tracelink.com or follow us on LinkedInTwitter and Facebook.

TraceLink is funded by FirstMark CapitalVolition Capital and F-Prime Capital.

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TraceLink Ranked #149 Fastest Growing North American Company on Deloitte’s 2016 Technology Fast 500

Attributes 585 Percent Revenue Growth to Industry Recognition of Company’s Market Leadership in Global Pharmaceutical Track and Trace with Proven Life Sciences Cloud Solution

TraceLink Inc., the World’s Largest Track and Trace Network for connecting the life sciences supply chain and eliminating counterfeit prescription drugs from the global marketplace, today announced it ranked #149 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America.

TraceLink, which achieved revenue growth of 585 percent from 2012 to 2015, is the #8 fastest growing company from Massachusetts to be ranked on the 2016 Deloitte Technology Fast 500™, and is ranked #4 among the fastest growing software companies headquartered in the state. TraceLink moved up 144 spots from its #293 ranking on last year’s Deloitte 2015 Technology Fast 500 list.

As the pharmaceutical supply chain undergoes a global regulatory transformation, TraceLink president and CEO, Shabbir Dahod cites TraceLink’s market leadership and proven Life Sciences Cloud solution as the leading drivers of the Company’s 585 percent revenue growth. “We are honored to be named one of the nation’s fastest growing companies for the second year in a row. This recognition further solidifies TraceLink’s market dominance as the industry rushes to comply with fast-approaching global track and trace regulations. We look forward to continuing our rapid growth acceleration in this explosive market, which is fueled by the mission to protect patients and secure the life sciences supply chain.”

“Today, when every organization can be a tech company, the most effective businesses not only foster the courage to explore change, but also encourage creativity in using and applying existing assets in new ways, as resourcefully as possible,” said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications industry leader. “This ingenious approach to innovation calls for the encouragement of curiosity and collaboration both within and outside the office walls.”

“This year’s Fast 500 winners showcase that when organizations are open to diverse perspectives and insights, they are able to create an environment for their employees and customers to see the possibilities and ingenious solutions that might lie ahead,” added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. “Entrepreneurial environments foster change and innovation within businesses, and we look forward to watching these companies continue to drive change across all sectors.”

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American software company to create 58 new jobs in Belfast

 

Vibes, a Chicago-based mobile engagement company, has launched in Europe. 

The company's mobile engagement platform will first be available to merchants in the U.K.

"Entering the European market enables us to bring Vibes' technology and expertise to a wide new set of brands and retailers," Jack Philbin, co-founder and CEO of Vibes, said in a statement. "Clients have been wanting to see our platform in international markets as they navigate the challenge of connecting with consumers who are increasingly difficult to engage. We look forward to helping marketers create relevant, personalized mobile experiences that drive effective engagement and achieve their marketing and loyalty objectives."

Vibes said that merchants can use its platform, Catapult, to run marketing campaigns in a few ways: 

  • SMS – Build a mobile database of subscribers and manage SMS campaigns to engage consumers through personalized offers and messages.
  • Mobile wallet marketing and advertising – Create and distribute mobile wallet content into Apple Wallet and Android Pay, including special offers, coupons, or event reminders, and seamlessly manage and digitize existing customer loyalty programs.
  • Transactional messaging – Power automated transactional and service updates (e.g., shipping updates, service prompts, processing alerts, product updates) to customers via SMS and Apple Wallet and Android Pay notifications. 

Vibe said recent commissioned research found 70 percent of U.K. consumers use paper-based coupons and 90 percent use one to four plastic loyalty cards monthly, underscoring the strong opportunities for brands and retailers to digitally convert these initiatives and improve the customer experience, according to the announcement.

 

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Visual IQ Bolsters Cross-Device Attribution Measurement through a Partnership with Facebook’s Atlas

Visual IQ Clients Will Now Get People-Based Insights to Help Them Make Smarter Investments

Needham, Mass. - September 22, 2016 - Visual IQ, the leading cross channel marketing attribution software provider, today announced a partnership with Facebook’s Atlas. Through the partnership, Visual IQ will offer marketing insights to its customers who are advertising across different devices, including desktops, smartphones and tablets.

Visual IQ will gain people-based insights from Facebook’s Atlas ad server to provide a comprehensive view of how media spend is impacted across all different devices, both web browser-based and within a mobile application. Approximately 1.71B people access Facebook every month, and many of them use Facebook across multiple devices and browsers. By combining the advanced attribution methodology within Visual IQ’s IQ Intelligence Suite with people-based insights from Atlas, advertisers will receive a more accurate understanding of the true impact of their digital media on performance metrics across channels and tactics and will be able to confidently make more informed mobile optimization decisions.

Additionally, the partnership will also support those who are advertising on Facebook but not necessarily using the Atlas ad server. This new integration will ensure that information about specific Facebook campaigns, including desktop, mobile web and mobile app as well as Facebook owned apps such as Instagram, is included during the attribution process. This gives marketers the tools they need to understand how their Facebook ads are impacting their other media and vice versa.

“Facebook knows people, and this partnership gives us the ability to help our customers understand the effectiveness of their cross-device campaigns in a way that was never before possible,” said Manu Mathew, CEO and co-founder, Visual IQ. “We’re pleased to be selected as the first independent attribution partner of choice for Facebook and this recognition underscores our commitment to pushing the boundaries of what marketing attribution can deliver.”

“The integration is currently underway, with joint customers already seeing valuable benefits from the new partnership. A Fortune 100 customer with a large mobile presence was able to link mobile investments across desktops, smartphones, tablets and other devices for a holistic view of how all devices shape the customer journey and impact sales. By leveraging the powerful cross-device attribution solution powered by Visual IQ and Atlas, the client unveiled optimization opportunities within its mobile placements that would generate an increase of 20 percent in sales—all without an increase in media spend. O2, the commercial brand of Telefónica UK Limited, is another early adopter who will benefit from the partnership. The company will be able to understand how their full investment in Facebook properties (both in-app and browser) impacts performance, and how these placements work in combination with other channels and tactics to drive business value.

For more details about the partnership or Visual IQ, visit www.visualiq.com/about-us/partners.

About Visual IQ

Visual IQ produces the world’s most powerful cross channel marketing attribution software products. As a pioneer in the space, the company has been offering products since 2006. Its SaaS-based IQ Intelligence Suite reveals cross channel performance insights hidden deep within companies’ marketing data, providing actionable recommendations and optimised media plans to improve marketing effectiveness. These recommendations enable marketers and agencies to adjust their advertising strategies and tactics to significantly increase marketing ROI across their entire marketing mix – both online and offline. The functionality behind these products combines a powerful, user-friendly interface with multi-dimensional fractional attribution science and predictive analytics that clearly and accurately show marketers where opportunities exist for improvement.

Visual IQ was named a leader in cross channel attribution in 2014 by a leading market research firm, won The Drum’s 2015 Digital Trading Award for Best Attribution Solution, won the 2014 ASPY Award for Best Data or Analytics Solution, and was a finalist in the Digital Analytics Association Excellence Awards in 2013, 2014, 2015 and 2016. The company is a member of the IAB in the US, UK, France and Italy and sits on the association’s Advertising Technology, Data, Public Policy and CFO councils, as well as on the Standards Committee of the Digital Analytics Association.

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With its software, TraceLink capitalizes on drug counterfeiting crackdown

 

A three-year-old US law requires drug makers and their contractors to begin tracing shipments of medicines by November 2017. As the pharmaceutical companies scramble to comply, technology vendors are developing tools to help them document the paths of drugs from manufacturers to distributors anddispensers and then to the pharmacies that sell them.

Dahod’s company, TraceLink Inc., is preparing to capitalize on the Drug Supply Chain Security Act, passed in 2013 along with similar laws and regulations taking effect in coming years in Europe, China, Japan, and several other places. The tracking will start with large lots of drugs shipped on pallets in the United States, but by 2023 it will extend to smaller containers, and distributors will have to plug into interconnected networks.

“It’s about putting an identity on each individual product and tracking it through the supply chain so you know the chain of custody,” said Dahod, 53, TraceLink’s chief executive.

Federal and state officials have been battling counterfeiting that often involves second- or third-line distributors selling watered-down or unapproved medicines, causing sickness and death in some cases.

In a 2014 case, the Justice Department won indictments of executives at Pharmalogical Inc., a Great Neck, N.Y., distributor doing business as Medical Device King, for selling counterfeit versions of the cancer drug Avastin to dozens of clinics, including 10 in Massachusetts.

Monitoring compliance with the new US law will be the Food and Drug Administration, which approves and regulates prescription medicines.

 

“One of our top priorities is to protect patients from unsafe medicines,” said Ilisa Bernstein, deputy compliance director for the FDA’s Center for Drug Evaluation and Research. “We want to further tighten the supply chain so we can keep good drugs in and keep bad ones out. The goal is to have accountability and transparency throughout the supply chain.”

Dahod has been focusing on “track-and-trace” technology for about 15 years. His first company, SupplyScape Corp., was launched in 2003 in Cambridge’s Kendall Square. It sought to commercialize supply-chain technology developed at MIT’s Auto-ID Labs through a team led by professor Sanjay Sarma.

That business was relaunched in 2009 with capital from the New York venture capital firm FirstMark Capital and folded into a new company, TraceLink. Last year, as governments stepped up efforts to stop counterfeiting, TraceLink raised $20 million from a new group including Volition Capital of Boston, Fidelity-owned F-Prime Capital Partners of Cambridge, and FirstMark.

The company now employs about 255 workers, more than 200 of them in an office park off Interstate 93. It has created a system that uses bar codes to serialize products and software to generate data — on the type of drug, where it was made, and shipment dates — that drug makers can share with partners and regulators.

Dahod estimates the emerging global market for drug-tracking systems eventually will top $2 billion, about half of it in the United States and Europe.

TraceLink won’t have the market to itself. Competitors include the German software giant SAP, along with more than a dozen smaller US and overseas companies, such as Axway Software SA of France, rfXcel Corp. of San Ramon, Calif., and Frequentz Inc., a Palo Alto, Calif., company that purchased a track-and-trace software business from IBM Corp.

Some of these players already sell similar software programs that track food products, consumer goods, or semiconductors.

Others are marketing “on premises” systems that biopharma customers and their vendors can install on in-house servers. TraceLink, by contrast, runs its Internet-based tracking system off servers operated by Amazon.com Inc.

“The market’s going to grow very fast,” said Michael Townsend, research manager for life sciences business systems strategies at IDC Health Insights in Framingham. “It’s probably going to triple in the next few years. The pharma companies and the distributors are actively working on this, spending money and buying software.”

The deadline for complying with the federal tracking requirement has created a window for TraceLink and its rivals to sell their systems and services to the hundreds of biopharma companies marketing FDA-approved drugs and the thousands of contract manufacturers hired to produce the drugs and distributors who ship them through the supply chain.

“The ultimate goal is to have complete visibility of every step, from manufacturer to patient,” Dahod said. “That will create better outcomes for everyone.”

If it succeeds, TraceLink, which has participated in pilot programs and helped develop the technical standards for the field, could become a market leader — and pave the way for an initial public offering of stock that would enable it to accelerate its growth.

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Cortera Reaches New Analytics Milestone

Leading B2B Information Provider Continues to Expand at Rapid Pace

BOCA RATON, Fla., Aug. 15, 2016 (GLOBE NEWSWIRE) -- Cortera, Inc., a leading provider of business-to-business analytics and cloud-based information solutions, is pleased to announce the attainment of another milestone in the expansion of its Cortera Credit Exchange®, which captures information on interactions between millions of businesses in the US and Canada.

The Cortera Credit Exchange provides insight into the purchase and payment behavior on over 10 million US businesses.  Through July, the amount of B2B purchases contained in the Cortera Credit Exchange increased by over $170 billion since the beginning of 2016, bringing the total annual purchase insight to $1.2 trillion.  The intelligence contained within this vast database enables Cortera and its customers and partners to create advanced analytics in a variety of applications, including new customer risk assessments, customer portfolio risk monitoring, supplier risk management, customer segmentation, insurance underwriting, customer profitability modeling, loan default prediction and more. 

“We are passionate about continuing to expand our business insights and providing innovative solutions for our customers,” said Jim Swift, Cortera’s CEO.  “The growth we’ve experienced so far this year is a reflection of the value our customers are finding in our solutions across an increasing number of industries and business applications.  Our rapid product development capabilities and cloud-based data delivery platform allow us to react quickly to new product ideas and market opportunities that make the information more actionable for our partners.  Going forward, we will continue to expand our data network aggressively and leverage our innovative platform to help customers solve business problems in new ways.  We’re excited about the path we’re on.”

Over the past 10 years, Cortera’s data network has grown and diversified dramatically.  With a strong initial base in the transportation industry, the Cortera Credit Exchange now contains powerful insights into all types of companies.  Cortera optimizes the predictive power of its data with views into how companies interact with various types of suppliers, as not all suppliers are treated the same, along with trending of different types of purchases by businesses and other unique insights.  Cortera provides an increasing library of hundreds of attributes designed to provide the strongest signals possible for statistical modeling and other forms of analytics.

About Cortera
Cortera provides analytical and cloud-based workflow solutions that enable companies of all sizes to better understand their customers, suppliers and business partners. Our comprehensive solutions increase visibility into the financial health of your B2B customers while keeping you informed of important changes that traditional credit reporting tools miss. Thousands of companies across diverse industries use Cortera’s solutions to increase revenue, improve sales effectiveness, and reduce risk. Cortera is privately held with offices in Boca Raton, FL and Quincy, MA.

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Volition Capital Raises Its Largest Fund Yet, Seeks Bootstrapped Tech Cos.

 

If you're a fast-growing, mostly bootstrapped tech company, you may be in luck if you're ready to accelerate. Volition Capital, the Boston growth equity firm formed by the former Fidelity Ventures leadership team, announced on Tuesday that it has raised a new $250 million fund, its third and largest yet.

WE’RE FUNDAMENTALLY CHALLENGING THE NOTION THAT YOU HAVE TO TAKE ON MORE RISK TO HAVE OUTSIZE RETURNS. 

Larry Cheng, Volition's managing partner, told BostInno that the new fund was "significantly oversubscribed" and that all of the firm's previous institutional investors have returned. He said a lot of that has to do with the fact that Volition's focus on fast-growing, capital-efficient companies that have reached annual run rates of at least $5 million with little to no venture capital.

An average portfolio company for Volition has raised less than $2 million, Cheng said, and more than half of its 20 past and present portfolio companies have raised zero venture capital, showing you don't always need a lot of outside funding —and dilution of a founder's ownership in her company as a result —  to grow impressive companies.

Return have been strong so far, Cheng said, though he declined to provide any specific figures.

"We’re fundamentally challenging the notion that you have to take on more risk to have outsize returns," Cheng said. Volition has had nine exits so far, including MindShift Technologies, which Best Buy acquired for $167 million in 2011 and later sold to Ricoh; Verid, which EMC acquired in 2007; and StyleSight, which was acquired by WGSN in 2013.

Volition expects to cut checks in the range of $10 million to $20 million for a total of 10 to 13 investments from this fund, Cheng said, and the funding is used for growth capital, acquisition capital and shareholder liquidity. The firm focuses on companies working on software and software-as-a-service,  enterprise and consumer internet applications, mobile technologies and technology-enabled products. Two of its current portfolio companies include open source software management company Black Duck and cross-channel marketing intelligence software provider VisualIQ.

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Volition Capital has rounded up $250 million for its third fund

 

Volition Capital, a Boston-based growth equity firm, just closed its third fund with $250 million in capital commitments. It’s a sizable step up from the firm’s previous fund, which closed with $170 million in 2013.

You can understand why its investors might be enthusiastic about the six-year-old firm, which says it just added a dozen new backers to its roster. It focuses on software, enterprise and consumer internet applications, tech-enabled services, and mobile companies that are already seeing annual revenue of between $5 million and $25 million, and annual revenue growth of between 25 percent and 100 percent. Those happen to be companies that financial buyers in particular like right now.

We talked with Larry Cheng, one of the firm’s four managing partners, to learn a bit more.

TC: Volition was formed when all of Fidelity Ventures, save two partners, decided to leave the fold and form an independent firm. What have been your biggest exits since doing that?

LC:  Our biggest exits have been iPipeline’s sale to Thoma Bravo, and PingID, sold to Vista Equity Partners.

[Ed: iPipeline is an insurance software firm that was founded in 1995; it sold to Thoma Bravo, a private equity firm, in August of last year. Terms of the deal were not disclosed. PingID, a firm that was founded in 2002 and manages employees’ digital identities, was acquired by the private equity firm Vista Equity Partners in June. Again, terms weren’t disclosed, though The Information has reported that the price was $600 million. PingID was founded in 2002.]

TC: What are some of your newest consumer and enterprise bets?

LC:  We’ve backed the pet specialty retailer Chewy.com and the online personalized men’s clothing retailer Bombfell in the consumer e-commerce space. In the SaaS world, some of our newest investments are [customer intelligence startup] Pramata, [customer communications management software company] Prinova, and Assent Compliance [ a company whose software helps organizations with their compliance strategies].

TC: Is there anything that interests Volition now that it wasn’t focused on several years ago in terms of sector?

LC: We’ve done more e-commerce investing over the last few years than we did several years ago.

TC: Do you have any concerns about this still-sluggish IPO market or do you expect most of your exits to come through acquisitions anyway?

LC: Most exits come through M&A.  Financial buyers are as aggressive if not more aggressive than strategic buyers, though I’m not sure if that is sustainable.

TC: Why is that? I think a lot of people are still confused about why these private equity firms are suddenly snatching up so many software companies.

LC: Boy, that’s a longer conversation.  Access to debt is critical to some of these financial transactions.  Whereas strategic buyers can gain value through “synergized” operations, financial buyers can gain value through the impact of debt and leverage on the transaction, so that’s impacting things.

Additionally, a lot of these financial buyers like to acquire software companies because they are strongly recurring, and if your goal changes from revenue growth to driving EBITDA, there’s usually a lot of inefficiency that they can take out of the business.

TC: You said you’re not sure if this trend is sustainable. What do you see happening?

LC: What will end it?  I don’t know, but it’s a good trend for those of us who are investing at the smaller end of the market because they’ve become a great exit path for us.

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Volition Capital Announces Closing of $250 Million Volition Capital Fund III, L.P.

Reaffirms Commitment To Being The Premier Small Cap Technology Growth Equity Fund

 

July 26, 2016 - BOSTON, MA – Volition Capital, a leading technology growth equity firm, announces the closing of Volition Capital Fund III, L.P. with $250 million in capital commitments. With this fund, Volition continues its focus on investing in high growth, principally bootstrapped, technology companies with aspirations for greatness.


“Our goal is to be the top performing small cap technology growth equity fund in North America,” said Roger Hurwitz, Managing Partner. “We have complete clarity and focus on a specific type of investment opportunity and this fund enables us to continue to perfect our execution on that proven strategy.”


Volition Capital focuses on investing in software/SaaS, enterprise and consumer Internet applications, technology-enabled services, and mobile companies with the following characteristics:

  • Solid Revenue Base: $5M - $25M+ Run-Rate
  • High Growth: 25%-100%+ Revenue Growth
  • Meaningful Founder Ownership: 20%+
  • Capital Efficient: Near Breakeven to Profitable
  • Aspirations for Greatness

“We were fortunate to be significantly oversubscribed for this fund and were in position to welcome a select group of premier LPs across the endowment, foundation, hospital, and fund-of-funds communities,” said Larry Cheng, Managing Partner. “We are especially proud to have 100% of our institutional investors in prior funds return for Fund III which also enabled us to have a single close at our hard cap of $250 million.”


The new fund will be Volition’s largest fund in its history and will continue to be focused on making a select group of new investments each year with $5 million to $40 million invested per company. Volition’s investment is used by its portfolio companies for growth capital, acquisition capital and shareholder liquidity. Volition will continue its history of active Board involvement across its portfolio companies with meaningful minority ownership positions.


“We are privileged to partner with founders and management teams who are creating disruptive businesses with exceptional growth from strong customer demand. Our success as a firm would not be possible without the extraordinary efforts of these entrepreneurs and their passion to build market-leading companies,” said Sean Cantwell, Managing Partner.


About Volition Capital

Volition Capital is a technology growth equity fund based in Boston, MA. Volition specializes in investing in high growth, principally bootstrapped technology companies across several sectors including software/SaaS, enterprise and consumer Internet applications, technology-enabled services, and mobile companies. The firm has managed over 20 portfolio companies with over $500 million in assets under management. For more information, go to http://www.volitioncapital.com.

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Prinova Receives $17 Million Investment from Volition Capital

The Investment Will Help Expand Prinova’s Award-winning Messagepoint® SaaS Platform

TORONTO --Prinova Inc., a leader in developing and delivering innovative software and services within the Customer Communications Management (CCM) market, today announced that Volition Capital, a Boston-based growth equity firm that principally invests in high-potential, founder-owned companies across different technology sectors, has invested $17 million in Prinova as part of Prinova’s global strategy to pursue higher growth markets and expanded innovation for its Messagepoint SaaS platform.

“Prinova’s Messagepoint platform is revolutionary for solving many complicated challenges that large enterprises face in managing content within their customer communications,” said Volition Capital Managing Partner Roger Hurwitz, who will be joining the Prinova Board of Directors. “We firmly believe that Prinova is poised for significant global growth and are excited to work together to get the company and Messagepoint to the next level.” Volition Vice President, Jake Colognesi, will also be joining the Prinova Board.

“We’ve experienced exceptional success and growth with our innovative Messagepoint platform,” says Nick Romano, CEO of Prinova. “We are proud to have Volition Capital on the Prinova team. This investment is a tremendous vote of confidence in Messagepoint’s ability to make it easier for business users in a variety of industries to create clear, relevant customer communications.”

Messagepoint is a powerful hybrid cloud-based content management platform serving the customer communications management needs of large enterprise customers. It provides an intuitive and secure environment for business users to directly own and control touchpoint messaging content and business rules driving the pace of change for customer-facing print and digital communications. The solution recently won the coveted 2016 CODiE Award for Best Multi-channel Publishing Platform.

About Prinova

Prinova Inc. is a leader in developing and delivering innovative software and services within the Customer Communications Management market. Messagepoint is Prinova’s SaaS solution that helps companies strengthen their customer communications by enabling business users to control the entire messaging lifecycle for all print or digital communications without burdening IT. For more information, visit www.prinova.com and www.messagepoint.com

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Jazz Launches Channel Partner Program to Accelerate Growth and to Expand Distribution of its Recruiting Software

Program enables partners to bring modern HR solutions to SMB market and creates competitive advantages for recruiters, benefits brokers, HR and IT consultants

 

PITTSBURGH, June 21, 2016 /PRNewswire/ -- Jazz, the groundbreaking ATS and recruiting software provider of small business focused recruiting solutions, today launched an innovative Channel Partner Program. Jazz’s Channel Program enables SMB HR service providers to offer Jazz’s performance recruiting tools to their valued customers. This unique platform empowers benefits brokers, HR consultants, recruiters and IT professionals to expand existing client relationships, further enhancing their role as a trusted business partner in a time of rapidly evolving HR technology. Jazz’s program is the first-of-its-kind in the SMB HR technology space allowing Jazz partners to enjoy a recurring revenue stream by participating in a marketpredicted to reach $700 billion by 2019.

Jazz's ATS and recruiting platform is purpose-built for SMBs and offers enterprise-level features at a small business friendly price point. With SMBs constituting 99% of employer firms in the U.S., and accounting for more than 50 percent of total IT spending, Jazz partners have the opportunity to offer SMB clients the solutions they need to optimize their hiring process, while participating in an ongoing Jazz SaaS subscription annuity.

“Advances in HR Tech present new opportunities for SMB HR solutions providers. With the emergence of SaaS cloud-based HR services aggregators, SMB service providers must find new solutions to complement their existing business,” said Pete Lamson, CEO of Jazz.  “Jazz’s Channel Program enables our partners to remain ahead of HR technology advancements, and deepen customer relationships while growing recurring revenue in the process.”

The Jazz Channel Program provides partners with dedicated free account management and technical support, training and marketing collateral to educate themselves and customers on the benefits of performance recruiting and applicant tracking solutions.  

"TPD has been looking for a solution that allows us to drive efficiencies and open transparency in the recruiting process on behalf of our clients. Bundling our HR Solutions with Jazz's Recruiting Software is the perfect way to do so," said Nikita Weisgerber, Business Development Manager at TPD. "As the job market continues to become more competitive, our clients face new challenges filling their open positions with qualified talent, and doing so in an effective way. HR Technology enablement, like Jazz, is paramount in reducing recruiting related costs, making quicker and better quality hires, and taking recruiting metrics to the next level to improve strategic decision making. With our new partnership with Jazz, we can now provide clients with technology to help meet their hiring needs, while adding a new stream of revenue for our own business."

Partners who enroll in the Jazz Channel Program will be rewarded for the successful sale of Jazz products including new business, renewals, upsell and add on purchases.

For more information about joining Jazz's Channel Partner Program, visit www.jazz.co/partners or contact the Jazz Channel Sales team at partners@jazz.co.

ABOUT JAZZ

Jazz is powerful, user-friendly and affordable ATS and recruiting software that enables today's greatest people to build tomorrow's greatest companies. Jazz replaces antiquated hiring processes like email and spreadsheets with an intuitive applicant tracking system that helps recruiters and hiring managers build a scalable and effective recruiting process that consistently results in great hires. Jazz is also the creator of Crowd, the HR industry's first integrated crowd-sourcing, big-data and predictive analytics initiative. Since 2009, Jazz has helped thousands of companies fill more than 100,000 positions. To learn more visit http://www.jazz.co or follow us at twitter.com/JazzDotCo.

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Syniverse to Invest $45 Million for Minority Stake in Vibes

CHICAGO--(BUSINESS WIRE)--Syniverse, a leading provider of mobility solutions, announced today a major partnership that includes a $45 million investment for a minority stake in mobile marketing technology provider Vibes.

The investment and resulting strategic partnership will enhance Syniverse’s end-to-end enterprise solutions by adding the leading “mobile-first” CRM platform in the industry. The partnership will allow Vibes to expand its industry-leading software into new global markets.

“Syniverse is proud to serve more than 1,500 mobile service providers, enterprises, ISPs and OTTs around the globe, and these customers increasingly need solutions to drive incremental business value via mobile,” said Stephen C. Gray, President and CEO, Syniverse. “Vibes has helped some of the most successful brands, including Chipotle, Home Depot and Gap, unlock additional revenue through targeted mobile marketing campaigns. Together, we are uniquely positioned to help brands around the globe reach more consumers in ways that precisely track the return on their mobile marketing spend and accelerate the shift from lower-ROI email campaigns."

“After a thorough and deliberate process we believe Vibes is the best mobile engagement platform to scale across our global footprint,” added Gray. “We are very impressed with Vibes’ management and their technology platform. Our strategic collaboration will improve our product and presence in the enterprise markets as well as propel white-label opportunities and support for mobile network operators.”

As part of the investment, Vibes will bring to Syniverse a scaled, CMO-friendly platform that enhances the Marketing Cloud. Vibes also will support integration of its platform into the Syniverse customer offering with sales and go-to-market training support. The combination of Syniverse’s capabilities and international footprint with Vibes’ platform and expertise will enable the expansion of sophisticated mobile marketing capabilities in markets around the globe.

“This is a landmark moment for our company that will help us unlock new opportunities by expanding our reach into international markets,” said Vibes CEO and Co-founder Jack Philbin. “We are really excited to work with Syniverse with its deep mobile expertise and global reach. Our software platform, Catapult, has been extremely successful in the U.S. market, and we’ve experienced strong demand from our customers to access this intuitive, powerful platform on a global scale. By partnering with Syniverse, we’ll be able to deliver incredible revenue-generating mobile marketing experiences to companies around the world, including those in the retail, financial services, travel and hospitality industries, as well as mobile operators, MVNOs and OTT providers.”

The move will create a strong market force at an optimal time, with the rapidly growing global mobile marketing industry projected to reach $99 billion by 2021, according to Markets and Markets. Additionally, Forrester Research, Inc. estimates there are over 30 billion mobile moments each day in the United States. Marketers need automated solutions that deliver both speed and personalization to capitalize on these mobile moments and meet consumer demands in real time. Vibes is recognized by Forrester as part of a new category of vendors that has emerged to deliver on these consumer expectations and the promise of mobile.

About Syniverse

Syniverse makes mobile work for the entire mobile ecosystem, including more than 1,500 mobile service providers, enterprises, ISPs and app providers in nearly 200 countries and territories. We deliver innovative cloud-based solutions that ensure superior end-user experiences through always-on services and real-time engagement. For more than 25 years, Syniverse has been simplifying complexity to deliver the promise of mobility – a simple, interoperable experience, anytime, anywhere.

About Vibes

Vibes is a mobile marketing technology leader that helps some of the world’s biggest brands unlock new revenue by arming them with the technology and guidance they need to succeed in mobile marketing. Vibes' Catapult Mobile Relationship Management (MRM) platform enables marketers to manage all mobile communications including text messaging, push notifications, Apple Wallet (formerly called Passbook), Android Pay (formerly called Google Wallet) and mobile web campaigns — all from a single interface. Vibes has delivered more than 8 billion mobile experiences since 1998 on behalf of customers such as Chipotle, Sears, Home Depot, Verizon, Allstate, The Gap, Pep Boys, Men’s Wearhouse, and Gannett. Vibes is a Tier 1 aggregator with direct connections to all U.S. wireless carriers.

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Vista Equity Partners to Acquire Ping Identity

Acquisition Will Accelerate Growth and Innovation for Identity Defined Security Leader   

DENVER--Ping Identity, the leader in Identity Defined Security, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on software, data and technology-enabled businesses. The acquisition will allow Ping Identity to accelerate growth and innovation through strategic acquisitions and focused investment in its leading enterprise Identity-as-a-Service (IDaaS) capabilities, which places identity at the core of enterprise security.

“Vista recognizes the power of Ping's platform and the strength of Ping's business model, and we’re looking forward to working with Andre to support Ping’s growth in the dynamic and strategic field of identity management.”

“This is a great day for Ping Identity, as the investment validates what we’ve built: the leading Identity and Access Management platform,” said Andre Durand, CEO of Ping Identity. “Enterprises require a partner who can effectively integrate every technology stack and cloud platform to provide secure access for their users. With Vista, we can now accelerate our vision of creating a borderless world secured through identity. The Ping team is excited to begin this next phase for Ping Identity and to broaden its reach into new markets.”

Ping Identity joins Vista with strong customer growth and business momentum. The company’s annual recurring revenue (ARR) grew by more than 40 percent in 2015, and ARR is expected to reach more than $100 million in 2016. Ping Identity leads a new era of identity management by ensuring secure access to the digital enterprise, seamlessly connecting all users - employees, partners and customers - to all applications, whether mobile, cloud or legacy. More than 1,500 of the world’s most demanding enterprises, including over half of the Fortune 100, trust the Ping Identity Platform to accelerate their move to the cloud, deliver a rich customer experience and quickly onboard partners as part of their digital transformation.

"Identity is the new strategic imperative for winning in the digital economy. With the Internet of Everything upon us, it is more important than ever to protect and secure access to any application through identity,” said Robert F. Smith, Founder, Chairman & Chief Executive Officer of Vista. “Vista recognizes the power of Ping's platform and the strength of Ping's business model, and we’re looking forward to working with Andre to support Ping’s growth in the dynamic and strategic field of identity management.”

The transaction is expected to close in the third quarter of this year. Financial terms have not been disclosed.

About Ping Identity | The Identity Defined Security Company

Ping Identity is the leader in Identity Defined Security for the borderless enterprise, allowing employees, customers and partners access to the applications they need. Protecting over one billion identities worldwide, the company ensures the right people access the right things, securely and seamlessly. More than half of the Fortune 100, including Boeing, Cisco, Disney, GE, Kraft Foods, TIAA-CREF and Walgreens, trust Ping Identity to solve modern enterprise security challenges created by their use of cloud, mobile, APIs and IoT. Visit www.pingidentity.com.

About Vista Equity Partners

Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $24 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.

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