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Kronos Incorporated has formally terminated its previously announced agreement to acquire API Healthcare Corporation from Francisco Partners.
“We remain committed to executing our business plan of leadership by making significant investments in innovative workforce management solutions that are designed to help healthcare organisations deliver superior patient care while controlling labor costs,” says Aron Ain (pictured), chief executive officer of Kronos. “We are more confident than ever that we now have, and will continue to have, the best and most innovative workforce management solutions in the healthcare industry.”
Sittercity has closed USD22.6 million in series B equity financing led by existing investors Baird Venture Partners (BVP) and New World Ventures (NWV). They were joined by new investors State of Wisconsin Investment Board, Western Technology Investment along with existing investors Point Judith Capital, Apex Venture Partners and I2A.
Sittercity, the website that connects families with child care, pet care, eldercare, home care and tutoring solutions, plans to use the new round of funding to further solidify its dominance in the online care industry by focusing on expansion both domestically and abroad. To increase its foothold in the US, Sittercity
Private equity investors are coping with the challenges of valuation and audit of alternative assets, but a majority say their documentation process may not meet new accounting standards for hard-to-price and hard-to-value assets, according to an informal survey by Northern Trust.
Northern Trust conducted the survey of its global custody clients during a recent webinar on alternative assets valuation. More than 50 institutional clients, with a median investment of USD2 billion in private equity and alternative assets, attended the webinar to discuss valuation issues with experts from Northern Trust and the investment firm Duff & Phelps. The interactive, anonymous survey
Five individuals from leading international private equity firms have joined the new Advisory Council of award-winning venture philanthropy charity, Impetus Trust.
The 18-member Advisory Council will meet twice a year to debate issues of strategic importance to society, consider how financial and political trends may affect the Impetus portfolio of charities and explore options for multiplying the impact of Impetus Trust.
Sitting on the Advisory Council are: Ian Armitage, chair, HgCapital; Alastair Gibbons, partner, Bridgepoint; Ryan Robson, former managing partner, Sovereign Capital; Joseph Schull, managing director, Warburg Pincus; and Richard Wilson, senior partner, Apax Partners.
The Advisory Council
Meritech Capital Partners (MCP) has closed Meritech Capital Partners IV, a USD425 million late-stage venture capital fund. The fund will continue MCP’s successful strategy of investing in rapidly-growing technology companies primarily in the United States. This fund brings the firm’s cumulative capital under management to USD2.6 billion and is a successor to MCP III, a USD400 million fund which commenced investing in 2006.
“Our later-stage investment practice is working well,” says Paul Madera, Managing Director at Meritech. “We are particularly grateful to our management teams who are growing great companies, and we appreciate the on-going support of our Limited Partners.
Deloitte has appointed Bob Contri as leader of its financial services industry group in the United States. Contri currently serves as Deloitte’s leader to the banking and securities sector.
Contri succeeds Jim Reichbach, who held the role for the last three years. Reichbach will now serve as senior leader to several of Deloitte’s most important financial services clients and as leader of Deloitte’s global banking and securities practice.
“We are in a unique time, as the strategies that financial institutions undertake today will determine who the leaders are tomorrow,” says Contri. “Whether it is regulatory reform, sweeping changes to the
Cordiant Capital, the Montreal based fund manager that specialises in loans to emerging markets, has committed a USD17 million mezzanine funding towards the construction of a new USD214 million corn ethanol producing plant in Hungary.
Demand for renewable fuels in Europe is increasing as a result of the EU’s Renewable Energy Directive, which requires that by 2020 at least 10% of energy used in transport must come from renewable sources. Global production capacity currently lags significantly behind projected demand for biofuels.
The new plant, Pannonia Ethanol, is expected to double Hungary’s current ethanol output level. Construction is already
GlobeOp Financial Services’ assets under administration (AuA) increased to a record total of USD167 billion as at 31 March 2011, a 12% increase from USD149 billion at 31 December 2010 and a 46% increase in the past 12 months, according to the company’s interim management statement covering the period since 31 March 2011.
During the first quarter, existing clients added new funds with USD11 billion of AuA and new clients brought another USD1 billion of assets to GlobeOp. In addition, client subscriptions totalled USD11 billion for the quarter versus redemptions of USD10 billion. Fund performance added USD4 billion to
Lloyd A Sprung has agreed to join the Evercore Partner’s Investment Banking business as a Senior Managing Director. Sprung, who will be based in New York, will focus on advising clients on debt capital markets and corporate restructuring transactions.
Sprung was most recently a Managing Director at Miller Buckfire & Co where he was responsible for leading restructuring, financing and strategic advisory assignments across a variety of industries. With over 17 years of capital markets and restructuring experience, Sprung has advised on numerous significant transactions, notably representing Interstate Bakeries on its bankruptcy restructuring—the Turnaround Management Association Large Company Transaction of
The Honorable R James (Jim) Woolsey and Richard (Dick) Foster have joined venture capital firm, Lux Capital as Venture Partners. Woolsey will help identify novel breakthroughs and new investment opportunities in Energy that offer significant economic and environmental benefits, and can help end America’s addiction to foreign energy resources. Foster will leverage his experience and network to seek new technologies and business models for Life Sciences and healthcare IT investment.
“We are excited to bring Jim and Dick onto the Lux Capital team,” says Josh Wolfe, Managing Partner at Lux Capital. “Both are first-rate individuals, experts with tremendous intellect and
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