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Intuit has completed the sale of Intuit Real Estate Solutions to Vista Equity Partners, a private equity firm focused on investments in software and technology-enabled businesses.
The transaction, announced on 2 December 2009, is valued at approximately USD128m.
Intuit Real Estate Solutions, based in Highland Hills, Ohio, was part of Intuit’s global business division and a provider of software and services to companies in the real estate management and investment industry.
With the close of the transaction, Intuit will treat Intuit Real Estate Solutions as a discontinued operation.
Intuit Real Estate Solutions revenue totalled approximately USD74m in fiscal year 2009
HarbourVest Private Equity’s net asset value per share was USD8.55 at 31 December 2009, representing a 1.8 per cent increase from the 30 November 2009 estimated NAV per share of USD8.40.
This change was driven primarily by a positive valuation adjustment (approximately USD0.26 per share) taken by the HarbourVest funds to reflect the investment manager’s preliminary estimate of year-end 2009 valuation increases.
This was partially offset by foreign currency movements (USD0.09 decrease in NAV per share) and ongoing operating expenses (USD0.02 per share).
During December, the euro and pound sterling depreciated 4.6 per cent and 1.6 per cent, respectively, against
Private equity firm Guardian Capital Partners has completed the final closing of Guardian Capital Partners Fund I with slightly more than USD50m in aggregate capital commitments.
The fund’s principal focus is to lead the acquisition of controlling interests in lower middle market manufacturing and service businesses in the US.
“We are extremely pleased to have a final close on Guardian Capital Partners Fund I,” says Peter Haabestad (pictured), managing partner of Guardian Capital Partners.
“The lower middle market is underserved and provides unique opportunities to build more efficient, higher performing and safer businesses. By implementing an exceptional level of discipline,
Risk management solution provider Portfolio Science has extended the reach of its RiskAPI distributed risk engine through an agreement to integrate the product into FixQ, an enterprise investment management system from specialist software provider PortfolioShop.
RiskAPI uses an application programming interface that allows users to access exposure calculations through standard operating environments such as the Excel spreadsheet application, offering risk management capabilities to a broad spectrum of investment industry players, not just the largest and best-capitalised institutions.
APIs normally allow users to customise software by developing code that can access and manipulate the software’s features, says Portfolio Science president Ittai
TelStar Hosted Services has purchased of the assets of TouchStar’s Hosted division with private equity funding from William & Gallagher and Grindstone Partners.
TelStar Hosted Services is a communications-as-a-service organisation providing on demand contact/call centre solutions to over 200 corporate clients.
Williams & Gallagher and Grindstone Partners acted as lead on the investment working with D Partners, a Washington DC based boutique management firm.
James (Jim) P. Dunn and Ralph Peluso, founding partners of D Partners, will serve as chief executive and chief financial officer/chief operating officer of TelStar respectively.
Dunn says: “SMBs are aggressively looking for inventive yet proven
Raphael Kassin, a specialist in emerging market bonds, has joined the Geneva-based group Reyl & Cie as head of emerging markets and debt.
Kassin, who took up his new position on 1 January, left Credit Suisse Asset Management, where he was head of emerging markets fixed income, in June 2009 after the company’s asset management business to Aberdeen Asset Management.
During his two years with Credit Suisse he managed the Credit Suisse Bond Fund Emerging Markets.
Prior to that, he spent nine years managing the ABN Amro Global Emerging Markets Bond Fund.
“Raphael Kassin’s track record and reputation are exemplary”,
Perceva Capital, a Paris-based independent investment company, has added Christophe Ambrosi to its team.
Ambrosi began his career in 1996 with Mercer Management Consulting (now Oliver Wyman).
In 2001 he joined the LBO firm Astorg Partners, and from 2005 to 2008 he worked at Butler Capital Partners.
In 2009, he worked with Maître Regis Valliot, out-of-court receiver, on more than ten special situations, before joining Perceva.
Perceva Capital now has six investment professionals.
Investcorp Technology Partners, the technology private equity arm of alternative investment manager Investcorp, has agreed to acquire an equity stake in CSIdentity, a Texas-based provider of identity theft and fraud protection services.
CSIdentity was started by entrepreneur and co-founder Bill Morrow. Investcorp’s Fund III has made an initial investment of USD35m in the company.
CSIdentity provides proprietary software solutions and datasets for the USD2.8bn identity theft protection market in the US. The market is expected to grow over 20 per cent per year for the foreseeable future, driven by the mass-market adoption of the internet, e-commerce, online banking and other
Private equity firm Guardian Capital Partners has acquired the majority ownership of Sure Fit from D.E. Shaw.
Headquartered in Allentown, Pennsylvania, Sure Fit is a provider of ready-made slipcovers and related accessories.
Its product line includes slipcovers for sofas, loveseats, chairs, recliners, ottomans and futons as well as furniture throws and coordinating decorative pillows.
The company sells through major national retailers, its own website and other channels.
Hugh Rovit, chief executive of Sure Fit, says: “Sure Fit has maintained the longstanding position as category leader. We are very excited to partner with Guardian Capital Partners and together we will be
Private equity firm The Carlyle Group has promoted 33 professionals to senior positions.
Seven people have been promoted to managing director and 26 to principal/director.
The individuals work in Carlyle’s offices around the globe conducting buyout, venture and growth capital, real estate and leveraged finance transactions, as well as accounting, communication, human resources, and legal and compliance activities.
The new managing directors are Anand Balasubrahmanyan, Asia buyout, Singapore; Pam Bentley, accounting (corporate), Washington DC; Oussama Daher, Europe real estate, London; Shary Moalemzadeh, global distressed and corporate opportunities, New York; Chris Ullman, communications, Washington DC; Stephen Wise, US buyout, New York;
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