Covington Associates Announces Advisory Role in Sale of Grid Dynamics International, Inc. to Automated Systems Holdings Limited
April 7, 2017 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to Grid Dynamics International, Inc., a provider of scalable, next-generation technology solutions, on the sale of its business to Automated Systems Holdings Limited (ASL) (HKSE: 771), a Hong Kong based IT services leader in system integration, hardware, software and support services. ASL is a subsidiary of Beijing Teamsun Technology Co., Ltd (Teamsun), the leading IT service provider in China (SHSE: 600410). >Press Release
Signature Technology Group acquired by Tech Data
Covington Associates, LLC acted as financial advisor to Signature Technology Group (STG), a Phoenix-based data center and professional services provider, in its acquisition by Tech Data Corporation (TECD), a distributor of IT products and services. >Press Release
Consilience Software acquired by Xerox
Covington Associates LLC acted as exclusive financial advisor to Consilience Software, Inc ("Consilience"), an Austin-based company providing case management and workflow automation software to the public sector, on the sale of its business to Xerox (NYSE: XRX), a global leader in business process and document management.
Park Place Technologies recapitalized by WestView Capital Partners
Covington Associates announced it acted as exclusive financial advisor to Park Place Technologies, a leading provider of third-party hardware maintenance services to small and medium enterprises, in its recapitalization by WestView Capital Partners. >Press Release
TV One acquired by Nortek, Inc.
Covington Associates announced it acted as exclusive financial advisor to TV One, an Erlanger, KY company which specializes in video, audio and multimedia processing equipment, in a sale of one hundred percent of the Company’s stock to a subsidiary of Nortek, Inc., a diversified global manufacturer. The sale includes all TV One related, wholly-owned companies in the US, UK, Taiwan and China. TV One will be included in Nortek's Technology Products segment and closely aligned with Magenta Research LTD. >Press Release
Covington Associates Advises On2 Technologies on its sale to Google
Covington Associates acted as financial advisor to On2 Technologies, Inc. (NYSE Amex: ONT), a creator of advanced video compression technologies, in its sale to Google Inc. (NASDAQ: GOOG).>Press Release
Accenx acquired by Initiate Systems
Covington Associates acted as sole financial advisor to Accenx Technologies, Inc., a leading provider of health information exchange and interoperability solutions, on its sale to Initiate Systems, Inc., a leader in data management solutions for information sharing and improved data quality.
Mindreef, Inc. acquired by Progress Software
Covington Associates announced today it acted as financial advisor to Mindreef, Inc., the SOA Quality Company, in its sale to Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications.
Paradigm Business Solutions acquired by ISH, Inc., a portfolio company of Summit Partners
Covington Associates LLC announced that it acted as the financial advisor to Paradigm Business Solutions, a leading provider of strategic consulting services, in its sale to ISH, Inc., a leading provider of professional services for the healthcare industry and portfolio company of Boston-based international private equity firm Summit Partners.
Intelligent Compression Technologies acquired by ViaSat, Inc.
Covington Associates LLC has acted as the sell-side advisor to Intelligence Compression Technologies, Inc., a maker of data compression products in its sale to ViaSat, Inc. (NASDAQ: VSAT), a maker of satellite communications products. The transaction was valued at $20 million in cash and stock, with up to an additional $34 million in potential earn out over the next two years.
National Evaluation Systems acquired by Pearson plc
Covington Associates advised Amherst, MA-based National Evaluation Systems, Inc., the leading provider of customized state assessments for teacher certification in the U.S. in its sale to Pearson plc (NYSE: PSO), an international education and information company. >Press Release
ExpressPoint has completed a round of debt financing Fifth Third Bank
Covington Associates LLC has arranged $10 million of senior secured debt and $1.5 million of a senior subordinated note for ExpressPoint Technology Services, Inc., a leading provider of outsourced aftermarket logistics and repair services, from Fifth Third Bank.
Spaulding and Slye merged with Jones Lang LaSalle
Covington Associates advised Spaulding & Slye, a commercial real estate services and investment company, in its merger with Jones Lang LaSalle (NYSE: JLL). >Press Release
Advanced Visual Systems acquired by Muse Technologies, Inc.
Advanced Visual Systems (AVS) was an international leader in the field of data visualization. Covington Associates advised AVS in the sale to MUSE Technologies, Inc. (NASDAQ:MUZE), a developer of advanced perceptual computing and collaboration software.
eClassic acquired by Jack Henry & Associates, Inc.
Covington Associates advised eClassicSystems, Inc., maker of the world's leading ATM channel management system, in its sale to Jack Henry & Associates, Inc. (NasdaqNM: JKHY), a provider of integrated computer systems that processes ATM and debit card transactions for banks and credit unions.
Mapletree Networks acquired by Performance Technologies, Inc.
Covington Associates advised Mapletree Networks, Inc., a privately-held supplier of remote-access solutions to major telecommunications carriers, in its sale to Performance Technologies, Inc. (NasdaqNM: PTIX), a developer of signal processing equipment used in the communications, military and commercial markets.
TidalWire acquired by Network Engines, Inc.
TidalWire, Inc. is a privately-held specialist in the distribution and support of storage area networks. Covington Associates advised TidalWire in its sale to Network Engines, Inc. (NASDAQ: NENG), a leading provider of enterprise server appliances and integration services.
Workgroup acquired by SofTech
Workgroup Technology Corporation (OTCBB: WKGP) is a leading provider of product data management software solutions. Covington Associates advised Workgroup Technology Corporation in its sale to SofTech, Inc. (OTCBB: SOFT), a developer of design engineering software products.
Message Machines acquired by NMS Communications
MessageMachines, Inc. is a privately-held developer of application servers that route messages along all types of real-time communication devices. Covington Associates advised MessageMachines in its sale to NMS Communications, (NASDAQ:NMSS), a developer of system building blocks for innovative voice, video and data services on wireless and wireline networks.
VTI acquired by GE Medical Systems
Visualization Technology, Inc (VTI) is a privately-held manufacturer of intraoperative systems and related products for use in image-guided surgery. Covington Associates advised VTI in its sale to GE Medical Systems, a unit of General Electric Company, (NYSE:GE). The terms of the transaction were not disclosed. >Press Release
Torrent Systems, Inc. acquired by Ascential Software
Torrent Systems, Inc. developed data transformation and analytical solutions for building, deploying and managing enterprise-scale custom applications. Covington Associates advised Torrent in its sale to Ascential Software Corporation ("Ascential," NASDAQ: ASCL), a global provider of Information Asset Management (IAM) software, in a $46 million cash deal.
MediaSite, Inc. acquired by Sonic Foundry, Inc.
MediaSite was a software leader for the development of automated rich-media applications. Its advanced media access technologies, coupled with a suite of publishing tools, can operate in multiple languages across multiple digital delivery platforms to significantly enhance a host of media production, business, educational, and consumer applications. Covington Associates advised MediaSite in its sale to Sonic Foundry, Inc.
Harbor Technology Group acquired by Buck Consultants
HTG was an information systems strategy, integration, and technology consulting company that specializes in Internet-based systems that streamline human resources processes for Fortune 500 companies. Covington Associates advised HTG on its sale to Buck Consultants.
Information Management Associates, Inc. acquired by AIT Group plc
IMA was a publicly-traded provider of Customer Relationship Management (CRM) software and services. Covington Associates advised IMA in the sale of substantially all its assets to AIT (USA), Inc, a subsidiary of AIT Group PLC [LSE:AGPL], a leading provider of CRM solutions for the financial services industry.
e-smith acquired by Mitel Networks
e-smith was a private leading provider of open-source network server software for Small and Medium Enterprises (SME). Covington Associates advised e-smith in the sale to Mitel Networks, a leading provider of next-generation IP telephony solutions and a market-leader for voice, video, and data convergence.
Vibrint Technologies acquired by The Grass Valley Group
Vibrint Technologies was a developer of innovative solutions for digital news production. Covington Associates advised Vibrint in the sale to the Grass Valley Group, a privately held leader in the digital media market. Financial terms of the transaction were not disclosed.
Alliance Consulting Group acquired by Emerald Solutions
Alliance Consulting Group was a privately-held internet strategy consulting firm offering specialized services in recognizing profit from e-business, mastering strategic transitions, and launching new ventures. Covington Associates advised Alliance in the sale to Emerald Solutions Inc., a premier provider of e-business solutions and services.
Forum Corporation acquired by Pearson PLC
The Forum Corporation is a leading "soft skills" training management company that has pioneered new ways to achieve business results through learning on a global scale for three decades. Covington Associates advised Forum in the $100 million sale to Pearson PLC, the UK-based international media company and educational and professional publisher.
Process Software acquired by Platinum Equity Holdings
Process Software Corporation is a developer of Internet protocol (IP) management software solutions and services. Covington Associates advised Process in the sale to Platinum Equity Holdings (PEH), a leading acquirer and operator of technology companies. Both Platinum and Process Software are privately held.
IntelliSense Corporation has sold a minority interest to Corning, Inc.
IntelliSense Corporation was a leading provider of MEMS solutions that combine MEMS-based tool development, process, and product engineering, as well as MEMS manufacturing. "MEMS" stands for micro-electro-mechanical systems, or small electro-mechanical, micro-fabricated devices. Covington Associates advised IntelliSense on the sale of a strategic, minority equity position to Corning Incorporated (NYSE:GLW).
Defect & Yield Management, Inc. has sold a minority interest to Applied Materials, Inc.
DYM is a leading provider of yield management software to the semiconductor industry. Covington Associates advised DYM on the sale of a strategic, minority equity position to Applied Materials Inc. (NASDAQ:AMAT).
Bright Tiger Technologies acquired by Allaire Corporation
Bright Tiger Technologies, Inc. was a privately held, venture-backed pioneer of web application scalability and management technology. Covington Associates advised Bright Tiger in the sale to Allaire Corporation (NASDAQ:ALLR), a provider of Internet software products and services.
Waterfield Technology Group acquired by Whittman-Hart, Inc.
Waterfield Technology Group, Inc. was an integrated business and technology solutions firm specializing in client/server and Internet-enabled application development. Covington Associates advised Waterfield in the sale to Whittman-Hart, Inc. (NASDAQ: WHIT), one of the nation's leading providers of IT consulting and systems-integration services for middle-market and growing companies.
EA Systems, Inc. acquired by AEA Technology, Inc.
EA Systems was a leading provider of plant management software to the process control industry. Covington Associates advised EA Systems, Inc. in the sale to AEA Electronics, a division of AEA Technology, PLC (LONDON: AAT.L) a UK based, publicly traded company in the UK that provides specialty engineering and scientific consulting services to the energy industry.
Harper and Shuman, Inc. acquired by Deletek Systems, Inc.
Harper and Shuman, Inc. was a privately-held provider of project control and financial management software to architectural and engineering firms. Covington Associates advised Harper & Shuman in the sale to Deltek Systems, Inc. (NASDAQ: DLTK) a provider of enterprise software for project-oriented businesses.
Cambridge Technology Partners has acquired Excell Data
Cambridge Technology Partners, Inc (NASDAQ:CATP) was a publicly held provider of e-Business management consulting and systems integration services. Covington Associates advised CTP in the acquisition of Excell Data Corporation, a privately held IT consulting firm specializing in Microsoft-specific services. Covington previously advised CTP in a number of additional acquisitions including Peter Chadwick Holdings Ltd and ISO Group AB.
Cambridge Technology Partners has acquired Peter Chadwick
Cambridge Technology Partners, Inc (NASDAQ:CATP) was a publicly held provider of e-Business management consulting and systems integration services. Covington Associates advised Cambridge Technology Partners on its acquisition of Peter Chadwick Ltd. Peter Chadwick was a U.K. based provider of IT change management consulting services.