Chicago-based SpotHero, the nation’s leading parking reservation service, announced today that it has acquired Parking Panda, the leader in event parking reservations in the United States and Canada. This move firmly positions SpotHero as the category leader across all major off-street parking verticals, including daily, monthly, business, event, and airport parking. On track to park 20 million cars in 2017 and offering nearly 5,000 parking locations across North America, SpotHero is a driving force in the parking industry's evolution as it embraces technology and focuses increasingly on customer experience.
“We’re thrilled to combine forces with Parking Panda to bring easy parking to more drivers faster,” said Mark Lawrence, co-founder and CEO, SpotHero. “We’ve long admired Parking Panda’s talented team and ability to drive product innovation. SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”
Prior to the acquisition, Parking Panda established over 800 strategic partnerships, including event parking partnerships with numerous NHL, NFL, MLB, and NBA teams, as well as major convention centers, sports arenas, theaters, and municipalities. In 2016, the company leveraged this strength in partnerships and event parking to enter the Canadian market, quickly achieving scale. SpotHero will leverage Parking Panda's momentum in Canada to continue building holistic mobility solutions for drivers and parking companies in 47 major cities across North America. With what is already the largest network of connected garages in the United States and the broadest base of mobile-first consumers, SpotHero is positioned to replicate this success in Canada.
SpotHero also will accelerate its aggressive B2B product roadmap with the integration of Parking Panda’s robust suite of tools and technology, including unique SaaS offerings designed for the parking industry. For consumers, the expanded engineering team will mean rapid innovation to SpotHero’s award-winning platform with a heavy focus on driver convenience.
“This is the most natural progression for our company,” said Parking Panda CEO Adam Zilberbaum. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology. We’ve long held values similar to those of SpotHero, including putting drivers first, investing in our people, and building great products.”
SpotHero’s Co-founder and CEO Mark Lawrence will continue to serve as CEO, and Parking Panda’s leadership team of CEO and Founder Adam Zilberbaum and COO James Bain will remain with the company.
About SpotHero
SpotHero, the nation’s leading parking reservation service, empowers drivers with easy parking at thousands of garages, lots, and valets in major cities across the U.S. Launched in 2011, SpotHero has parked more than seven million cars. The company is headquartered in Chicago and has raised $27 million in VC funding.
Notably, in 2017 SpotHero launched SpotHero for Business, the first in-app solution to offer businesses and their employees tools to manage parking expenses and provide increased visibility. Also this year, SpotHero launched its Parking Developer Platform, enabling select websites, apps and connected or autonomous vehicle manufacturers to extend parking reservation functionality to their native interfaces. To learn more, visit www.spothero.com.
Showing posts with label Chicago Mergers and Acquisitions. Show all posts
Showing posts with label Chicago Mergers and Acquisitions. Show all posts
Thursday, April 13, 2017
Monday, September 26, 2016
Rick Bayless sells Frontera's packaged goods business to ConAgra
Chicago chef Rick Bayless has sold the packaged foods businesses of Frontera Foods, Inc. and Red Fork LLC, including the Frontera, Red Fork and Salpica brands to ConAgra Foods, Inc., (NYSE: CAG).
Frontera’s premium salsa, sauces, snacks and meals feature the distinct flavors of Mexico. Red Fork is known for its premium American cooking sauces and Salpica is a unique Tex-Mex salsa line.
Bayless, owner of the highly-acclaimed Frontera Grill, Topolobampo and Xoco restaurants in Chicago, established Frontera Foods in 1996 with partner and CEO Manny Valdes. Today, the company makes more than 50 regional Mexican food products using premium ingredients and time-honored cooking methods.
Frontera products are handmade from fresh ingredients. Frontera’s Chipotle Salsa, made from fresh fire-roasted tomatillos, roasted garlic, onions and chipotle chiles, introduced this country to the true flavor of smoky chipotle chiles. It won a Sofi Award in 1998 and remains a top seller.
Frontera produces a wide variety of gourmet Mexican products including salsas, taco skillet sauces, slow cook sauces, enchilada sauces, marinades, chili mixes, guacamole mixes, hot sauces and Non-GMO Project Verified stone-ground corn tortilla chips. Frontera products are available nationally through gourmet, specialty and natural food stores. The website www.fronterakitchens.com features recipes for gourmet Mexican meals made easy.
In 2010, Frontera launched the first-ever, fresh-packed seasoning sauces in convenient 8-ounce pouches for quick and easy skillet tacos, fajitas and enchiladas. The skillet taco seasoning sauces were quickly followed by gourmet Mole Sauce, Barbacoa Slow-Cook Sauce and Carnitas Slow-Cook Sauce in the innovative 8-ounce pouch packaging.
Frontera received two 2011 Sofi Award nominations for the Key Lime Cilantro Taco Skillet Sauce and the seasonal Chipotle Pumpkin Salsa. In 2016, Frontera received a Sofi nomination for Frontera Beef Barbacoa Slow Cook Sauce.
ConAgra's announcement stated that Frontera founders Bayless and Valdes will continue to actively support the business.
Terms of the transaction were not disclosed. The acquisition does not include any restaurant assets, including Frontera-branded restaurants.
Frontera’s premium salsa, sauces, snacks and meals feature the distinct flavors of Mexico. Red Fork is known for its premium American cooking sauces and Salpica is a unique Tex-Mex salsa line.
Bayless, owner of the highly-acclaimed Frontera Grill, Topolobampo and Xoco restaurants in Chicago, established Frontera Foods in 1996 with partner and CEO Manny Valdes. Today, the company makes more than 50 regional Mexican food products using premium ingredients and time-honored cooking methods.
Frontera products are handmade from fresh ingredients. Frontera’s Chipotle Salsa, made from fresh fire-roasted tomatillos, roasted garlic, onions and chipotle chiles, introduced this country to the true flavor of smoky chipotle chiles. It won a Sofi Award in 1998 and remains a top seller.
Frontera produces a wide variety of gourmet Mexican products including salsas, taco skillet sauces, slow cook sauces, enchilada sauces, marinades, chili mixes, guacamole mixes, hot sauces and Non-GMO Project Verified stone-ground corn tortilla chips. Frontera products are available nationally through gourmet, specialty and natural food stores. The website www.fronterakitchens.com features recipes for gourmet Mexican meals made easy.
In 2010, Frontera launched the first-ever, fresh-packed seasoning sauces in convenient 8-ounce pouches for quick and easy skillet tacos, fajitas and enchiladas. The skillet taco seasoning sauces were quickly followed by gourmet Mole Sauce, Barbacoa Slow-Cook Sauce and Carnitas Slow-Cook Sauce in the innovative 8-ounce pouch packaging.
Frontera received two 2011 Sofi Award nominations for the Key Lime Cilantro Taco Skillet Sauce and the seasonal Chipotle Pumpkin Salsa. In 2016, Frontera received a Sofi nomination for Frontera Beef Barbacoa Slow Cook Sauce.
Terms of the transaction were not disclosed. The acquisition does not include any restaurant assets, including Frontera-branded restaurants.
Thursday, February 12, 2015
Orbitz to be sold to Expedia for $1.6 billion
Chicago-based online travel company Orbitz Worldwide, Inc. (NYSE: OWW) will be purchased by Expedia, Inc. (NASDAQ: EXPE), according to a news release issued today by Expedia. Expedia, announced it has entered into a definitive agreement under which it will acquire Orbitz Worldwide, , including all of Orbitz Worldwide's brands, for $12.00 per share in cash, representing an enterprise value of approximately $1.6 billion, and a premium of approximately 29% over the volume weighted average share price for the five trading days up to and including February 11, 2015.
The Boards of Directors of both companies have approved the transaction, which is subject to approval by the shareholders of a majority of Orbitz Worldwide's common stock and other customary closing conditions, including applicable regulatory approvals. The Board of Directors of Orbitz Worldwide received a fairness opinion from Qatalyst Partners and has recommended that its stockholders vote in favor of the merger.
"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world," said Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc. "From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family."
"Our mission at Orbitz Worldwide has been to build our brands to be the world's most rewarding places to plan and purchase travel," said Barney Harford, Chief Executive Officer, Orbitz Worldwide. "We're excited for Orbitz Worldwide to join the Expedia, Inc. family and for our teams to work together to further enhance the offerings we provide to our customers and partners."
"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world," said Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc. "From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family."
"Our mission at Orbitz Worldwide has been to build our brands to be the world's most rewarding places to plan and purchase travel," said Barney Harford, Chief Executive Officer, Orbitz Worldwide. "We're excited for Orbitz Worldwide to join the Expedia, Inc. family and for our teams to work together to further enhance the offerings we provide to our customers and partners."
Expedia, Inc. (NASDAQ: EXPE) is one of the world's largest travel companies, with an extensive brand portfolio that includes leading online travel brands, such as:
- Expedia.com®, the world's largest full service online travel agency with localized sites in 31 countries
- Hotels.com®, the hotel specialist with localized sites in more than 60 countries
- Hotwire®, a leading discount travel site that offers opaque deals in 12 countries throughoutNorth America, Europe and Asia
- Travelocity®, a pioneer in online travel and a leading online travel agency in the US and Canada
- Egencia®, the world's fifth largest corporate travel management company
- eLong™, a leading mobile and online travel service provider in China
- Venere.com™, an online hotel reservation specialist in Europe
- trivago®, a leading online hotel metasearch company with sites in 49 countries
- Wotif Group, a leading operator of travel brands in the Asia-Pacific region, including Wotif.com®, lastminute.com.au®, travel.com.au, Asia Web Direct®, LateStays.com, GoDo.com.au and Arnold Travel Technology
- Expedia Local Expert®, a provider of online and in-market concierge services, activities, experiences and ground transportation in hundreds of destinations worldwide
- Classic Vacations®, a top luxury travel specialist
- Expedia® CruiseShipCenters®, a provider of exceptional value and expert advice for travelers booking cruises and vacations through its network of 180 franchise locations across North America
- CarRentals.com™, the premier car rental booking company on the web
The company delivers consumers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia® Media Solutions. Expedia also powers bookings for some of the world's leading airlines and hotels, top consumer brands, high traffic websites, and thousands of active affiliates through Expedia® Affiliate Network. For corporate and industry news and views, visit us at www.expediainc.com or follow us on Twitter @expediainc.
Orbitz Worldwide (NYSE: OWW) is a leading global online travel company using technology to transform the way consumers around the world plan and purchase travel. Orbitz Worldwide operates the consumer travel planning sites Orbitz (orbitz.com), ebookers (ebookers.com), HotelClub (hotelclub.com) and CheapTickets (cheaptickets.com). Also within the Orbitz Worldwide family, Orbitz Partner Network (orbitzpartnernetwork.com) delivers private label travel technology solutions to a broad range of partners including some of the world`s largest airlines, bank loyalty programs and travel agencies, and Orbitz for Business (orbitzforbusiness.com) delivers managed travel solutions for companies of all sizes. Orbitz Worldwide makes investor relations information available at investors.orbitz.com.
Thursday, January 16, 2014
Illinois accounting firms merge
Two Illinois accounting firms, Mowery & Schoenfeld and Wolowicki and Associates, merged effective Jan. 2, 2014. The combined CPA firm will continue operations as Mowery & Schoenfeld.
This is Mowery & Schoenfeld's third merger in the last five years; the firm has grown from three employees to 55 in just 17 years.
"We've been fortunate to identify three great merger opportunities in the last five years," said Jeff Mowery, managing partner of Mowery & Schoenfeld. "With each merger, we've had the opportunity to add incredible talent and clients to our firm. We are only interested in pursuing opportunities where the culture, clients and staff are a seamless fit into our organization."
For the third year in a row, Mowery & Schoenfeld is the proud recipient of the "Best Accounting Firms to Work For" award from Accounting Today. This award is a true testament to the employees, the leadership and the incredible clients the firm works with on a daily basis.
"It didn't take us long to realize Mowery & Schoenfeld was a great fit for our employees and our clients," said Jerry Wolowicki, managing partner of Wolowicki and Associates. "We are excited about our future as one firm."
Mowery & Schoenfeld is a full-service CPA firm located in Lincolnshire, Illinois. The 55-person firm works with private businesses and individuals in providing audit, tax, consulting and wealth management services.
Wolowicki and Associates, formerly based in Schaumburg, moved to the Mowery & Schoenfeld offices in Lincolnshire on January 2, 2014.
This is Mowery & Schoenfeld's third merger in the last five years; the firm has grown from three employees to 55 in just 17 years.
"We've been fortunate to identify three great merger opportunities in the last five years," said Jeff Mowery, managing partner of Mowery & Schoenfeld. "With each merger, we've had the opportunity to add incredible talent and clients to our firm. We are only interested in pursuing opportunities where the culture, clients and staff are a seamless fit into our organization."
For the third year in a row, Mowery & Schoenfeld is the proud recipient of the "Best Accounting Firms to Work For" award from Accounting Today. This award is a true testament to the employees, the leadership and the incredible clients the firm works with on a daily basis.
"It didn't take us long to realize Mowery & Schoenfeld was a great fit for our employees and our clients," said Jerry Wolowicki, managing partner of Wolowicki and Associates. "We are excited about our future as one firm."
Mowery & Schoenfeld is a full-service CPA firm located in Lincolnshire, Illinois. The 55-person firm works with private businesses and individuals in providing audit, tax, consulting and wealth management services.
Wolowicki and Associates, formerly based in Schaumburg, moved to the Mowery & Schoenfeld offices in Lincolnshire on January 2, 2014.
Tuesday, January 14, 2014
Beam sold in $16 billion deal to Japan's Suntory Holdings
Chicago mergers and acquisitions activity continues to heat up. Japan's Suntory Holdings has announced it will acquire Deerfield-based Beam Inc., the producer of Jim Beam and Maker's Mark bourbons and other top-shelf liquor brands. Beam became an independent company when Fortune Brands Inc. was split into two companies in 2011.
Suntory Holdings has agreed to pay $83.50 a share in cash to purchase Beam. The transaction values Beam at $16 billion, including the assumption of debt. If the acquisition is completed as planned, the merged company would have annual sales of more than $4.3 billion, the two companies said, making it the world's third-largest premium spirits company, behind Diageo and Pernod Ricard.
Suntory Holdings has agreed to pay $83.50 a share in cash to purchase Beam. The transaction values Beam at $16 billion, including the assumption of debt. If the acquisition is completed as planned, the merged company would have annual sales of more than $4.3 billion, the two companies said, making it the world's third-largest premium spirits company, behind Diageo and Pernod Ricard.
Friday, January 3, 2014
Cumulus Media buys 2 radio stations from Merlin Media
The Chicago Tribune reports that Cumulus Media, owner of news/talk WLS AM 890 and classic hits WLS FM 94.7, is poised to acquire two stations from Merlin Media: classic rock WLUP FM 97.9 and WIQI FM 101.1 (which will revert to modern rock WKQX).
“The addition of WKQX and WLUP will add two legendary radio brands to the two legendary radio brands Cumulus already owns in Chicago,” John Dickey, executive vice president and co-chief operating officer of Cumulus, told Inside Radio. “We are excited to be growing our presence in one of the best media markets in the world.”
Dickey told AllAccess.com there will be no change in the Loop’s format, adding: “We will migrate WKQX from 87.7 to 101.1 next week and return it to alternative, dropping ’90s, 2K & Today.’ We will simulcast it for a month.”
Sale of the two Merlin stations essentially closes another chapter in the saga of Randy Michaels, who launched the company in 2011 after his exit as CEO of Tribune Co.
Terms of the business acquisition agreement with Merlin Media announced Friday were not yet known.
“The addition of WKQX and WLUP will add two legendary radio brands to the two legendary radio brands Cumulus already owns in Chicago,” John Dickey, executive vice president and co-chief operating officer of Cumulus, told Inside Radio. “We are excited to be growing our presence in one of the best media markets in the world.”
Dickey told AllAccess.com there will be no change in the Loop’s format, adding: “We will migrate WKQX from 87.7 to 101.1 next week and return it to alternative, dropping ’90s, 2K & Today.’ We will simulcast it for a month.”
Sale of the two Merlin stations essentially closes another chapter in the saga of Randy Michaels, who launched the company in 2011 after his exit as CEO of Tribune Co.
Terms of the business acquisition agreement with Merlin Media announced Friday were not yet known.
Monday, February 13, 2012
Chicago M&A Advisor Wins National Awards
Development Specialists, Inc. (DSI), a Chicago-based provider of
management consulting and financial advisory services, received three M&A Advisor Turnaround Awards at the recent 6th
Annual Turnaround Gala in Palm Beach, Fla. The ceremony recognizes the
achievements of the world's leading mergers and acquisitions, financing
and turnaround professionals.
DSI's three awards were the "Reorganization of the Year (Middle Market);" "Consumer and Retail Products (Over $50 Million) Sale of the Year;" and "Real Estate Deal of the Year (Under $500 Million)" categories.
DSI won the Reorganization of the Year for its work on the acquisition of HearUSA by Siemens Hearing Instruments. West Palm Beach. Fla-headquartered HearUSA was a leader in hearing care for the nation's managed care organizations selling a full line of hearing aid and related products. The company filed for Chapter 11 bankruptcy in May 2011 and was subsequently sold at auction in September 2011 to Siemens.
Additionally, DSI was honored for its outstanding work in the sale and real estate deal of Frankfort, Illinois-based Gas City, Limited to multiple strategic buyers. Gas City Limited is the owner and operator of gasoline stations, truck stops, and convenience stores. The company filed for bankruptcy in October 2011 and was sold at auction in April 2011.
"These awards represent the breadth and depth of work we provide our clients," says Bill Brandt, DSI president and CEO. "We are honored that M&A Advisor has recognized us for our commitment to maximizing value for all stakeholders involved in this continuously challenging business environment."
DSI's three awards were the "Reorganization of the Year (Middle Market);" "Consumer and Retail Products (Over $50 Million) Sale of the Year;" and "Real Estate Deal of the Year (Under $500 Million)" categories.
DSI won the Reorganization of the Year for its work on the acquisition of HearUSA by Siemens Hearing Instruments. West Palm Beach. Fla-headquartered HearUSA was a leader in hearing care for the nation's managed care organizations selling a full line of hearing aid and related products. The company filed for Chapter 11 bankruptcy in May 2011 and was subsequently sold at auction in September 2011 to Siemens.
Additionally, DSI was honored for its outstanding work in the sale and real estate deal of Frankfort, Illinois-based Gas City, Limited to multiple strategic buyers. Gas City Limited is the owner and operator of gasoline stations, truck stops, and convenience stores. The company filed for bankruptcy in October 2011 and was sold at auction in April 2011.
"These awards represent the breadth and depth of work we provide our clients," says Bill Brandt, DSI president and CEO. "We are honored that M&A Advisor has recognized us for our commitment to maximizing value for all stakeholders involved in this continuously challenging business environment."
Tuesday, January 3, 2012
Chicago Potato Chip Maker Vitner's Sold to California Firm
C.J. Vitner Company, a leading manufacturer and distributor of snack foods in the greater Chicago market, has been sold to California-based Snak King Corp.
C.J. Vitner, founded in 1926, is one of the oldest family-owned-and-operated snack food companies in the country. It operates a 138,000 square foot manufacturing facility on 50 acres in Freeport, Illinois and has distribution centers in Chicago, Indiana, and Wisconsin. Vitner's customers include many of the nation's largest retail, supermarket and convenience store chains, as well as leading regional retailers in the Midwest.
Snak King is one of the largest independent snack food manufacturers in the United States. Its 277,000 square foot facility in the City of Industry, California serves the national market with organic, kosher, Hispanic and traditional snacks under The Whole Earth, El Sabroso, Granny Goose, Jensen's Orchard and Snak King brands, as well as private label products.
Barry C. Levin, Chairman and Chief Executive Officer of Snak King said,"We have known the Vitner family for many years, both as distributors of El Sabroso products in the Midwest and as highly respected leaders in our industry. We are very proud that they have chosen to become part of the Snak King organization and are entrusting to us their heritage of more than eight decades of quality." The current Vitner management team will continue to oversee manufacturing and distribution, Mr. Levin said.
Bill Vitner, Chairman and CEO of C.J. Vitner Co., said, "Joining with Snak King enables Vitner's to deliver a truly nationwide solution to our customers in terms of products, distribution and services. Snak King has been at the forefront of our industry in quality and innovation, and we are delighted to have joined their team."
Terms of the transaction were not disclosed.
C.J. Vitner, founded in 1926, is one of the oldest family-owned-and-operated snack food companies in the country. It operates a 138,000 square foot manufacturing facility on 50 acres in Freeport, Illinois and has distribution centers in Chicago, Indiana, and Wisconsin. Vitner's customers include many of the nation's largest retail, supermarket and convenience store chains, as well as leading regional retailers in the Midwest.
Snak King is one of the largest independent snack food manufacturers in the United States. Its 277,000 square foot facility in the City of Industry, California serves the national market with organic, kosher, Hispanic and traditional snacks under The Whole Earth, El Sabroso, Granny Goose, Jensen's Orchard and Snak King brands, as well as private label products.
Barry C. Levin, Chairman and Chief Executive Officer of Snak King said,"We have known the Vitner family for many years, both as distributors of El Sabroso products in the Midwest and as highly respected leaders in our industry. We are very proud that they have chosen to become part of the Snak King organization and are entrusting to us their heritage of more than eight decades of quality." The current Vitner management team will continue to oversee manufacturing and distribution, Mr. Levin said.
Bill Vitner, Chairman and CEO of C.J. Vitner Co., said, "Joining with Snak King enables Vitner's to deliver a truly nationwide solution to our customers in terms of products, distribution and services. Snak King has been at the forefront of our industry in quality and innovation, and we are delighted to have joined their team."
Terms of the transaction were not disclosed.
Wednesday, November 16, 2011
Giordano's Pizza Sold at Bankruptcy Auction
According to the Chicago Tribune, the Giordano's pizza chain was sold today (November 16) at auction for $61.6 million to an investor group led by Chicago-based private equity firm Victory Park Capital.
Giordano's and its related entities filed for Chapter 11 bankruptcy protection last February. The company owed nearly $50 million to its principal lender, Fifth Third Bank and about $2 million to two other banks.
The price bid at the auction was reportedly high enough that the company's unsecured creditors may receive some payments on their claims.
Read the full article.
Giordano's and its related entities filed for Chapter 11 bankruptcy protection last February. The company owed nearly $50 million to its principal lender, Fifth Third Bank and about $2 million to two other banks.
The price bid at the auction was reportedly high enough that the company's unsecured creditors may receive some payments on their claims.
Read the full article.
Thursday, November 3, 2011
Charles Schwab to Acquire Chicago Software Company Compliance11
The Charles Schwab Corporation has entered into an agreement to acquire Compliance11, Inc., a Chicago-based provider of cloud-based, regulatory compliance software. The acquisition is expected to close in the fourth quarter of 2011, subject to customary closing conditions.
Based in Chicago and founded in 2005, Compliance11, Inc. is a leading provider of cloud-based compliance automation software for public companies, brokerage firms, investment advisors, hedge funds, private equity firms and pension funds. Its highly scalable and customizable platform provides companies with a series of compliance tools to assist in managing their disclosure, tracking, surveillance and reporting needs, and more efficiently manage employee compliance.
Schwab's Designated Brokerage Services (DBS) business has provided employee trade monitoring services to employers in regulated industries for more than 15 years and now serves over 650 corporate relationships who monitor over $30 billion in assets across 130,000 employee accounts. DBS provides employee trading data to these companies, which helps them manage their responsibilities, while providing their employees all of the products, services and support Schwab has to offer.
"The range of firms monitoring their employees' investing and trading activities to ensure compliance with industry regulations is expanding," stated Jim McCool, executive vice president and head of Institutional Services at Schwab. "A heightened regulatory focus and attention to corporate reputational risk create more reason than ever for firms toseek out efficient solutions to helpmeet their compliance obligations."
"This combination of capabilities will put Schwab in a unique position," added Trish Cox, senior vice president of Schwab Corporate Brokerage Services. "By making Compliance11's technology available with our own investing, trading andreporting systems we can create a one-of-a-kind solution that brings great advantages to the corporate marketplace. For example, with an integrated platform, employers would be able to streamline the process of monitoring employee trades to comply with regulations, avoiding potential delays and inefficiencies."
"We are delighted to be joining forces with Schwab," said Tad Mitchell, Compliance11 president and CEO. "Innovation and excellent customer service are what have made us both great companies. We're looking forward to the opportunity to take both of these to the next level."
Based in Chicago and founded in 2005, Compliance11, Inc. is a leading provider of cloud-based compliance automation software for public companies, brokerage firms, investment advisors, hedge funds, private equity firms and pension funds. Its highly scalable and customizable platform provides companies with a series of compliance tools to assist in managing their disclosure, tracking, surveillance and reporting needs, and more efficiently manage employee compliance.
Schwab's Designated Brokerage Services (DBS) business has provided employee trade monitoring services to employers in regulated industries for more than 15 years and now serves over 650 corporate relationships who monitor over $30 billion in assets across 130,000 employee accounts. DBS provides employee trading data to these companies, which helps them manage their responsibilities, while providing their employees all of the products, services and support Schwab has to offer.
"The range of firms monitoring their employees' investing and trading activities to ensure compliance with industry regulations is expanding," stated Jim McCool, executive vice president and head of Institutional Services at Schwab. "A heightened regulatory focus and attention to corporate reputational risk create more reason than ever for firms toseek out efficient solutions to helpmeet their compliance obligations."
"This combination of capabilities will put Schwab in a unique position," added Trish Cox, senior vice president of Schwab Corporate Brokerage Services. "By making Compliance11's technology available with our own investing, trading andreporting systems we can create a one-of-a-kind solution that brings great advantages to the corporate marketplace. For example, with an integrated platform, employers would be able to streamline the process of monitoring employee trades to comply with regulations, avoiding potential delays and inefficiencies."
"We are delighted to be joining forces with Schwab," said Tad Mitchell, Compliance11 president and CEO. "Innovation and excellent customer service are what have made us both great companies. We're looking forward to the opportunity to take both of these to the next level."
Tuesday, May 3, 2011
DealADayOnline Acquired by BuyWithMe
Chicago-based DealADayOnline, a group buying and social commerce company focused on the Chicago marketplace, has been acquired by BuyWithMe (http://www.buywithme.com/). This acquisition further expands BuyWithMe’s rapidly growing footprint in the Chicago marketplace and across the United States. BuyWithMe currently offers high-quality daily deals in 13 of the largest cities in the U.S. (Austin, Boston, Chicago, Dallas, Houston, Los Angeles, New York, Philadelphia, Phoenix, San Diego, San Francisco, Seattle and Washington D.C.) and is expected to double that footprint over the course of 2011.
“We are expanding rapidly in Chicago and our acquisition of DealADayOnline is a logical extension of that," said Jim Crowley, CEO of BuyWithMe, Inc. "DealADayOnline allows us to better meet the needs of our growing customer and merchant partners in the areas. We are delighted to welcome the DealADayOnline consumer and merchant community to the BuyWithMe family. We are also excited to help Chicagoans better discover and enjoy the many activities, destinations and experiences that are made possible by their local merchants."
“We’re very excited to join the BuyWithMe team. We pride ourselves on delivering a positive experience for merchants and consumers alike and those values are fully shared by BuyWithMe,” said Melissa Newman, CEO of DealADayOnline. “BuyWithMe is a clear and rapidly growing leader in this space, and our merchants and members will benefit from being a part of BuyWithMe’s larger community and capabilities which further accelerates our expansion in Chicago."
“We are expanding rapidly in Chicago and our acquisition of DealADayOnline is a logical extension of that," said Jim Crowley, CEO of BuyWithMe, Inc. "DealADayOnline allows us to better meet the needs of our growing customer and merchant partners in the areas. We are delighted to welcome the DealADayOnline consumer and merchant community to the BuyWithMe family. We are also excited to help Chicagoans better discover and enjoy the many activities, destinations and experiences that are made possible by their local merchants."
“We’re very excited to join the BuyWithMe team. We pride ourselves on delivering a positive experience for merchants and consumers alike and those values are fully shared by BuyWithMe,” said Melissa Newman, CEO of DealADayOnline. “BuyWithMe is a clear and rapidly growing leader in this space, and our merchants and members will benefit from being a part of BuyWithMe’s larger community and capabilities which further accelerates our expansion in Chicago."