SGH to Acquire Stratus Technologies

SGH | June 30, 2022

SMART Global Holdings, Inc. (“SGH” or the “Company”) (Nasdaq: SGH) today announced that it has entered into a definitive agreement with affiliates of Siris Capital Group, LLC, to acquire Stratus Technologies (“Stratus”), a global leader in simplified, protected, and autonomous computing solutions in the data center and at the Edge. Under the terms of the agreement, SGH will pay $225 million in cash at closing and an earn-out payment of up to $50 million, based on the gross profit performance of the Stratus business during the first full 12 fiscal months of Stratus following the closing.

Consistent with the Company’s existing lines of business, Stratus delivers differentiated technology solutions to specialty end markets. In particular, the addition of Stratus’ high-availability, fault-tolerant computing platforms, software, and services will expand the Company’s Intelligent Platform Solutions (“IPS”) business to better serve Stratus and IPS customers worldwide.

This transaction builds upon our successful track record of M&A at SGH, The high-availability and fault-tolerant capabilities of Stratus will expand our IPS offerings in Edge, Core, and Cloud, and will enable us to more comprehensively address our combined customers’ needs. We look forward to welcoming the Stratus team to SGH.”

Mark Adams, CEO of SGH.

About Stratus
For leaders digitally transforming their operations to drive predictable, peak performance with minimal risk, Stratus ensures the continuous availability of business-critical applications by delivering zero-touch Edge Computing platforms that are simple to deploy and maintain, protected from interruptions and threats, and autonomous. For 40 years, we have provided reliable and redundant zero-touch computing, enabling global Fortune 500 companies and small-to-medium sized businesses to securely and remotely turn data into actionable intelligence at the Edge, Cloud and Data Center – driving uptime and efficiency.

About SGH
At SGH, our companies are united by a drive to raise the bar, execute with discipline and focus on what’s next for the technologies that support and advance the world. Across computing, memory, and LED lighting solutions, we build long-term strategic partnerships with our customers. Backed by a proven leadership team, we operate with excellence around the globe while unlocking new avenues of growth for our business and industry.

About Siris
Siris is a leading private equity firm that invests primarily in mature technology and telecommunications companies with mission-critical products and services, facing industry changes or other significant transitions. Siris' development of proprietary research to identify opportunities and its extensive collaboration with its Executive Partners and Advisors are integral to its approach. Siris' Executive Partners and Advisors are experienced senior operating executives that actively participate in key aspects of the transaction lifecycle to help identify opportunities and drive strategic and operational value. Siris is based in New York, Silicon Valley and West Palm Beach, and has raised nearly $6 billion in cumulative capital commitments.

Spotlight

CFO 3.0—Digital Transformation Beyond Financial Management

CFO 3.0: Digital transformation beyond financial management is a new guide that looks at the evolution of the chief financial officer. It will show you how technology, such as artificial intelligence and automation, can help you take your finance team and your role to the next level. CFO 3.0: Digital transformation beyond financ

More featured news

Spotlight

CFO 3.0—Digital Transformation Beyond Financial Management

Related News

Financial Management

BNY Mellon Unveils Bankify, A Cutting-Edge Addition to Its Portfolio

BNY Mellon | September 11, 2023

BNY Mellon and Trustly have joined forces for an open banking payment solution with guaranteed settlement. This open banking payments solution ensures a smooth user experience and guarantees funds for business receivables. Bankify integrates BNY Mellon's proficiency in transaction payments with Trustly's prominent open banking capabilities. Bankify, BNY Mellon's latest innovation, introduces an open banking payments solution designed to streamline the process of accepting payments directly from consumers' bank accounts, making it more convenient for organizations. It represents a pivotal stride forward in modern finance, designed with meticulous care to simplify and optimize payment interactions. BNY Mellon clients will now have the power to empower their end-users with a straightforward method for conducting transactions directly from their bank accounts, presenting a viable and enticing alternative to credit cards, debit cards, and third-party payment platforms. Bankify's innovation is not confined to a single niche but embraces the entire digital finance ecosystem. Its meticulous design ensures that it caters comprehensively to diverse payment needs, offering simplicity, security, and choice. By bridging the gap between traditional banking and the dynamic world of digital finance, Bankify streamlines payments and enhances customer experiences. It stands as a testament to BNY Mellon's forward-thinking approach and dedication to pushing financial technology's boundaries. "Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support," expressed Jennifer Barker, Global Head of Treasury Services for BNY Mellon. [Source: Cision PR Newswire] Jennifer's emphasis on Bankify's capabilities underscores its remarkable versatility and effectiveness across various sectors of the financial industry. Bankify's account linking and settlement guarantee features stand out as powerful assets in a wide range of scenarios. Whether a merchant seeks cost-effective payment processing, a biller aims to modernize customer interactions and secure banking data sharing, or a brokerage firm requires guaranteed settlement for instant fund access during enrollment, these features provide significant benefits. They streamline operations and greatly enhance an organization's overall financial performance, highlighting Bankify's profound impact on the financial spectrum. Meanwhile, Alexandre Gonthier, Founder and CEO of Trustly, Inc., also highlighted the driving force behind the collaboration with BNY Mellon. The shared dedication to advancing the payment industry and establishing a fresh, open banking-based standard for consumer and business payments has been a central driving force. This partnership underscores a shared belief that consumers should have access to a financially responsible payment method while merchants stand to gain valuable insights from open banking-enabled data. Nevertheless, the essence of Bankify lies in its versatility, accommodating a broad spectrum of consumer-to-business payment scenarios, including merchant payments, bill settlements, and the funding of digital wallets or accounts.

Financial Management, Fintech

Trintech Acquires Financial Reconciliation Business from Fiserv

PRnewswire | July 26, 2023

Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, today announced its acquisition of Frontier™ Reconciliation and Accurate™ Reconciliation from Fiserv (NYSE: FI), a leading global provider of fintech and payments solutions. Serving customers across multiple verticals including financial services, telecommunications, retail, insurance and utilities, the acquired reconciliation business will act as a springboard for innovation, expanding Trintech's accounting automation platform. Through the acquisition, Trintech gains two leading reconciliation solutions, further enhancing the company's portfolio of capabilities. Trintech brings over 35 years of global innovation in automation, reconciliations and financial close processes. The addition of Frontier Reconciliation and Accurate Reconciliation, used by more than 400 blue-chip clients across the globe, including eight of the top ten banks and two of the top three insurance companies in the United States, enables these newly acquired clients to benefit from complementary product offerings and differentiated solutions across key U.S. and international markets. Fiserv will continue to deliver solutions and services to many of these clients. "In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity. This acquisition positions Trintech to provide even more compelling financial close capabilities, broaden the reach of our partner ecosystem and drive impressive ROI for our customers," said Darren Heffernan, CEO of Trintech. "It's also the latest illustration of our holistic growth strategy – one which places a dual mandate on rapid expansion into key verticals and the prioritization of continuous innovation and talent recruitment. We are thrilled to add this powerful complement to Trintech's market-leading portfolio." The acquisition also includes the addition of key employees with technical expertise supporting these solutions across North America, EMEA and APAC, bringing Trintech's global headcount to nearly 700. New and existing customers benefit not only from expanded technical talent and capabilities but also by gaining access to Trintech's partner ecosystem of leading technology and service providers. Additionally, as part of an exclusive referral agreement with Fiserv, Trintech expands its global presence and capabilities into new international markets. "Trintech is well-positioned to guide the Frontier and Accurate reconciliation business through its next chapter, and we are confident they will provide excellent service to our clients and support for their businesses," said Whitney Stewart Russell, President of Digital Solutions, Fiserv. "We are excited about the partnership we have built with Trintech and look forward to serving clients through our future relationship as a referral partner." About Trintech Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech's portfolio of financial solutions, including its Cadency® Platform (for large enterprises) and Adra® Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech's excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently "Easiest to Do Business With" and "Fastest Implementation" in G2's Fall 2022 Report. Over 4,200 clients worldwide – including the majority of the Fortune 100 – rely on Trintech's solutions to enable their F&A operation to become a strategic partner to the business by optimizing data, controlling risk, driving efficiencies, and providing strategic insights. Headquartered in Plano, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordics, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook, Twitter and Instagram. About Fiserv Fiserv, Inc. (NYSE: FI) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

Financial Management, Investment Management

Igloo Products Corp. Selects Planful for Financial Planning, Consolidations, and Workforce Planning

PRnewswire | July 24, 2023

Planful Inc., the pioneer of financial performance management cloud software, today announced that Igloo Products Corp. (Igloo), the number one cooler manufacturer worldwide, has selected Planful as its financial performance management platform for financial planning and budgeting, consolidations, and workforce planning. Planful will replace another solution from one of Planful's competitors. Igloo selected Planful for multiple reasons including: Flexible close and consolidation capabilities that enable detailed reporting and analysis within the solution and without having to rely on slow, manual spreadsheets for granular reporting and variance analysis; Easily customizable planning capabilities on the same platform as its consolidation solution so Igloo can close quickly, gather actuals, and plan profitability down to the product level; Ability to scale to handle large amounts of data from across the business and from its data warehouse; A faster time-to-value through an intuitive, user-friendly interface that eases adoption by business users, more detailed and accurate financial modeling and scenario analysis using pre-built templates, and built-in collaboration tools; and A finance-owned platform that will reduce reliance on IT support and expensive external consultants. "Because our previous solution was difficult to use and expensive to customize, we only used it for consolidations and that limited us to a fraction of the expected value," said Mike Avery, Vice President of Finance at Igloo Products Corp. "We also want planning capabilities in addition to consolidation, and Planful delivers that and more. I'm looking forward to getting our functional data into one source of truth and using cross-departmental KPI dashboards as we start to work with the business on planning. We're bringing four times the number of users into Planful than we had on our previous system, and since Planful uses a familiar, Excel-based syntax, I anticipate fast adoption within FP&A and accounting and for users on other teams." Igloo is the latest in a fast-growing list of over 1,300 organizations who are moving to Planful for financial performance management. With fast deployment and easy adoption, Planful brings the entire business together to drive peak financial performance. "Igloo is an iconic, innovative brand and we're thrilled that they selected Planful," said Kimberly Simms, Planful Chief Customer Officer. "Expanding Igloo's use of Planful across their internal teams will help improve collaboration, agility, and transparency in their planning processes. Moving away from emailing spreadsheets and manually uploading data and instead, having teams work together in Planful, will increase their efficiency, accuracy, and save them valuable time. We look forward to partnering together with Igloo in the months and years ahead." About Planful Planful is the pioneer of financial performance management cloud software. The Planful platform, which helps businesses drive peak financial performance, is used around the globe to streamline business-wide planning, budgeting, consolidations, reporting, and analytics. Planful empowers finance, accounting, and business users to plan confidently, close faster, and report accurately. More than 1,300 customers, including 23andMe, Bose, Boston Red Sox, Five Guys, and Zappos, rely on Planful to accelerate cycle times, increase productivity, and improve accuracy. Planful is a private company backed by Vector Capital, a leading global private equity firm. Learn more at www.planful.com.