FINANCIAL MANAGEMENT,INVESTMENT MANAGEMENT
Miracle Mile Advisors, Karp Capital Management and Corsair | September 17, 2022
Miracle Mile Advisors and Karp Capital Management announced today that they intend to combine, creating an award-winning, national wealth advisory firm with over $4 billion in assets under management serving clients from five main offices. In conjunction with the transaction, the combined company will receive a significant investment from Corsair Capital, a leading private equity firm in the financial and business services industries. The combination and subsequent Corsair investment is expected to be completed in November 2022, subject to customary closing conditions.
Karp Capital is a wealth management firm based in the San Francisco Bay area, with over $1.2 billion in client assets. Peter Karp founded Karp Capital in 2004 as an independent alternative to larger brokerage firms, providing sophisticated financial planning, investment advice, and retirement services to high-net-worth individuals and business owners with a specific expertise in the automotive sector.
“Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services,”
- Peter Karp
Miracle Mile is a national, award-winning wealth advisor headquartered in Los Angeles, with offices in New York, Chicago and Portland. Founded in 2007, Miracle Mile provides clients with highly-customized financial advice across all aspects of their balance sheet. Miracle Mile is consistently ranked as one of the Top 50 Fastest Growing RIAs nationally, one of the Best Places to Work for financial advisors, and has multiple Forbes and Barron’s top-ranked advisors.
We are fortunate to have developed an amazing culture and growth track record that has attracted some of the best and brightest advisory teams in the industry, and the addition of Karp Capital is a perfect example. As we scale the combined firm and enhance the service offering to our clients, we have found an incredible partner in Corsair. Their deep industry expertise and network will be instrumental in our future success, With our combined capabilities, we believe we can offer a differentiated partnership, culture, and set of resources to other wealth management firms looking to grow and thrive,said Duncan Rolph, Managing Partner.
Corsair expects to leverage its deep fintech and wealth management expertise to support Miracle Mile, as it accelerates the growth trajectory, enhances the client experience, and builds on its history of successful acquisitions and partnerships. Corsair’s investment in Miracle Mile expands on its successful track record of investing in the asset and wealth management sector.
We have been looking at the wealth advisory space for several years, trying to find the right platform company we found it in Miracle Mile. Their unwavering commitment to clients, incredible management team, market-leading growth, and award-winning culture makes the newly combined firm a perfect fit, said Gunnar Overstrom, a partner at Corsair. Tony Ling, a managing director at Corsair, added Miracle Mile is uniquely positioned as an ideal partner for high-growth advisors and their clientele.
The Asset & Wealth Management Investment Banking team of Raymond James served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Miracle Mile and Venable LLP served as legal counsel to Karp Capital. Simpson Thacher & Bartlett LLP served as legal counsel and Ardea Partners LP and Waller Helms Advisors served as financial advisor to Corsair Capital.
About Miracle Mile Advisors
Miracle Mile Advisors is a registered investment advisor committed to providing dynamic financial planning and custom investment management to high-net-worth individuals, families, business owners and institutions. Miracle Mile’s advisors integrate clients’ ambitions with best-in-class guidance, advice, and technology, and have been recognized across leading industry awards such as Barron’s, Financial Times, Forbes, Inc., and InvestmentNews.
About Karp Capital Management
Karp Capital Management is a registered investment advisor serving as a trusted partner for highly successful individuals, businesses, and families. Karp Capital simplifies the complexity in the financial lives of their clients and integrates clients’ entire wealth picture with their long-term aspirations so that they are confident about achieving what is important to them.
Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception.
Avalara | August 09, 2022
Avalara, Inc., a leading provider of tax compliance automation for businesses of all sizes, today announced it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, in partnership with institutional co-investors.
Under the terms of the agreement, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, inclusive of Avalara’s net debt. The per share purchase price represents a premium of 27 percent over the Company’s closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction.
Founded in 2004, Avalara’s success is built up on an extensive partner network; large tax content data and repository to help customers stay up to date on dynamic tax rules and regulations; and its cloud-native, end-to-end multi-product tax compliance portfolio. In partnering with Vista, Avalara will look to build on its successful platform by refining its go-to-market strategy, expanding its international workforce, streamlining its systems architecture, and continuing to pursue value-accretive M&A opportunities.
"For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform.”
- Scott McFarlane, co-founder and CEO of Avalara
Vista has built a reputation as a preferred partner for founder-led, next-generation software companies, We look forward to working with Scott and the entire Avalara team to advance their vision and continue delivering innovative solutions to customers,said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director.
Avalara is a mission-critical platform serving customers in a variety of end-markets, including retail, manufacturing, hospitality, and software, Avalara’s solutions, its commitment to product innovation, and its network of extensive partner integrations, resellers, and accountants make it a true leader in the space,said Adrian Alonso, Managing Director at Vista.
The transaction, which was unanimously approved by the Avalara Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Avalara shareholders and receipt of regulatory approval. Closing of the transaction is not subject to a financing condition.
Upon completion of the transaction, Avalara’s shares will no longer trade on the New York Stock Exchange, and Avalara will become a private company. The company will continue to operate under the Avalara name and brand.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Avalara, and Simpson Thacher & Bartlett LLP and Perkins Coie LLP are acting as legal counsel.
Kirkland & Ellis LLP is acting as legal counsel for Vista.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at avalara.com.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.
PNC | September 27, 2022
The PNC Financial Services Group, Inc. today announced it has acquired Linga, a point of sale (POS) and payments solutions firm providing an industry-leading, cloud-based restaurant operating system. The acquisition of Linga and its technology will further expand PNC's digital resources and enhance the bank's capabilities to better serve its hospitality and restaurant industry clients.
"This acquisition reflects our continued commitment to expanding our corporate payments capabilities, as well as investing in the solutions and tools our clients need to run their businesses more effectively, Leveraging Linga's proprietary solutions and PNC's competitive treasury management platform, we will be able to provide our restaurant and retail clients with the tools they need to keep up with ever-changing consumer expectations."
- Emma Loftus, executive vice president and head of PNC Treasury Management
Founded in 2004, Linga developed its restaurant operating system, Linga rOS®, which was the first all-in-one, cloud-based operating system introduced to the marketplace. Today, Linga remains an industry-leading provider across the hospitality industry, offering restaurateurs, retailers and others a way to leverage technology to streamline their operations, increase revenue and improve customer experiences. Over the years, Linga has added new functionalities to its operating system to support the needs of today's business owner, including online ordering, payments, QR code-based menus, and virtual kiosks, among others. The company currently serves clients in 48 countries and as of today, will be seamlessly integrated into PNC's existing digital solutions ecosystem.
We believe this is an exciting opportunity to continue to grow our business and support our existing channel partners and clients, and to do so with a company that shares our vision of delivering innovative and high-quality solutions, As we've worked with PNC over the last several years, we've had incredible success with our combined payments capabilities and we look forward to continuing this strategic collaboration as we move forward together,said Onur Haytac, founder and CEO of Linga.
Linga will retain its founder and CEO, Onur Haytac, its existing management team, and U.S. and Canada-based employees, and will continue to operate out of Naples, Fla., and Toronto. Linga will continue to manage its portfolio of channel partners and clients.
Linga is an industry-leading point of sale (POS) and payments solutions company offering a cloud-based, platform-as-a-service solution for the hospitality industry, specifically restaurants. Founded in 2004, Linga was the first processor agnostic, cloud-based POS system designed specifically for the hospitality industry, and remains one of the most sophisticated restaurant operating systems on the market. The Linga cloud-based platform is completely customizable and includes user-friendly functionalities such as online ordering, payments, QR code-based menus and virtual kiosks, among others.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
FINANCIAL MANAGEMENT,INVESTMENT MANAGEMENT
Awiros, Inflexor Ventures and Exfinity Venture Partners | September 15, 2022
National, Sep 14 2022: Tech-focused VC funds, Inflexor Ventures and Exfinity Venture Partners, led the Series A round in Awiros, a deep-tech start-up that develops an AI-based computer-vision platform primarily for video processing. The current round of funding also saw participation from VedaVC, leading family offices and UHNIs.
Awiros is bridging a key gap in the market through its offering, a marketplace of Video AI “Apps” that allows its customers to discover and adopt suitable technology solutions quickly. Enterprises have been actively deploying Video AI solutions across automation, safety and process monitoring where the market is projected to reach USD 27Bn by 2030, based on various research studies. Awiros is accelerating the adoption of this technology, where its average customer subscribes to more than 10 apps today, up from 4 in 2019. With several Fortune 500 customers and large-scale Video AI deployments across manufacturing, warehousing, data centres, critical infrastructure and public safety, Awiros is already one of the leading companies in this space in India.
In terms of technology, Awiros is a device-agnostic Operating System (OS) for easy development and delivery of Video AI applications. The OS eliminates the need for enterprise clients to upgrade, redesign, or reinstall new systems as the enterprise’s Video AI use cases increase. The platform also abstracts out all the tedious workflow around computer vision-based AI models and lets developers concentrate on building efficient models, resulting in faster development and deployment cycles for enterprise-grade applications. In the near future, Awiros aims to be the default platform for computer vision use-cases that would allow any developer to create and deploy computer vision applications in large-scale projects in a friction-less manner and create an ecosystem that allows the best apps to thrive, much like the app-stores for smartphones.
The company aims to utilize the funding towards product enhancement, building its developer community, and business growth in India and overseas markets. This funding round will allow Awiros in augmenting the India and US teams, both in technology and sales-related functions.
Awiros was founded in 2015 by Vikram Gupta and Yatin Kavishwar. Vikram is a computer engineering research expert with a PhD from Carnegie Mellon University. His key focus area during his PhD was to architect a middleware for multi-application embedded systems, which became the base and motivation for founding Awiros. Yatin is a seasoned enterprise business leader with experience in leading government, enterprise, defence and public sector sales across multiple stints at AppDynamics, Citrix, Cisco and IBM.
Vikram Gupta CEO & Co-Founder of Awiros said “Awiros is one of the fastest growing companies in the Video AI space in India and this funding round will help us build further momentum for global growth by increasing our market share, streamlining technical operations and investing in the R&D of existing and new product categories. By onboarding the seasoned deep-tech investors from Inflexor and Exfinity, Awiros will benefit heavily from their extensive experience in technology, international business and scalable GTM.”
Jatin Desai, Managing Partner at Inflexor Ventures added, “We are very excited to partner with Vikram, Yatin and the team at Awiros as they take their patented deeptech/AI-based Computer Vision operating system and app store to global markets and continue to grow in the domestic market. As cameras become even more ubiquitous globally there will be a huge addressable market for their products. Awiros investment fits very well with Inflexor’s deeptech/tech IP theme and backing solid founders in this space”.
Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners added, “In the backdrop of data explosion happening in the video domain, we are thrilled to join Awiros’ journey in building a unified video intelligence platform that derives actionable insights for its customers. Awiros’ approach is analogous to Android O/S which enables and empowers the customer to design and deploy AI-based solutions for their business needs quickly. Awiros has excellent business synergy with our portfolio company Kinara (erstwhile Deepvision) wherein they will be able to co-develop solutions in domains such as retail automation, smart buildings, Industry 4.0 etc. for Fortune 500 clients.”
About Inflexor Ventures
Inflexor Ventures is a sector-agnostic VC firm that invests in deep and emerging technology startups from Pre-Series A to Series B stages. The team at Inflexor Ventures brings decades of experience in fund management and investments, serial entrepreneurship and global technology and operational roles. Inflexor past investments include Atomberg, Playshifu, Kale Logistics, GramCover, SecureThings, Bellatrix, Vitra.ai, and recently exited Steradian. From their earlier fund Parampara, they had also invested in Entropik, CloudSEK, SCube, and SecurAx.
About Exfinity Venture Partners
Exfinity Venture Partners is an early-stage technology-focused fund investing in the domains of deep technology, SaaS and platforms. Exfinity’s core founding principles are to focus on B2B-sector investments with a practitioner-driven approach, and they are the pioneer fund in India in these aspects. Exfinity is uniquely positioned to enable the scaling of cross-border startups building world-class enterprise solutions for customers across the globe, and also facilitate growth stage investments for their portfolio companies. Their other investments include Pixis, Log 9 Materials, MoEngage, Kinara, Locus, Skit, Ati Motors, AiPalette, Credilio, Mad Street Den and CloudSEK.