FINANCIAL MANAGEMENT

Stifel to Acquire ACXIT Capital Partners

Stifel | June 08, 2022

Stifel_to_Acquire
Stifel Financial Corp. (NYSE: SF) today announced it has signed a definitive agreement to acquire ACXIT Capital Partners, a leading independent corporate finance and financial advisory firm serving European middle-market clients and entrepreneurs. Terms of the transaction were not disclosed.

ACXIT Capital Partners, with a team of about 50 professionals, operates primarily out of offices in Frankfurt, Zurich, and Munich. Since its founding in 1999, the firm has successfully completed nearly 500 transactions, including mergers & acquisitions, capital markets, and debt advisory and restructuring.

ACXIT’s business is focused on providing advisory and capital solutions to emerging companies and is aligned with high-growth sectors of the global economy, including healthcare and technology. ACXIT also maintains strong positions in additional key verticals including industrials, real estate, and consumer/retail.

Through this acquisition, we are extending our European footprint further into strategically important European markets, most notably Germany, This highly complementary combination with ACXIT Capital Partners allows us to accelerate the growth of our investment banking business by adding more geographical breadth and regional market expertise to our platform. It also forms a natural next step following the combination with Mainfirst in 2019.”

Rob Mann, Head of European Investment Banking at Stifel.

Stifel already has a formidable investment banking presence in the UK and Europe with more than 180 professionals based in the region’s major financial centers.

Partnering with Stifel instantly gives us greater access to international markets, the ability to call on a deeper pool of industry expertise, and also enables us to deliver a broader set of products and solutions to our clients, Together, we have the necessary building blocks to create an even more formidable investment banking business throughout continental Europe.”

Johannes H. Lucas, Founder and Senior Managing Partner of ACXIT Capital Partners.

The Stifel network will substantially add critical resources to our business, giving us a powerful international platform to leverage, In particular, it will improve our reach into the vast U.S. investor base for growth capital, and provide enhanced capabilities to clients with cross-border aspirations.”

Thomas Klack, Senior Managing Partner of ACXIT Capital Partners.

After the closing of the transaction, Johannes Lucas and Thomas Klack will become Co-Heads of DACH (Germany, Austria, and Switzerland) Advisory at Stifel. ACXIT Senior Managing Partners Jens Tschauder and Tobias Warkus will also join Stifel’s DACH Management Board.

We have been excited by the remarkable growth of our European investment banking business, which is now an integral part of our global investment bank, We are pleased to welcome the entire ACXIT team to Stifel, as we create more opportunities to leverage Stifel’s deep domain expertise across the strategically important DACH region.”

Brad Raymond, Global Head of Investment Banking at Stifel.

About Stifel
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services.

About ACXIT Capital Partners
ACXIT Capital Partners is a leading international corporate finance and financial advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1999, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, debt, and strategic advisory. As an independent, privately owned firm, ACXIT maintains offices in Frankfurt, Munich and Zurich as well as strong alliances in the UK and France.

Spotlight

First West Credit Union is the third-largest credit union in British Columbia by asset size following Vanity and Coast Capital Savings. Led by Chief Executive Officer Launi Skinner and with close to 250,000 members and nearly $11 billion in assets under administration, First West was formed in January 2010 when Envision Financial in Langley amalgamated with Valley First Credit Union based in Penticton. First West Credit Union acquired Enderby & District Credit Union based in Enderby, BC, in 2013. Island Savings joined First West on January 1, 2015. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia.


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FINTECH

Fintech and Cleantech Win as Global Venture Capital Investments Become More Focused

KPMG International | July 26, 2022

According to the Q2’22 edition of Venture Pulse — a quarterly report, published by KPMG Private Enterprise, that analyzes key VC deals and trends globally — fintech, cybersecurity, supply chain management and alternative energy and energy storage opportunities are continuing to attract significant interest from investors. This is despite global VC investment dropping to $120.2 billion across 8,420 deals in Q2’22. The Americas attracted $66.2 billion in VC investment — over half of the total global VC investment — during Q2’22, with the US accounting for $62.3 billion of this amount. Europe’s market showed strong resilience during the quarter, attracting $27.2 billion in investment during Q2’22. Despite the second successive quarter of decline, VC investment in Europe remained high compared to pre Q2’21. Q2’22 was the most subdued in Asia, dropping to an eight-quarter low of $24.5 billion across 2,206 deals. Investor interest in supply chain and logistics continues to grow as industry challenges continue to have an impact. Soaring global energy prices and increased concerns around energy security has driven investors to look at alternative energy and storage options. Investments in electric vehicles, battery technologies and increasingly hydrogen are becoming more attractive. The US attracted the world’s largest VC deals during Q2’22, including a $2 billion raise by Epic Games, a $1.7 billion raise by Space X, and a $1.5 billion raise by Gopuff. With its $1.2 billion raise, Germany-based fintech company Trade Republic accounted for the fourth spot — the only company outside of the US to raise a $1 billion plus round during the quarter. In Asia, the largest deal of the quarter was an $805 million raise by India-based Dailyhunt. “With valuations declining, many tech companies performing poorly on the public markets, and no end in sight to the level of geopolitical uncertainty, notwithstanding other challenges facing the VC market globally, we’re starting to see investors instructing their portfolio companies to preserve cash,” said Jonathan Lavender, Global Head, KPMG Private Enterprise, KPMG International. “With valuations declining, many tech companies performing poorly on the public markets, and no end in sight to the level of geopolitical uncertainty, notwithstanding other challenges facing the VC market globally, we’re starting to see investors instructing their portfolio companies to preserve cash,” said Jonathan Lavender, Global Head, KPMG Private Enterprise, KPMG International. “Heading into Q3’22, this trend is expected to continue as start-ups look to survive in an increasingly challenging environment where profitability will be of critical importance.” Key Highlights – Q2’22 Global VC investment dropped considerably, from $165.3 billion across 11,468 deals in Q1’22 to $120.2 billion across 8,420 deals in Q2’22. VC investment in the Americas dropped from $89.3 billion across 5,034 deals in Q1’22 to $66.2 billion across 3,778 deals in Q2’22. The US accounted for $62.3 billion of Q2’22 investment in the Americas, down from $81.9 billion in Q1’22. VC investment in Asia sunk to an eight-quarter low of $24.5 billion across 2,206 deals in Q2’22. Despite a drop to $27.2 billion in Q2’22, VC investment in Europe remained quite strong compared to historical trends. Global fundraising remained very strong, with $158.6 billion raised by the end of Q2’22 — well on track to exceed the $$252.2 billion record high set in calendar 2021. After plummeting from $355 billion in Q4’21 to $70 billion in Q1’22, exit value dropped even further to just $50.8 billion in Q2’22. Global CVC-affiliated investment dropped from $76.6 billion in Q1’22 to $49.7 billion in Q2’22. Global fundraising remains on record pace, driven by activity in the US Global fundraising activity remained on record pace at mid-year, with $158.2 billion in fundraising by the end of Q2’22. The US helped buoy global fundraising amounts, accounting for $121.5 billion at mid-year, compared to the $138.9 billion annual record high the region saw in 2021. VC investment in cybersecurity, alternative energy, electric vehicles, and battery storage in the US held strong in Q2’22 and is well-positioned to remain hot heading into Q3’22. Fundraising activity in Europe fell off record pace, with $13.3 billion in fundraising at mid-year, while fundraising in Asia remained very subdued compared to previous highs, with $16.9 billion raised in the first half of 2022. No end in sight to uncertainty but interest in new tech to grow Heading into Q3’22, the global uncertainty plaguing the world is expected to continue, which will likely continue to keep the IPO window shut and VC investment soft. Down rounds could become more common as companies are forced to raise funding rounds despite the challenging fundraising environment. M&A activity globally could increase as investors look for deals among companies experiencing challenges and start-ups in various industries look to consolidate to improve their economies of scale and market positions. In tech, the crypto tide is likely to turn with further consolidation among firms heading into Q3’22 as many try to cope with a major sell-off in assets. “While there’s still dry powder out there, over the next quarter, VC investors are going to become a lot more critical of targets and are likely to place increasing emphasis on profitability,” said Conor Moore, Head of KPMG Private Enterprise in the Americas Region & Partner at KPMG in the US. “We’ve been talking about potential consolidations for a while, particularly in more mature industries like e-commerce. While the top one or two or three companies in a particular space might continue to be attractive to investors, the rest will likely see a pullback. This will likely drive consolidation as companies run out of cash.” About KPMG International KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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CORE BANKING

Treasury Prime Partners with Bangor Savings Bank to Expand Network

Treasury Prime and Bangor Savings Bank | September 30, 2022

Treasury Prime, a leading Banking-as-a-Service (BaaS) company, today announced a partnership with Bangor Savings Bank to deliver its award-winning BaaS offerings to the bank and companies it partners with in the financial services industry. By partnering with Treasury Prime, Bangor Savings Bank will be able to work with businesses to allow them to embed financial services into their platforms. For the Bank, this translates into expanded revenue opportunities and low-cost deposits. The addition of Bangor Savings Bank brings the total banks in the Treasury Prime bank network to 14, a key differentiator in the crowded BaaS market. "Bangor Savings Bank's long-held culture of innovation and deep technical experience makes them an ideal partner. By adding Bangor Savings to our one-of-a-kind network of banks, we'll be able to help them quickly and cost-effectively support financial service partners, For enterprises, this partnership means even greater flexibility as they look to innovate and scale." -Chris Dean, co-founder and CEO of Treasury Prime Bangor Savings Bank is one of first banks on the Jack Henry core to leverage Treasury Prime's BaaS offerings. News of this partnership comes just days after Treasury Prime announced similar relationships with another Jack Henry core bank, FB Financial Corp (FirstBank) and Third Coast Bank. We are thrilled to be part of the fintech movement and support the innovation and value they provide, while playing a vital part to ensure their success, Through this relationship the Bank can further support the good work of these financial partners by providing them with banking services to have an even broader community impact through their efforts,said Jamey Doughty, Chief Innovation Officer of Bangor Savings Bank. About Treasury Prime Treasury Prime is building the future of finance. Leveraging its award-winning APIs and versatile Banking as a Service (BaaS) products, Treasury Prime enables fintechs, banks and corporate partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace. The company helps fintechs with a range of complex services including money transfer, risk mitigation and access to a chartered bank's infrastructure. Treasury Prime works with forward-thinking banks to extend their boundaries, helping to grow topline revenue and lower the cost of deposits. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and named to CB Insights' annual 2021 Fintech 250 list. About Bangor Savings Bank Bangor Savings Bank, with more than $7 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 170th year and currently has more than 65 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation have invested more than $3.4 million into the community in the form of sponsorships, grants, and partnership initiatives last year.

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FINANCIAL MANAGEMENT,FINTECH

Cleareye.ai Announces Strategic Alliance with J.P. Morgan

Cleareye.ai | September 22, 2022

Cleareye.ai announces a new global strategic alliance with J.P. Morgan’s Trade and Working Capital group. The alliance leverages an industry-leading digital solution, ClearTrade, to solve both the challenges Trade Finance operations face today and tomorrow. Through significant advances in technology, the ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents that are still prevalent in the industry today. Trade Finance is an industry going through a digital transformation. The ClearTrade solution offers a revolutionary change for banks to ensure they can continue to operate in this evolving landscape plagued with a significantly increasing cost base. Over the past year, ClearTrade has been integrated into J.P. Morgan’s Trade Processing System and is now live supporting transactions in the APAC region, with a global rollout planned over the coming quarters. Through this initiative, J.P. Morgan will be able to further leverage the digitizing of documents using powerful image processing solutions with the ability to extract, validate and accurately classify unstructured data. This level of digitization allows for: Smart interpretation of data and documents to automate letter of credit document examination Contextual and configurable rules engine to supplement existing Uniform Customs and Practice for Documentary Credits and International Standard Banking Practice rules Identification of trade-based money laundering and sanctions red flags Seamless integration into any existing Trade Finance back-office platforms Cleareye firmly believes that the ClearTrade solution has the capability to increase Trade Finance operations productivity by up to 70%. Through the automated examination of thousands of trade presentations, including both industry common and non-standard document types, the solution has demonstrated up to 9x increase in trade velocity, significant reduction in document checking errors, greater than 85% accuracy standards and up to 80% reduction in E2E processing time. “Digitizing trade finance documentation has the ability to provide real benefits to J.P. Morgan and our clients. Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem. The ClearTrade platform also helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.” -Stuart Roberts, Global Head of Trade & Working Capital for J.P. Morgan Mariya George, CEO and Co-founder for Cleareye, states: J.P. Morgan maintains a gold standard for digital innovation while ensuring regulatory needs are met, and we are very excited about the ClearTrade implementation and go-live. This also reinforces the strategic alliance between our firms and the vision to digitize trade operations for banks across the globe. About Cleareye.ai Cleareye.ai is an advanced Artificial Intelligence & Machine Learning platform that enables banks to launch products at a rapid pace. Headquartered in California with offices in New York, Bahrain and India, the company aims to simplify banking. The platform leverages technology breakthroughs with a fully automated document processing layer, unified ML lifecycle management, data management, model governance and dynamic rules engine leveraging NLP. This will transform banks into hyper agile organizations, that customers want to bank with and delivers exceptional customer service, drive short term gains and long-term growth, and generate insights to sustain momentum at digital scale. Cleareye.ai was founded by leaders in global technology, representing decades of entrepreneurial and digital systems experience in banking.

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FINANCIAL MANAGEMENT,INVESTMENT MANAGEMENT

Miracle Mile Advisors Announces Combination with Karp Capital Management and Simultaneous Investment by Corsair Capital

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. About Corsair 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.

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Spotlight

First West Credit Union is the third-largest credit union in British Columbia by asset size following Vanity and Coast Capital Savings. Led by Chief Executive Officer Launi Skinner and with close to 250,000 members and nearly $11 billion in assets under administration, First West was formed in January 2010 when Envision Financial in Langley amalgamated with Valley First Credit Union based in Penticton. First West Credit Union acquired Enderby & District Credit Union based in Enderby, BC, in 2013. Island Savings joined First West on January 1, 2015. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia.

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