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BAY AREA TECH WIRE -- Oct. 4, 2017
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Sponsored By: Baird - A Global Leader in Technology Banking
http://techservices.rwbaird.com/investment-banking/
o Navient To Acquire San Francisco-based Earnest for $155 Million
o Oakland-based Roofstock Raises $35 Million in Third Round
o San Francisco-based Seasoned Secures $20 Million in First Round
o San Francisco-based Steele Compliance to Acquire Compliance Wave
o Danville-based PowerSphyr Acquires Michigan-based Gill Electronics
> Baird - A Global Leader in Technology Banking
o Briefly Noted: Splunk, Facebook, Lithium Technologies
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o Navient To Acquire San Francisco-based Earnest for $155 Million
San Francisco -- Navient, one of the largest student loan servicing companies, announced on Wednesday that it will acquire San Francisco-based Earnest, a financial technology and education finance company, for $155 million in cash. Founded in 2013, Earnest focuses on digitally native consumers for their banking needs. The company is expected to originate nearly $1 billion in student loan refinancing loans in 2017. Both companies said Earnest will continue as a distinct brand after the acquisition, and will be led by its current management team, including founders Louis Beryl and Ben Hutchinson.
https://www.earnest.com/blog/earnest-and-navient/
https://globenewswire.com/news-release/2017/10/04/1140924/0/en/Navient-announces-agreement-to-acquire-Earnest-a-leading-financial-technology-and-education-finance-company.html
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o Oakland-based Roofstock Raises $35 Million in Third Round
Oakland, Calif. -- Roofstock, an online market for single-family rental home investors, announced that it has closed a $35 million third round of financing. Roofstock provides real estate investors with data and tools for buying single-family rentals. The round was led by Canvas Ventures with participation from existing investors Lightspeed Venture Partners, Bain Capital Ventures, Khosla Ventures, Nyca Partners, QED Investors, and FJ Labs. "We were drawn to Roofstock because we saw parallels with Lending Club and Houzz. Both are multi-billion dollar companies reinventing their industries with innovative marketplace models," said Rebecca Lynn, a general partner at Canvas Ventures.
https://www.roofstock.com/
http://www.businesswire.com/news/home/20171004005373/en/Roofstock-Closes-35-Million-Series-Accelerate-Growth
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o San Francisco-based Seasoned Secures $20 Million in First Round
San Francisco -- Seasoned, a San Francisco-based startup developing a networking and employment platform for restaurant workers, announced on Wednesday that it has secured $20 million in its first round of financing. The round was led by TPG Growth. The company will be led by former Lynda.com executives, Andrew Wait and Madhav Mehra. "There is tremendous potential in helping restaurants solve the number one issue that determines their success or failure -- reducing the cost and dramatically increasing the success of recruiting and retaining quality employees," said Kevin Costello, chairman of HotSchedules.
https://seasoned.co/
https://prnmedia.prnewswire.com/news-releases/seasonedco-secures-20-million-in-funding-from-tpg-growth-to-build-online-community-for-foodservice-workers-300530805.html
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o San Francisco-based Steele Compliance to Acquire Compliance Wave
San Francisco -- Steele Compliance Solutions, a San Francisco-based developer of compliance management software and due diligence services, announced that it is acquiring New Jersey-based Compliance Wave. With a library of over 2,000 learning & communication tools, Compliance Wave provides training content for compliance issues.
http://www.businesswire.com/news/home/20171004005156/en/Steele-Compliance-Solutions-Announces-Acquisition-Compliance-Wave
https://steeleglobal.com/
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o Danville-based PowerSphyr Acquires Michigan-based Gill Electronics
Danville, Calif. -- PowerSphyr, a Danville-based provider of wireless power technology, announced on Wednesday that it has successfully completed its acquisition of Gill Electronics. Based in Michigan, Gill manufactures resonant magnetic systems used for powering wireless technology. Financial terms of the deal were not disclosed. "This acquisition is another step toward achieving our long-term strategic vision of revolutionizing wireless power delivery," said David Meng, CEO of PowerSphyr.
http://www.powersphyr.com/newsroom/powersphyr-acquires-gill-electronics/
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> Baird - A Global Leader in Technology Banking
Baird's Global Technology & Services Investment Banking team delivers insightful, value-added services and expertise to middle-market clients across a broad range of sector verticals. We combine deep sector knowledge, an expansive relationship network, and premier M&A and capital-raising capabilities to help companies pursue growth plans or consider strategic alternatives.
Access the advantages of Baird's global Technology banking capabilities. Learn more at:
http://techservices.rwbaird.com/investment-banking/
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o Briefly Noted:
(San Francisco) Splunk, the San Francisco-based data analytics company, announced on Wednesday the promotion of Susan St. Ledger to the position of president of worldwide field operations. "In this new role, St. Ledger will assume responsibility for all aspects of the Splunk customer journey, from initial awareness through customer success, renewal and expansion," the company said in a statement.
https://www.splunk.com/en_us/newsroom/press-releases/2017/splunk-promotes-susan-st-ledger-to-president-worldwide-field-operations.html
(Menlo Park, Calif.) Facebook announced that the company's third quarter 2017 financial results will be released after the market closes on Wednesday, November 1, 2017.
(San Francisco) Lithium Technologies, a San Francisco-based developer of online community and social media management products, announced that it has closed on the acquisition of the Jive-x external community business from Jive Software. The acquisition was originally announced on Aug. 29.
https://www.lithium.com/company/news-room/press-releases/2017/lithium-technologies-completes-acquisition-of-external-online-community-business-from-jive
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> Baird - A Global Leader in Technology Banking
Baird's Global Technology & Services Investment Banking team delivers insightful, value-added services and expertise to middle-market clients across a broad range of sector verticals. We combine deep sector knowledge, an expansive relationship network, and premier M&A and capital-raising capabilities to help companies pursue growth plans or consider strategic alternatives. Access the advantages of Baird's global Technology banking capabilities. Learn more at: http://techservices.rwbaird.com/investment-banking/
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