News Article | May 17, 2017
HealthSherpa, the premier health insurance enrollment company, announced ongoing support for individuals and corporate partners to provide health insurance coverage for part-time, temporary, seasonal, 1099 and other non-benefits eligible employees. Focused on year-round support, the company selects consumer advocates who are knowledgeable and caring as they help individuals find and enroll in healthcare plans. HealthSherpa has an established commitment to diversity and inclusion to ensure team members are representative of the people being served, to better understand, connect with and support them. “Our focus on diversity and inclusion truly sets us apart from other organizations,” said Catherine “Cat” Perez, co-founder and chief product officer of HealthSherpa. “Our team of consumer advocates, who act as customer support helping individuals find the best health plans for their needs, have walked in the same shoes as many of our enrollees. They empathize and can efficiently offer helpful tips. In addition to setting high standards for diversity and inclusion, HealthSherpa is committed to investing in tools and resources to help mitigate bias in recruiting, hiring, and employment.” A vocal advocate of diversity – especially women in technology – Perez has been featured on several panels, including Leap Tech Talent plus the upcoming Comcast Diversity in Tech Summit and Y-Combinator’s Startup School discussion on diversity and inclusion. Perez partners with Alysia Angel, director of support, who champions diversity and inclusion efforts at HealthSherpa. They manage HealthSherpa’s consumer advocates, ensuring the majority come from nonprofit and social work backgrounds. Consumer advocates are trained to help all populations, including part-time and seasonal employees, independent contractors who file 1099 forms, those in career transition and qualify for COBRA, early retirees under 65 years old or those eligible for retirement. Available five days a week, the consumer advocates can connect them to the federal healthcare marketplace, Medicare, Medicaid or CHIP (Children’s Medicaid). “We are honored to have Cat as a member of our executive team and serving as a change agent in the industry,” said George Kalogeropoulos, founder and CEO of HealthSherpa. “With diversity as a priority, we’ve seen increases in our net promoter score, our customers’ willingness to recommend our services. We believe our team members are happier with a company culture of inclusion and dedication to customers. This company vision and value benefits health plan enrollees, employees and our sales growth.” HealthSherpa continues to focus on building avenues into the community it serves, in part through a storefront in downtown Sacramento, Calif. This allows people to schedule in-person meetings with consumer advocates to enroll in health insurance. The office is open Monday-Friday, 9 a.m. to 5 p.m. To schedule an appointment, call (855) 772-2663, email customer_support(at)healthsherpa.com, or visit http://www.HealthSherpa.com and click the Schedule Appointment link under Contact. About HealthSherpa HealthSherpa is the best way to get individual health coverage, with experience enrolling over 800,000 people. HealthSherpa partners with large employers, insurers and more than 18,000 insurance agents to support consumers searching for, enrolling in, and utilizing high quality, affordable health insurance coverage. Backed by leading investors including Core Innovation Capital and Mitch Kapor (founder and CEO of Lotus, Kapor Center for Social Impact), HealthSherpa's mission is to help every American feel the comfort and security of having health coverage. The company delivers innovation, technology, and customer service by real people to make coverage easier to understand, faster to sign up for, and simpler to use. Learn more at http://www.HealthSherpa.com.
News Article | May 16, 2017
SAN FRANCISCO--(BUSINESS WIRE)--EY today announced finalists for the Entrepreneur Of The Year® 2017 Awards in the Northern California program. As the world’s most prestigious business awards program for entrepreneurs, Entrepreneur Of The Year recognizes innovative trailblazers in more than 145 cities in 60 countries who are excelling in areas such as innovation, financial performance, and personal commitment to their businesses and communities. The semifinalists listed below were selected by a panel of independent judges from nearly 60 business leaders. Award winners will be revealed at a black-tie awards gala on Friday, June 23, hosted by NBC Bay Area anchor, reporter and Press:Here host Scott McGrew at The Fairmont in San Jose, California. To learn more about the Northern California program, please visit www.ey.com/us/eoy/norcal. Join the conversation on social media by following us @EY_EOYUS using #EOYNORCAL. Regional award winners are eligible for consideration in the Entrepreneur Of The Year National Awards. Award winners in several national categories, as well as the Entrepreneur Of The Year National Overall Award winner, will be announced at the Entrepreneur Of The Year National Awards gala in Palm Springs, California, November 18, 2017. The awards are the culminating event of the Strategic Growth Forum™ the nation’s most prestigious gathering of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner moves on to compete for the World Entrepreneur Of The Year™ Award in Monaco in June 2018. The independent judging panel includes previous award winners, leading CEOs and private capital investors, and other regional business luminaries. Our esteemed judges include Tom Bedecarre**, Founder & Chairman, AKQA; Laura Brege, Managing Director, Cervantes Life Science Partners, LLC; Joseph Bronson, Principal and CEO, The Bronson Group, LLC; Doug Chu, Co-Head of Listings, NYSE; Lisa Earnhardt*, CEO & President, Intersect ENT; Nils Erdmann, Vice President, NASDAQ; Chris Harris, Partner, FFL Partners; Kash Kapadia, Founder and CEO, Digital Directive; Marcin Kleczynski*, CEO, Malwarebytes; Jim Marggraff, Director, Product Management, Google; Rory O'Driscoll, Partner, Scale Venture Partners; Kathleen Utecht, Managing Partner, Core Innovation Capital; Dave Welsh, Managing Director & Head of TMT Growth Equity, KKR. Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored in the US by SAP America, Merrill Corporation and the Ewing Marion Kauffman Foundation. In Northern California area, regional Gold sponsors include SolomonEdwards; Silver sponsors include Chatham Financial and The Big Picture. About Entrepreneur Of The Year® EY’s Entrepreneur Of The Year® is one of the world’s most prestigious business awards programs for entrepreneurs, chosen from an independent panel of judges including entrepreneurs and prominent leaders from business, finance, and the local community. The program makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries. ey.com/eoy EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. This news release has been issued by Ernst & Young LLP, a member of the global EY organization that provides services to clients in the US. For more information, please visit ey.com.
News Article | May 24, 2017
CAMBRIDGE, England--(BUSINESS WIRE)--Cambridge Innovation Capital (CIC), a Cambridge-based investor in technology and healthcare companies, announces that its CEO, Victor Christou, will be presenting at the Global University Venturing: Fusion event in London this evening. Christou will address the current issues in venture funding, including the substantial gap between seed and scale-up. A recent study of over 1,000 UK science and technology businesses suggests that less than 10% of start-ups cross the chasm to scale-up stage. If more sources of scale-up funding are established in the UK, over time fewer early-stage UK businesses should be pressured to sell earlier than they would do in an ideal scenario. A comparison across clusters in the UK shows that the ‘Golden Triangle’ of Oxford, Cambridge and London is home to over 60% of UK science and technology businesses. Of these three, Cambridge has created the most early-stage companies in the UK, representing more than a quarter of the UK’s total. Victor Christou, Chief Executive Officer of CIC, will comment: “Cambridge is well-positioned to be a leading source of scale-up stage companies, if the challenges in shifting from an early-stage business to a scale-up can be overcome. Situated at the heart of the Cambridge Cluster, we are uniquely positioned at CIC to invest in the best early-stage businesses and to support these investments through to maturity.” CIC was set up in 2013 as a patient source of scale-up capital investing in IP rich companies emanating from the University of Cambridge and the Cambridge Cluster. Since inception, CIC has invested in 19 promising early stage technology and healthcare companies in a founder-friendly strategy that aims to provide a fair and equitable return to all parties. With £125 million currently under management, CIC provides support from seed stage through scale-up to maturity. CIC combines a unique relationship with the University of Cambridge with deep financial and industry links to invest in rapidly growing intellectual property rich companies in the Cambridge Cluster. The company is committed to building leading businesses from brilliant technologies - with the support of some of the most influential figures in the sector and a patient capital structure. For more information visit www.cicplc.co.uk or follow @CambsInnovation
News Article | April 19, 2017
Doki Doki, a Japanese startup led by serial entrepreneur Takahiro Iguchi has recently initiated a closed beta testing for its communication and networking app known as Ball. The software will be tested by 100 people whom identities were not revealed. The app is inspired by the startup’s first product Baby, a social app which allows users to record and share 5-second voice messages which are made accessible to other Baby users near the location. Depending on how the user sound or what messages they chose to convey, other users can decide if they want to connect, by flicking left or right in a Tinder-like fashion. If users’ intentions match, they can become friends and are allowed to have a private voice chat instead of chatting via the public parade chat. Messages will also automatically disappear within 24 hours so that conversation with new acquaintances or old friends can remain discreet. Baby was launched in November last year and is only downloadable from the United States iTunes App Store. Its new application Ball, however, extends its voice-centric feature to create the world’s first voice social network. The service allows its users to talk as much as desired, whenever they want and wherever they want within a time range of 5 seconds. “In the new version of Baby, we will move further away from the encounter of voice to focus on the continuous process of daily chatter. The aim is to create an environment that is more suitable for voice messaging,” said Takahito Iguchi on the stage at FabCafe MTRL. To create that, the app functions by connecting users who are interested in similar topics together. For example, if one person made a comment about the new “iPhone 8”, he or she will be linked to those who are talking about the same topic from across the world. Iguchi describes the experience that Ball offers as a cafe-like space. Doki Doki, Inc. is founded in June 2014 to develop a platform where people can instantaneously understand each other. Takahito Iguchi, the serial entrepreneur behind Doki Doki became popular at TechCrunch 40 following the disrupt with Sekai Camera – an augmented reality app which proved to be a world-class hit. The company has already raised funds of about US$1.1 million from investors including Skyland Ventures, CyberAgent Ventures, and Umeda Startup Fund. Earlier in February this year, the startup has also raised 50 million yen (about US$460K) from the Kyoto University Innovation Capital (Kyoto iCAP).
News Article | May 4, 2017
Fluence Analytics, formerly Advanced Polymer Monitoring Technologies (APMT), announced today it has raised a Series A funding round led by Energy Innovation Capital (EIC), a venture capital firm that invests in growing companies in energy innovation. Fluence Analytics products optimize efficiency, cost and quality of manufacturing and R&D processes in polymer and biopharmaceutical industries. Analysis of the confluence of realtime data generated by the company’s products allows customers to produce materials at the lowest cost with the highest quality and yield, all while minimizing environmental footprint. The Series A funding round also included participation from other investors. Fluence Analytics patented products and services were developed with over $20MM in competitive grants and funding from investors and customers. The value of the technology is proven with two and half years of industrial production operations and the release of second generation products in 2016. “We built Fluence Analytics by partnering with industry leaders to solve the biggest challenges in polymer manufacturing. This financing will accelerate the application of analytics to realtime data sets enabling manufacturing optimization for our customers,” says Alex Reed, CEO of Fluence Analytics. “We will use the funds to grow our team and expand the range of polymer applications we support,” added Mr. Reed. As part of the financing, George Coyle, a Managing Partner of Energy Innovation Capital, has joined the Fluence Analytics’ Board of Directors. “We are pleased to partner with Fluence Analytics,” Mr. Coyle noted. "Fluence Analytics has demonstrated that its products deliver significant value to its customers, and we are eager to support the company’s growth.” “We are fortunate to have EIC as an investor and as a partner in growing our company. Their experience and contacts in the industries we serve add major strengths as we enter the revenue ramp for our products and services. They are truly a value-added investor,” says Dr. Bill Bottoms, Chairman of Fluence Analytics. About Fluence Analytics Fluence Analytics is a manufacturer of industrial and laboratory systems that produce continuous data streams. These measurements, combined with powerful, proprietary analytical tools, enable realtime optimization of process control and faster R&D for polymer and biopharmaceutical manufacturers. Visit http://www.FluenceAnalytics.com to learn more about the company’s solutions for realtime data. realtime optimization. About Energy Innovation Capital Energy Innovation Capital is the premier capital provider to energy innovators. EIC is building a platform for entrepreneurs to drive Silicon Valley innovation in the global oil, gas and energy industries. http://www.energyinnovationcapital.com
News Article | April 26, 2017
SHANGHAI, April 26, 2017 /PRNewswire/ -- UniFi's parent company Shanghai Wheat Asset Management Co., Ltd. ("MaiziJinfu", "Maizi" or "the Company"), a China-based Internet-based financial information service provider, today announced that it has received Series B funding, at the Internet Finance Development and Innovative Application Forum (IFDIA), which was co-hosted by Money Weekly in Shanghai. This year, the IFDIA Forum attracted financial experts from academic institutions like the Chinese Academy of Social Sciences, senior leaders from peer companies including Tencent and Baidu, banks and securities companies, as well as reporters from over 60 media agencies. At the forum, experts from diverse backgrounds contributed insights about the future of Internet finance and its application. At the event, Huang Darong, CEO and Chairman of MaiziJinfu, said, "The new fund will be used to incubate upgraded Internet finance products as well as to further the company's talent development." Zhou Qi, spokesperson for the group of investors, spoke highly of Maizi's business model. He pointed out that Internet finance is an unstoppable tide for the industry. "At present, all banks in China are betting on Internet finance as a way to expand investment. We recognize Maizi's potential as well as its innovative spirit and we are looking forward to their development of customized financial services and intelligent wealth management," added Zhou. In May 2015, MaiziJinfu obtained A Round funding from Haitong Innovation Capital Management Company, which is affiliated with Haitong Security, one of the oldest securities companies in China. "The company's securing of funding in Round B is a strong indication of Maizi's dedication to Internet finance, and recognition of its value proposition," Huang said. MaiziJinfu, while building its expertise in financial big data marketing, has served over two million clients from diverse industries, with about 20 billion RMB of funding. Its partner list includes Ningbo Commerce Bank, Bank of Shizuishan, and Chang'an Insurance. UniFi, as part of MaiziJinfu, is a financing product designed for international students. In the US, for instance, international students suffer from financing for starting up a business or even for purchasing a car, since they do not have Social Security records. UniFi, however, provides low-interest loans to those students in need with easy procedures and high flexibility. "We are proud to say that UniFi within a year's time has become a significant financing tool among international students in the US and Canada," Huang Darong said. About UniFi UniFi is a financing product designed for overseas students. Leveraging Maizi's FinTech and Big Data, UniFi provides flexible financing solutions to students who are in need for capital support to start a business or purchase a car. UniFi aims to establish an independent credit system for overseas students who has no Social Security records, and link them with "warm and considerate financial services". Within a year's time, the product rapidly gained popularity among international students and expanded to the American and Canadian markets. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/unifis-related-chinese-internet-based-financial-information-services-provider-maizijinfu-raises-series-b-funding-300446117.html
News Article | June 1, 2017
CAMBRIDGE, England & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Bicycle Therapeutics, a biotechnology company pioneering a new class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) product platform, today announced the successful completion of a £40 million Series B financing round. Proceeds will be used to further the development of multiple drug candidates, including Bicycle’s lead molecule, BT1718, a first-in-class drug for cancers of high unmet need. New investor Vertex Ventures HC led the financing round with participation by additional new investors Cambridge Innovation Capital (CIC) and Longwood Fund. Bicycle’s existing investors – Novartis Venture Fund, SROne, SVLS and Atlas Venture also participated. As part of this financing, the company also announced the addition of Dr. Christopher Shen, M.D., Managing Director at Vertex Ventures HC, and Dr. Michael Anstey, D.Phil., Investment Director at CIC, to its Board of Directors. “Bicycle Therapeutics has a highly innovative platform with the potential to transform the course of treatment for patients suffering from a range of diseases, including difficult-to-treat cancers,” said Dr. Christopher Shen from Vertex Ventures HC. “We are delighted to lead this financing and to support Bicycle’s seasoned management team to realize the promise of this new class of therapies." Bicycle Therapeutics is developing novel first-in-class medicines based on its Bicycle® product platform. Bicycles® can combine properties of several therapeutic entities in a single modality: exhibiting the affinity and selective pharmacology associated with antibodies; the distribution kinetics of small molecules, allowing rapid tumor penetration; and the “tuneable” pharmacokinetic half-life and renal clearance of peptides. Bicycle’s lead molecule, BT1718, is the first example of its Bicycle Drug Conjugate® (BDC) technology, in which toxic chemical payloads are targeted specifically to malignant tumors, minimizing systemic toxin exposure through renal clearance. BT1718 targets Membrane Type 1 Matrix Metalloproteinase (MT1-MTP), which is highly expressed in many solid tumors, including triple negative breast cancer and non-small cell lung cancer. It is expected to enter the clinic in 2017 in partnership with Cancer Research UK (CRUK). The Series B will also fund additional pipeline programs through early clinical development, the first of which will be selected in the second half of 2017. “This financing represents an important validation of our approach, while providing Bicycle with the resources to continue to advance our pipeline and translate our bicyclic peptide technology into important new treatment options for patients,” said Dr. Kevin Lee, Ph.D., Chief Executive Officer of Bicycle Therapeutics. “We are grateful for the continued strong support from our investors as we move BT1718 rapidly toward the clinic and continue to advance our preclinical programs, including toxin drug conjugates and immune modulators to treat cancer and other debilitating diseases.” About Bicycle Therapeutics Bicycle Therapeutics is developing a new class of medicines to treat oncology and other important diseases based on its proprietary bicyclic peptide (Bicycle®) product platform. Bicycles® exhibit the affinity and exquisite target specificity usually associated with antibodies. Their small size enables rapid and deep tissue penetration, allowing tissues and tumors to be targeted from within. Their peptidic nature provides a “tuneable” pharmacokinetic half-life and a renal route of clearance, thus avoiding the liver and gastrointestinal tract toxicity often seen with other drug modalities. Bicycle Therapeutics is rapidly advancing towards the clinic with its lead programs using Bicycle Drug Conjugates® to selectively deliver toxins to tumors, and is collaborating in oncology and other areas to realize the full potential of its technology. Bicycle Therapeutics’ unique intellectual property is based on the work initiated at the MRC Laboratory of Molecular Biology in Cambridge, U.K., by the scientific founders of the company, Sir Gregory Winter and Professor Christian Heinis. The company is headquartered in Cambridge, U.K., with a U.S. subsidiary in Cambridge, Massachusetts. For more information, visit www.bicycletherapeutics.com. About Vertex Ventures HC Vertex Ventures HC is a life sciences focused venture capital fund investing across all stages and sectors, including biopharmaceuticals, medical devices, digital health, and services. Vertex has offices in Palo Alto and Singapore and invests globally in the U.S., Asia and beyond. www.vertexventureshc.com About Cambridge Innovation Capital (CIC) CIC combines a unique relationship with the University of Cambridge with deep financial and industry links to invest in rapidly growing intellectual property rich companies in the Cambridge Cluster. The company is committed to building leading businesses from brilliant technologies - with the support of some of the most influential figures in the sector and a patient capital structure. For more information visit www.cicplc.co.uk or follow @CambsInnovation About Longwood Fund Longwood Fund is a healthcare venture capital firm that founds, manages, and builds healthcare companies. Longwood's mission is to identify technologies and to found and invest in companies that will advance new therapeutics that not only make a difference in the lives of patients worldwide, but also create significant value for investors. This is achieved by leveraging the management team’s history of successful healthcare company formation and operational leadership. For more information visit http://www.longwoodfund.com.
News Article | February 15, 2017
SAN JOSE, Calif. & VANCOUVER, British Columbia--(BUSINESS WIRE)--PayPal Holdings, Inc. (Nasdaq: PYPL) and TIO Networks Corp. (TSXV: TNC), a cloud-based multi-channel bill payment processing and receivables management company, today announced a definitive agreement under which PayPal will acquire TIO for $3.35 CAD ($2.56 USD) per share in cash or an approximate $304 million CAD ($233 million USD) equity value. The purchase price represents a premium of 25.2% to TIO’s 90-trading day volume-weighted average price as of February 13, 2017, and 22.6% to the 20-trading day volume-weighted average price as of January 9, 2017, the trading day immediately preceding the date TIO entered into exclusive negotiations with PayPal. TIO is a leading multi-channel bill payment processor in North America and processed more than $7 billion USD in consumer bill payments in fiscal 2016. TIO serves 14 million consumer bill pay accounts* and offers convenient solutions for expedited bill payment services to financially underserved consumers. The company has more than 10,000 supported billers and numerous direct relationships with billers, which enable TIO to quickly process telecom, wireless, cable and utility bill payments for TIO’s customers. Using TIO’s approximately 900 operated self-service kiosks, approximately 65,000 retail walk-in locations, and mobile and web solutions, customers can conveniently pay their bills while avoiding the service interruptions and financial penalties associated with missed payment deadlines. Dan Schulman, President and CEO of PayPal, said, “By acquiring TIO and integrating bill payment into our global payments platform, PayPal adds another key service in our efforts to become a part of a consumer’s everyday financial life. Worldwide, more than 2 billion** people do not have affordable access to basic financial services, making it difficult and expensive for consumers to carry out basic financial tasks, including bill payment. TIO’s digital platform, and physical network of agent locations make paying bills simpler, faster, and more affordable. We are excited by the opportunity to extend this valuable service to our existing customers and welcome new billers and customers to PayPal." Hamed Shahbazi, Chairman and CEO of TIO, remarked, “We founded TIO to make speed and access part of the bill payment experience for the underserved, and we believe that we have created affordable products to serve the needs of all customers. Our mission fits perfectly with PayPal’s vision to democratize money. As part of the PayPal team, we believe we will accelerate our growth through expanded distribution and continue increasing access to more billers and services.” Upon closing of the acquisition, TIO will operate as a service within PayPal. PayPal intends to fund the transaction with cash on its balance sheet. There will be no change to PayPal’s previously communicated fiscal 2017 guidance and three-year outlook based on the acquisition of TIO. For the fiscal year ended July 31, 2016, TIO generated $74.7 million CAD in revenue ($57.1 million USD) and $10.6 million CAD in adjusted EBITDA ($8.1 million USD). TIO defines EBITDA as earnings before interest, tax, depreciation and amortization and adjusted EBITDA as EBITDA plus stock-based compensation, non-recurring transaction and restructuring expenses. The acquisition is expected to close in the second half of 2017, and will be completed by way of a plan of arrangement under the Business Corporations Act (British Columbia). The completion of the transaction will be subject to the approval of at least two-thirds of the votes cast at a special meeting of TIO shareholders and optionholders present in person or represented by proxy at the meeting, by: (i) TIO shareholders; (ii) by TIO shareholders and optionholders, voting together as a single class; and (iii) a majority of the votes cast by TIO shareholders present in person or represented by proxy at the meeting, excluding for this purpose votes attached to the TIO common shares held by persons described in items (a) through (d) of Section 8.1(2) of Multilateral Instrument 61-101 – Take-Over Bids and Special Transactions. The meeting of shareholders and optionholders is expected to take place in April, 2017. In addition to TIO securityholder approvals, the transaction is also subject to other closing conditions, including the receipt of approvals relating to TIO’s money transmitter licenses, the expiration or early termination of the applicable pre-merger waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and court approval in British Columbia, Canada. The transaction has been approved by the boards of directors of each of TIO and PayPal, and the TIO Board recommends that TIO shareholders and optionholders vote in favor of the Arrangement. The recommendation of the TIO Board was based on the recommendation of a special committee of independent directors of TIO. The financial advisor to TIO, Raymond James Ltd., has provided a fairness opinion to the special committee and board of directors of TIO that, subject to the assumptions, limitations and qualifications set out in such fairness opinion, the consideration to be received by TIO shareholders pursuant to the plan of arrangement is fair, from a financial point of view, to the TIO shareholders. In addition, TIO shareholders, directors and officers, including funds managed by Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital, representing approximately 50.4% of the issued and outstanding common shares have agreed to vote their shares in favor of the transaction. The transaction includes customary deal protection provisions, including non-solicitation of an alternative transaction and a termination fee payable to PayPal under certain circumstances. Further information regarding the transaction will be contained in the management information circular which is expected to be mailed to TIO shareholders in March in connection with the special meeting of TIO shareholders to be held to consider the transaction. Copies of the definitive agreement and the management information circular will also be available under TIO’s SEDAR profile at www.sedar.com. In addition, free copies of the documents may be obtained from TIO’s investor relations website at http://corporate.tionetworks.com/ or by contacting TIO investor relations at firstname.lastname@example.org. All TIO shareholders are urged to read the management information circular as it will contain additional important information concerning the transaction. Perella Weinberg Partners LP is acting as financial adviser to PayPal, and Sidley Austin LLP and Blake, Cassells & Graydon LLP are acting as legal advisers on the transaction. Raymond James Ltd. is acting as financial adviser to TIO, and Davies Ward Phillips & Vineberg LLP, and Fasken Martineau DuMoulin LLP and Morrison & Foerster LLP, are acting as legal advisers for the TIO Special Committee and TIO, respectively. * Consumer bill pay accounts represent the total number of accounts between consumers and billers. A consumer may have a relationship with more than one biller and may have more than one account. Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.PayPal-corp.com. TIO is a cloud-based multi-channel bill payment processing and receivables management provider, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and collect payments via self-service kiosk, retail walk-in, mobile, and web solutions. With approximately 60 million transactions processed in fiscal 2016 and a processing network that serves more than 10,000 billers, TIO symbolizes fast, convenient, and secure access to expedited bill payment services. Visit www.tionetworks.com or join the conversation on Twitter and Facebook. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This announcement contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect PayPal’s and TIO’s expectations regarding the impact of this transaction on PayPal’s and TIO’s financial and operating results and business, the operation and management of TIO after the acquisition, the anticipated funding for the transaction, and the timing of the closing of the acquisition. Forward-looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, expect”, “intend”, and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of securityholder, regulatory and court approvals in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of TIO’s customers and business partners, the reaction of competitors to the transaction, the retention of TIO employees, PayPal’s plans for TIO, economic and political conditions in the global markets in which PayPal and TIO operate, the future growth of PayPal’s and TIO’s businesses and the possibility that integration following the transaction may be more difficult than expected. More information about these and other factors can be found in PayPal Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the “SEC”), and its future filings with the SEC, and in TIO’s Management’s Discussion and Analysis for the quarter ended October 31, 2016 filed under TIO’s SEDAR profile at www.sedar.com. There are no assurances PayPal and TIO can fulfill forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to the respective management teams as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing PayPal and TIO, some of which are beyond PayPal’s and TIO’s control. Although PayPal and TIO believe that any forward-looking statements and information contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Neither PayPal nor TIO accept any responsibility for any financial or operational information contained in this press release relating to the business, results of operations or financial condition of the other. Each of PayPal and TIO expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
News Article | February 27, 2017
HealthSherpa, the premier health insurance enrollment company, today announced a new solution, COBRA Crosswalk™, for corporate partners to provide alternatives to COBRA health insurance continuation coverage for employees. The average COBRA enrollee typically incurs claims 50 percent higher than an active employee, costing employers thousands per enrollee per year. “There’s no denying that COBRA is expensive for corporations and may not be the best solution for the former employees,” said George Kalogeropoulos, founder and CEO of HealthSherpa. “The average COBRA enrollee costs self-insured corporations thousands more per year than an active employee, and COBRA premiums are very high, making it a lose-lose for the employer and the former employee. There are other smart options to meet former employee’s healthcare needs and budgets. HealthSherpa’s new COBRA Crosswalk is a comprehensive solution that streamlines communication, enrollment, and utilization of COBRA-coverage alternatives. During this time of rapid regulatory and market change, our intuitive technology and knowledgeable customer advocates are invaluable for employers and former employees alike.” Corporations benefit from the new COBRA Crosswalk because HealthSherpa supports the entire communications process with the affected employees. From customized notices to educational collateral, step-by-step instructions, user-friendly online tools and comprehensive customer service – HealthSherpa makes an often complicated, confusing process simple, streamlined and cost effective. When separated employees choose COBRA, they must continue to pay the full monthly premium as well as an administrative fee. Using HealthSherpa’s COBRA Crosswalk allows employees to enroll in quality, affordable coverage that is up to 85 percent cheaper than COBRA coverage. Alongside COBRA support, leading brands are partnering with HealthSherpa to offer cost-effective healthcare benefits to part-time, seasonal, temporary, 1099 and other non-benefits eligible employees. About HealthSherpa HealthSherpa is the best way to get individual health coverage, with experience enrolling over 800,000 people. HealthSherpa partners with large employers, insurers and more than 18,000 insurance agents to support consumers searching for, enrolling in, and utilizing high quality, affordable health insurance coverage. Backed by leading investors including Core Innovation Capital and Mitch Kapor (founder and CEO of Lotus, Kapor Center for Social Impact), HealthSherpa's mission is to help every American feel the comfort and security of having health coverage. The company delivers innovation, technology, and customer service by real people to make coverage easier to understand, faster to sign up for, and simpler to use. Learn more at http://www.HealthSherpa.com/employers.
News Article | February 24, 2017
BuildASign.com, an award-winning online custom printing provider of signage and home decor items, today announced current President and CMO, Bryan Kranik, will be promoted to CEO and will be taking over day to day operations, effective March 1, 2017. Current CEO Dan Graham will stay on as a member of the Board of Directors and will assume the role of Executive Chairman where he will continue to provide strategic insight and support for the overall direction of the company. Graham co-founded BuildASign.com in March 2005 to fill a void in the fragmented sign shop market and ended up creating a multi-million dollar company that transformed the printing industry by focusing on innovative technology, LEAN manufacturing and exceptional customer service. Over the past 12 years with Graham at the helm, BuildASign.com has grown to over 350 employees at their North Austin headquarters and expanded its brand portfolio to include EasyCanvasPrints.com and AlliedShirts.com. “My time at BuildASign.com was unforgettable, and I am forever grateful for the opportunity to create and grow something so special,” said Graham. “For the past 12 years I’ve been surrounded by a group of people whose talent and innovation go unmatched -- and I’m excited to watch Bryan lead them for the future. I firmly believe Bryan will continue to pioneer the print space, and I’m elated to support him in my new role as Executive Chairman." “Working alongside Dan for the past two years has been an honor and a privilege. The business he built and the legacy he leaves is nothing short of tremendous,” said Kranik. “And while his daily presence will be greatly missed, I’m thrilled to build upon this outstanding foundation and continue the growth trajectory for the company.” In addition to his role as Executive Chairman, Dan will continue his quest for community impact alongside his wife, Lisa. Together, they will work to make Austin the Social Innovation Capital of the World through their co-founded organization, Notley Ventures. Bryan has been with the company since July 2015. Prior to BuildASign.com, Kranik spent 14 years at Dell in the Consumer and Small Business divisions holding leadership roles in marketing, sales and general management. His most recent role at Dell was leading the divisions responsible for marketing and selling to small businesses. About BuildASign.com BuildASign.com is a leading online custom printing provider of signage and home decor items. Products include signs, canvas, apparel, business cards, car wraps and more. Founded in 2005, the Austin, Texas-based company has been recognized by multiple highly accredited organizations with placements in the Inc. 5000, Internet Retailer’s Top 500, Forbes Top 100 America’s Most Promising Companies, and the Deloitte Technology Fast 500. Through the BuildASign.com Giving Program, the company has contributed more than $1 million to over 1,700 local and national nonprofit organizations. It has also received national recognition for its donation of more than 337,000 welcome home banners and signs (valued at more than $10 million) to the friends and families of military service members returning home from a deployment. To learn more visit BuildASign.com.