Actua Announces Successful Completion of Sale of VelocityEHS and Bolt Solutions
December 12 2017 - 4:05PM
Actua Corporation (Nasdaq:ACTA) (“Actua”) today announced the
successful completion of its previously announced transaction with
CVC Growth Fund (“CVC Growth”), whereby CVC Growth indirectly
acquired all of Actua’s interests in VelocityEHS and Bolt
Solutions.
The transaction was approved by Actua’s stockholders at a
special meeting held on December 7, 2017. Actua realized proceeds
of approximately $328 million in cash in the transaction; a portion
of those proceeds will be used to pay remaining transaction
expenses.
Evercore Partners served as Actua’s financial advisor, and
Dechert LLP served as Actua’s legal advisor. Fried, Frank, Harris,
Shriver & Jacobson LLP served as CVC’s legal advisor.
About ActuaActua Corporation (Nasdaq:ACTA), the
multi-vertical cloud company, brings the power of the cloud to
vertical markets and processes. Actua is pioneering the second wave
of the SaaS revolution—the vertical wave—by growing cloud
businesses that are transforming their markets. With approximately
700 employees delivering unrivaled domain knowledge, agility and
responsiveness to our customers, Actua’s rapidly growing vertical
cloud businesses are positioned to lead this wave. For the latest
information about Actua and its brands, please go
to www.actua.com.
About VelocityEHSVelocityEHS is the leading
global provider of cloud-based environment, health and safety (EHS)
software. Its comprehensive software platform and innovative mobile
solutions aim to make enterprise-level EHS functionality accessible
and affordable to businesses of all sizes, helping them solve
complex compliance and regulatory challenges in simple ways. Today,
more than 13,000 customers worldwide, from virtually every
industry, trust VelocityEHS and its solutions to improve EHS
performance. Recognized by the industry’s top independent analysts,
including leading scores in the Verdantix 2017 Green Quadrant
Analysis and 2017 NAEM EHS & Sustainability Software Ratings
Report, VelocityEHS helps customers reach their EHS goals faster
with quick implementations, affordable solutions and unparalleled
customer support. VelocityEHS is headquartered in Chicago, Illinois
with locations in Canada, the UK and Australia. For more
information, visit www.EHS.com.
About BoltBOLT® Solutions Inc., the leading
provider of digital distribution solutions to the P&C insurance
industry, is helping insurers transform the way they sell and
market their products to consumers and small business owners.
Compatible with existing infrastructure, The BOLT PlatformTM
provides a single interface that connects seamlessly with
back-office systems and improves carrier reach through a vast
market network of new products. Insurers gain the ability to bundle
their offerings with those from other carriers, positioning them to
meet all of the customer’s needs without taking on additional risk.
Designed to connect carriers and their agents directly to consumers
and small business owners, the BOLT Platform delivers the optimized
solutions, and ideal experience customers expect today. For more
information, visit www.boltinc.com.
About CVC Growth FundIn 2014, CVC Capital
Partners formed a new team to target smaller growth-oriented
companies through its dedicated CVC Growth Fund. The fund focuses
on middle-market, high-growth companies in the software and
technology-enabled business services sector. The fund primarily
targets equity investments between $50mn and $200mn in North
America and Europe.
Safe Harbor Statement under Private Securities
Litigation Reform Act of 1995 The statements contained in
this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements involve certain risks and uncertainties,
including, but not limited to, risks associated with our ability to
compete successfully in highly-competitive, rapidly-developing
markets, the valuation of public and private cloud-based businesses
by analysts, investors and other market participants, our ability
to deploy capital effectively and on acceptable terms, the effect
of economic conditions generally, capital spending by our
customers, our ability to retain existing customer relationships
and revenue streams and secure new ones, developments in the
markets in which we operate and our ability to respond to those
changes in a timely and effective manner, the availability,
performance and security of our cloud-based technology,
particularly in light of increased cybersecurity risks and
concerns, our ability to retain key personnel, our ability to
successfully integrate any acquired business, the impact of any
potential acquisitions, dispositions, share repurchases or other
strategic transactions (including in connection with the
negotiation, execution and consummation thereof), our ability to
have continued access to capital and to manage capital resources
effectively, our ability to satisfy the closing conditions for the
sales of our businesses described above, our ability to monetize
our remaining minority investments for sufficient value and other
risks and uncertainties detailed in Actua's filings with the U.S,
Securities and Exchange Commission. These and other factors
may cause actual results to differ materially from those
projected.
Investor inquiries:Karen
GreeneActua
Investor Relations610.727.6900IR@actua.com