Cherry Tree Advises Scientific Learning Corporation on its Sale to Carnegie Learning

Cherry Tree Advises Scientific Learning Corporation on its Sale to Carnegie Learning

Carnegie Learning Acquires Scientific Learning Corporation to Strengthen its Digital Literacy Offerings

Transaction valued at approximately $15 million

 

OAKLAND, Calif. & PITTSBURGH–(BUSINESS WIRE)–Scientific Learning Corporation (OTC PINK:SCIL) (“Scientific Learning”), the leader in evidence-based online reading and language software, announced today that it has been acquired by an affiliate of Carnegie Learning, Inc. (“Carnegie Learning”), a leader in artificial intelligence for education and formative assessment, in an all-cash merger transaction valued at approximately $15 million. The combination will strengthen the education technology portfolio of both entities to further drive forward their joint mission of improving student learning outcomes through leading-edge technology built from and validated by rigorous research.

Under the terms of the agreement, Carnegie Learning acquired all of the outstanding shares of Scientific Learning common stock for a cash payment of $0.53 per share. After applying a portion of the transaction value to items noted below, the estimated total per share consideration to be received by Scientific Learning’s securityholders is approximately $0.25, which comprises a closing merger consideration of approximately $0.16 per share and an estimated additional merger consideration of approximately $0.09 per share, on a fully diluted basis. The transaction was unanimously approved by Scientific Learning’s Board of Directors, by a majority of Scientific Learning’s stockholders via written consent, and by the Board of Directors of Carnegie Learning. Scientific Learning is now a privately-owned subsidiary of Carnegie Learning and will no longer be listed on the OTC Markets.

Jeff Thomas, CEO of Scientific Learning, stated, “Through our combination with Carnegie Learning, we are pleased to deliver value to our shareholders while aligning our company with a highly complementary organization that approaches cutting-edge research and technology solutions for K-12 students with a like-minded mission-driven approach. By leveraging Carnegie Learning’s innovative technology platform, Scientific Learning will have an enhanced ability to accelerate its product development and further expand its mission of helping learners realize their full potential.”

Carnegie Learning’s award-winning adaptive personalized learning software, blended learning solutions, and professional learning services have long supported teachers and students nationwide. In today’s challenging environment, Carnegie Learning’s blended offerings are proving highly effective, particularly as schools continue to operate in a hybrid and remote learning environment. Scientific Learning’s offerings complement Carnegie Learning’s portfolio of research-based offerings that offer educators leading edge instructional software and advanced data-driven insights.

Barry Malkin, CEO of Carnegie Learning, added, “Now more than ever, students need access to adaptive personalized learning offerings. Scientific Learning’s product portfolio and long history of delivering neuroscience-based ed tech solutions directly to students around the world supports Carnegie Learning’s mission to promote student success. We are excited to partner with the Scientific Learning team and, together, continue to redefine and advance the role of technology in K-12 education.”

A portion of the transaction value was applied to fund Scientific Learning’s approximately $7.0 million in subordinated debt, other debt and certain selling and transaction-related expenses. Another portion of the transaction value has been placed in escrow to be released upon satisfaction of certain conditions and following a customary working capital adjustment period in accordance with the terms and conditions of the agreement.

About Scientific Learning

Scientific Learning is a leading SaaS education company that delivers neuroscience-based educational technologies. Scientific Learning’s programs have been used by more than three million learners in more than 2,300 K-12 schools in the United States and Canada, almost 300 private practice clinicians, thousands of students via a direct-to-consumer channel, and in over 55 countries via value-added resellers. The company’s Fast ForWord® programs cross-train foundational language and cognitive skills necessary for rapid English language development. Reading Assistant Plus™ uses speech verification technology to provide real-time corrective feedback to students as they read and speak, in a manner similar to that of an individualized language and reading coach. For more information please visit: https://www.scilearn.com

About Carnegie Learning, Inc.

Carnegie Learning is the leader in artificial intelligence in education and formative assessment. Born from more than 20 years of learning science research at Carnegie Mellon University, Carnegie Learning delivers powerful math, ELA and world language blended learning solutions, the award-winning MATHia® platform for grades 6-12, project-based digital solutions for computer science, and best-in-class K-12 professional learning services. For more information please visit: www.carnegielearning.com.

 
Scientific Learning was advised by Cherry Tree & Associates, LLC, an investment banking firm specializing in serving education technology companies. Loeb & Loeb LLP served as Scientific Learning’s legal counsel.

 

SOURCE:
Businesswire

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Cherry Tree Advises GLORY on its Investment in Acrelec Group SAS

Cherry Tree Advises GLORY on its Investment in Acrelec Group SAS

Acrelec Group SAS Welcomes Glory Ltd as Major Investor

BASINGSTOKE, England–(BUSINESS WIRE)–Glory Global Solutions (International) Ltd, a wholly-owned subsidiary of GLORY Ltd. [TYO:6457], has announced plans for a significant investment in Acrelec Group SAS, a leader in responsive self-service solutions for the Quick Service Restaurant and retail industries.

Headquartered in Saint-Thibault-des-Vignes, France with operations in a further 14 countries, Acrelec focusses on developing people-centred experiences through self-service kiosks, digital signage as well as mobile ordering and collection solutions. In addition to the front of store solutions, the company offers “whole process automation” solutions including Internet of Things data analytics, IVR, visual assessment, external data integration, and the application of AI-generated rules to drive kitchen and process optimization for Quick Service Restaurants.

With over 40,000 installations across more than 70 countries, Acrelec counts many of the world’s best-known restaurants and retail brands among its customers. Speaking about the investment, Akihiro Harada, Chief Executive Officer at Glory Global Solutions said, “We have been working with the Acrelec team for a number of years and we recognised that there was a strong fit in our cultures and ambitions as well as complementary solutions that we bring to market. We see an increasing trend where consumers want to take more control over their in-store shopping and dining experiences. Acrelec offers consumers this control, through personally and contextually responsive self-service solutions. Our investment in Acrelec will help accelerate their pace of innovation to capitalize on this trend. We will also work together to ensure continued choice in customer payment, including the integration of Glory’s cash automation solutions to extend the range of payment options for consumers using Acrelec self-order and pay kiosks.”

Motozumi Miwa, President of GLORY Ltd, said: “Our investment in Acrelec is another step in the execution of GLORY’s Long-Term Vision 2028. Acrelec’s success in self-service kiosks, click and collect solutions, and drive-through service optimization, together with their expertise in IoT and artificial intelligence, are directly aligned with Glory’s diversification and growth strategy.”

Jacques Mangeot, Co-CEO of Acrelec commented, “Today’s investment by Glory will power the next exciting step for our company and represents a great opportunity for our customers and for our team. After many years of continuous effort to answer the in-store digital needs, we are ready to drive forward the deployment of our innovative next generation ‘’smart-store’’ solutions. Our stylish, high-quality hardware will benefit from a complete suite of innovative AI software that increases revenues and leverages speed of service.”

Co-CEO Jalel Souissi adds “This investment is a strong endorsement of our business direction. We know that partnering with the highly respected Glory Group will be reassuring for our extraordinary, world-leading customers, who can be certain Acrelec will continue to serve them with passion, devotion, and continuous innovation. Glory’s approach to the investment is also a fantastic opportunity for our team members, who will be enriched by new experiences and projects while they continue to live the Acrelec values of agility, customer proximity and innovation that have made us successful.”

Glory’s investment in Acrelec is subject to review by Acrelec’s employee representatives, and applicable competition authorities.

About ACRELEC

Acrelec is a global technology company focused on reinventing the customer experience for restaurant and retail brands. Leveraging decades of software, hardware and service expertise, we develop and integrate new platforms that increase customer engagement, optimize efficiency and improve operations.

Our 900 employees around the globe collaborate with our customers and partners to design, create and build the world’s leading smart stores. Never satisfied with the status quo, our passion is in delivering breakthroughs that drive business results.

About GLORY

As a global leader in cash technology solutions, we provide the financial, retail, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business.

Our cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. While we span the globe, we personally engage with each customer to address their unique challenges and goals — enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience.

Employing over 10,000 professionals worldwide with dedicated R&D and manufacturing facilities worldwide, GLORY is built on a rich customer-focused, technology-driven heritage spanning almost a hundred years.

For further information please visit www.glory-global.com or follow us on Twitter: http://twitter.com/glory_global.

Contacts

GLORY
Paul Race
Director of Global Marketing
+44 (0) 7887 052366
paul.race@glory-global.com

SOURCE:
Businesswire

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

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Cherry Tree advises Advance Equipment Company in its sale to the Morwest Group of Companies.

Cherry Tree advises Advance Equipment Company in its sale to the Morwest Group of Companies.

Morwest Acquires Advance Equipment Company

SOURCE:
advancecos.com

We are excited to announce that, effective May 1, 2020, Advance Triwest Equipment, Ltd. has acquired Advance Equipment Company. Advance Triwest Equipment Ltd. is part of Morwest Group which includes Morwest Crane and Service out of Calgary, Canada and Triwest Crane out of Seattle, Washington. https://morwestcraneandservices.com

Advance Equipment Company and Morwest Crane and Services have been working together on projects, both in the U.S. and in Canada for more than 32 years.

 The Advance Shoring Company and the Advance Specialties Company remains under the same prior ownership, so nothing has changed with them.  
With this change, we will have a much more extensive inventory and range of Wolff Tower Cranes. 
We will still be offering our extensive fleet of Champion Hoist as rentals and service. 

Advance Triwest Equipment, Ltd. has also taken over the Putzmeister Dealership and territory from Advance Equipment Company. We will be offering the same award-winning sales and service of the Putzmeister Concrete Pump and Telebelt lines, as we have done for the last 30+ years.  
All of Advance Equipment Company’s employees have been transferred to Advance Triwest Equipment Ltd., so there should be no change in the experienced crew that will be there to support you on all of your projects.  
We invite you to reach out to our Integration Manager Frazer Rasmussen @ 346-236-5899 framussen@advancetriwest.com if you have any questions, or contact your existing Advance contact.  
 
Sincerely, 
Advance Triwest Equipment, Ltd. & Advance Equipment Company 
 
We are still operating out of our original Advance Equipment Company location @ 1400 Jackson Street, St. Paul, MN 55117, but we do have new landline phone numbers, and new email addresses (all of our cell #’s have remained the same): Main landline: 612-248-9009     

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Cherry Tree Advises OurFamilyWizard on an Investment by Spectrum Equity

Cherry Tree Advises OurFamilyWizard on an Investment by Spectrum Equity

Spectrum Equity Invests in OurFamilyWizard

Minneapolis, MN — OurFamilyWizard, the world’s most trusted co-parenting application, announced today that it has received a significant investment from Spectrum Equity, a leading growth equity firm whose investments include SurveyMonkey, Headspace, The Knot Worldwide and Ancestry. The funds will be used to further invest in products to help families more effectively organize and communicate, improving the lives of their children. The company also announced that Nick VanWagner has been appointed as Chief Executive Officer.

Nick most recently served as the SVP of Product & Operations at When I Work, a subscription software company. Before that, he spent six years leading the Insights team at LinkedIn, where he helped build valuable experiences to connect and engage users.

“As I’ve gotten to know the OurFamilyWizard and Spectrum teams, I was drawn to the opportunity to lead a company that is fundamentally improving the lives of families,” he said. “I’m inspired by the opportunity to build on our leading market position and bring more awareness of the value OurFamilyWizard can provide.”

Founded in 2001, OFW provides both families and the professionals who serve them with the tools necessary for more seamless and successful co-parenting. Nearly one million users have leveraged OFW to share calendars, messages, journals, files, expenses and important information such as health and school records. The platform is recommended by courts in all 50 US states, Canada, the United Kingdom, New Zealand and Australia.

Judges, family law attorneys and mental health practitioners also use OFW in their practices to help parents maintain an amicable connection post-separation. The OFW application creates a detailed audit trail that gives a clear picture of what is really happening in the family. This is a vast improvement over text, email and traditional shared calendaring and expense platforms. By using OFW to facilitate co-parenting, countless families avoid trips to court, alleviating an overburdened and underfunded system.

“This is an important step forward for OurFamilyWizard and for family law,” said OurFamilyWizard President Jai Kissoon. “Our company has always been bootstrapped, so finding a partner like Spectrum, who has a proven history of supporting the growth of companies like ours, is very exciting for us. From the start, they have demonstrated their belief in the importance of what we do for families.”

“We are excited to partner with Jai, Larry, Bryan, Nick and the entire team,” said Ben Spero, a Managing Director at Spectrum Equity. “Together we can make OurFamilyWizard an even better product which scales to support many more families and professionals.” Parag Khandelwal, a Principal at Spectrum Equity, added, “Parents, courts and practitioners continually face critical co-parenting issues which need to be handled with ease and efficiency. OurFamilyWizard’s 20 year track record of helping families affirms our belief that they’re well positioned to help.”

In conjunction with the transaction, Ben Spero and Parag Khandelwal of Spectrum Equity will join OFW board of directors, along with co-founders Jai Kissoon, President, and Larry Patterson, CTO. Jai, Larry, and COO Bryan Altman will remain as key leaders in this next chapter of the company’s evolution.

About OurFamilyWizard

Headquartered in Minneapolis, MN, OurFamilyWizard invented the concept of a shared parenting application. Its website, iOS and Android applications have been used by nearly one million people since the company was founded in 2001. The platform allows parents to communicate, share calendars and journals, track expenses and transmit payments. OurFamilyWizard is recommended by family law attorneys, mental health practitioners and courts in all 50 states, Canada, the United Kingdom, Australia and New Zealand.

SOURCE:
spectrumequity.com

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

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Cherry Tree Advises Agosto on their Sale to Pythian, a Portfolio Company of Mill Point Capital

Cherry Tree Advises Agosto on their Sale to Pythian, a Portfolio Company of Mill Point Capital

Pythian Services Acquires Google Cloud Premier Partner Agosto

Integrated Capabilities Create Cloud Transformation Powerhouse

NEW YORK – April 2, 2020 – Pythian Services Inc. (“Pythian”), a leading cloud, data and analytics services company, announced today that it has acquired Agosto, LLC (“Agosto”), a Google Cloud Premier Partner and leading cloud services and development company.

Pythian, a Mill Point Capital LLC portfolio company, has been helping organizations use data, analytics, and the cloud to transform and win for over 20 years. Agosto, founded in 2001, helps businesses enhance productivity and collaboration as well as solve complex business problems using Google Cloud. The Agosto acquisition will solidify Pythian’s footprint in North America, its fastest-growing market, and will allow Pythian to immediately extend its services portfolio to include Google Cloud, G Suite, Chrome and Maps, as well as cloud product development. The combination leverages two transformational trends—cloud and data—and allows Pythian to offer complete transformation solutions for enterprise buyers.

Both companies are Google Cloud Premier Partners and together hold Google Cloud specializations in Cloud Migration, Data Analytics, Machine Learning, Infrastructure, IoT, Application Development and Work Transformation-Enterprise. With the acquisition, the combined entity will have a unique set of specializations, certifying its competency and experience in these critical and transformative domains. Pythian was named Google Cloud Data Analytics Partner of the Year in 2018, while Agosto was named Google Cloud Partner of the Year in 2013 and 2016.

Keith Millar, Pythian President, stated, “The acquisition of Agosto allows us to respond to the requests of our customers for more complete cloud solutions. Clients of both companies, and the broader market, will now have access to enhanced data and cloud transformation solutions bundled with Google Cloud services and collaboration tools through a one-stop solutions provider.”

“Pythian is a great company with a strong brand and a well-deserved reputation for excellence,” stated Aric Bandy, President of Agosto. ”We at Agosto are excited to bring even more significant value to the market, the sum of which is greater than our contributions as separate entities. We look forward to expanding our services portfolio and serving more customers as they move to Google Cloud.”

Carolee Gearhart, Vice President WW Channel Sales at Google Cloud, added, “We are pleased to see two of our key Google Cloud Premier Partners join forces to accelerate the Google Cloud transformation journey for all of our customers. We are excited to support this expanded customer offering.”

Millar added, “Google has been a very supportive partner for Pythian and Agosto. We look forward to advancing our partnership with this acquisition.”

“Mill Point Capital is aggressively investing in Pythian as a platform for data, analytics, and cloud solutions. As corporate collaboration and data requirements multiply, enterprises need experienced, trusted advisors like Pythian and Agosto,” said Keith Angell, Pythian Board Director and Executive Partner for Mill Point Capital.  “We see tremendous opportunities in the marketplace for this advanced cloud and data management platform.”

Financial details of the transaction have not been disclosed.

About Pythian

Founded in 1997, Pythian is a global IT services company that helps organizations transform how they compete and win by turning data into valuable insights, predictions and products. From cloud automation to machine learning, Pythian designs, implements and supports customized solutions to the toughest data challenges. A Google Cloud Premier Partner with specializations in Cloud Migration, Data Analytics, Machine Learning, and Infrastructure, Pythian was also named 2018 Google Cloud Data Analytics Partner of the Year. For more information visit www.pythian.com.

About Agosto

Founded in 2001 and headquartered in Minneapolis, Agosto is an award-winning cloud services company and one of the largest and most innovative Google Cloud Platform Partners in the world with specializations in IoT, Infrastructure, Application Development and Work Transformation-Enterprise. The company helps organizations leverage Google Cloud products by providing technical solutions, change management and training, migration and deployment from legacy systems, ongoing admin support, and custom product development. For more information visit www.agosto.com.

About Mill Point Capital LLC

Mill Point Capital is a private equity firm targeting control investments in lower-middle market businesses, with a focus on industrials and business services companies in North America. Mill Point’s experienced team of investors and Executive Partners seek to enhance the value of portfolio companies by executing transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.

Media Contact:

Lynda Partner 
VP Marketing, Pythian Services
613-794-8474
partner@pythian.com 

Elizabeth Walsh
VP Marketing, Agosto
612-605-3559
elizabeth.walsh@agosto.com

SOURCE:
agosto.com

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