Yearly Archives: 2008

2008 Greater Washington Technology CFO Awards Finalists Announced

The Northern Virginia Technology Council (NVTC) is pleased to announce the finalists for the 2008 Greater Washington Technology CFO Awards, which recognize chief financial officers for extraordinary achievement and excellence in promoting the development of the region’s technology community. The awards program, produced by NVTC with participation by the Tech Council of Maryland, honors exemplary CFOs in the following categories: Public Company CFO of the Year, Private Company CFO of the Year, Group/Division CFO of the Year and Community Service Award. At the awards banquet on June 3 at the Hilton McLean in McLean, Va., the Michael G. Devine Hall of Fame Award also will be presented to an extraordinary leader whose contributions have significantly and uniquely impacted the Greater Washington region’s technology business community during the course of his or her career.
These awards are a joint endeavor of the four accounting firms of Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, and the chairmanship of the event is rotated among the four firms. The chairman of this year’s awards program is Greg Kuykendall, partner, Ernst & Young.

The finalists for the Public Company CFO of the Year Award are:

John F. Baule, K12
Maria C. Izurieta, Wireless Matrix
Kevin Phillips, ManTech International
Joe Ragan, GTSI Corporation
Steve Vintz, Vocus, Inc.

The Private Company CFO of the Year Award finalists are:

Gregory S. Dunn, Acquisitions Solutions, Inc.
Wes Husted, Abraxas
Doug Kollme, Interactive Technology Solutions
Joseph Kuhn, NextPoint Networks, Inc.
Wayne Wilkinson, Athena Innovative Solutions, Inc.

The Group/Division CFO of the Year, a new award category for 2008, is presented to the chief financial executive of a significant division or business unit that is located in the Greater Washington region and whose parent company is headquartered outside the region. The finalists are:

Marilyn Crouther, EDS, U.S. Public Sector (the 2007 Community Service Award honoree)
Jim LaJeunesse, Unisys
William T. Powers III, Rolls-Royce North America

The Community Service Award finalists are:

Kevin M. Boyce, Datatel, Inc.
Ed Offterdinger, Beers + Cutler
Mark Simione, Noblis

To learn more or to register for the Greater Washington Technology CFO Awards Banquet, visit www.nvtc.org.

Edgewater Announces Portfolio Company Exit in FishNet Security

CHICAGO – Edgewater Growth Capital Partners has announced the recent realization of its investment in FishNet Security, which is a leading information technology security solutions provider. Through its investment in Jan. 2005, Edgewater partnered with the FishNet management to accelerate organic growth opportunities and assist the company with targeted acquisitions.

Since that time, the company expanded its footprint from seven offices in the Midwest to a nationwide network of 25 offices. During the partnership, FishNet added depth to its management team, completed and integrated two strategic acquisitions and increased its revenue at a compound annual growth rate of 68 percent while more than tripling EBITDA.

FishNet is another example of Edgewater’s investment strategy. Through three years of organic growth and strategic acquisitions, the company successfully extended its leadership position within the enterprise network security market and allowed Edgewater and the other owners to realize a significant return.

The Edgewater Funds is a Chicago-based private equity firm with more than $1 billion under management.

Through Edgewater Growth Capital Partners II, the firm partners with management to help accelerate business growth. Edgewater focuses on funding high-quality, middle-market companies where it can add substantial value through capital, experience and its broad network. Edgewater leverages the experiences of its partners who have distinguished themselves as successful CEOs and business leaders.

Genesis Financial Solutions Closes Growth Equity Investment from The Edgewater Funds

PORTLAND, Ore.–(BUSINESS WIRE)–Genesis Financial Solutions, Inc. (“Genesis”), announced that it recently completed a growth equity investment from The Edgewater Funds (“Edgewater”). Genesis is a rapidly growing specialty consumer finance company focused on the acquisition and origination of credit cards and student loans. Genesis partners with banks, career colleges and other consumer-oriented organizations to create customized lending programs.

Proceeds from the investment will be used to fund new consumer receivables. Genesis intends to concentrate on building its credit card and student loan portfolios. Since its founding in 2001, Genesis has developed a strong underwriting and servicing platform in the non-prime unsecured consumer credit market. The company currently employs 160 people in Portland, Oregon, where it manages and services over $2 billion in consumer receivables.

“We are delighted to have closed this round of funding from Edgewater,” commented Bruce Weinstein, President and CFO of Genesis. “In this period of uncertain economic conditions and disrupted credit markets, we believe there are strong opportunities for our business. Because of our strong market presence and rising demand for our lending programs, the new equity will accelerate our growth.” Added Irving Levin, CEO of Genesis, “This investment is particularly timely because of our significant opportunities in making private tuition loans for career college students.”

Gregory K. Jones, Partner at Edgewater, said, “The current state of the consumer credit market presents an opportunity for Genesis to build new relationships and deploy capital at attractive levels. Genesis utilizes innovative, consumer-friendly financial products. We are excited about partnering with such a high quality management team and we look forward to helping grow their business.”

About Genesis Financial Solutions, Inc. 

Genesis Financial Solutions, Inc. is a provider of specialty consumer finance solutions. The company specializes in acquiring and originating credit cards and student loans. Genesis manages and services subprime unsecured consumer receivables throughout the credit lifecycle, from performing through charged-off accounts. Genesis differentiates itself through sophisticated risk management, program delivery and product innovation. Genesis was founded in 2001 and is located in Portland, Oregon. For more information, visit http://www.genesis-fs.com/.

Edgewater Announces Sale of Helicon

CHICAGO – Edgewater Growth Capital Partners II has announced the sale of portfolio company Helicon Re Holdings to White Mountains Insurance Group.

Through its investment in Jan. 2006, Edgewater partnered with Folksamerica Reinsurance Company (a subsidiary of White Mountains) to create Helicon. Folksamerica is one of the leading reinsurance businesses with a 10-year history and approximately $1 billion of reinsurance underwriting each year.

Helicon was formed to take advantage of the supply and demand dislocation in the reinsurance marketplace caused by the hurricane events of 2005. Following these natural disasters, Helicon was able to generate an attractive return on capital through an increase in industry pricing as well as a reduction and diversification of risk.

Edgewater’s active involvement in the strategic direction of the business allowed the company to take advantage of its strong capital position within its marketplace, generate returns and position itself for an exit.

Edgewater Announces Sale of Extended Care Information Network

CHICAGO – Edgewater Growth Capital Partners II has announced the recent sale of portfolio company Extended Care Information Network (ECIN) to Allscripts Healthcare Solutions.

Through Edgewater’s investment in May 2006, Edgewater partnered with the ECIN management team to accelerate organic growth opportunities, strengthen its client network base and assist the company with targeted acquisitions.

Since that time, ECIN has aggressively expanded its customer base, enhanced its product service offering and increased its revenue by 90 percent while tripling EBITDA.

ECIN is another example of Edgewater’s investment strategy. The investment opportunity was introduced to Edgewater through a personal relationship between ECIN’s CEO and one of Edgewater’s partners. This has enabled Edgewater to complete the investment without an auction process.

The company successfully took advantage of its leadership position within its marketplace and positioned itself for an attractive exit to a strategic acquirer. Edgewater also has a close relationship with the CEO of the acquirer, which allowed Edgewater to play a significant role in the successful sale of ECIN.