UPDATED 11:28 a.m. Wednesday
Investment Scorecard's founder and CEO, Joe Maxwell, called NashvillePost.com after our original posting to make clear that a net increase in staff is contemplated and that he remains chief executive. He described the company's operations going forward as "status quo."
As originally posted:
Investment Scorecard Inc. confirmed this morning that Informa Investment Solutions will acquire the Nashville-based company in a transaction currently valued at approximately $50 million in cash, with the deal's closing expected in April.
Investment Scorecard Senior Vice President Keith Deerkoski told NashvillePost.com this morning the local company will continue to operate from Nashville. He declined to comment when asked whether the sale might lead to further layoffs at the company, such as those reported in summer 2006.
Purchaser IIS is a wholly owned subsidiary of Informa Financial Information, based in White Plains, N.Y.
Twelve-year-old Investment Scorecard provides performance measurement, wealth analytics, policy monitoring and independent client reporting solutions to more than 720 financial institutions in the U.S. Information provided by IIS indicates the firm has 1,400 customers for its own reconciliation, performance measurement, compliance, insurance evaluation and client-reporting tools.
Investment Scorecard Chairman and CEO, Joe Maxwell, who often tells entrepreneurs how he ran up $75,000 in debt on his personal credit cards in trying to create his company, said in a statement this morning: "By joining the people, processes and technology of these two market-leading organizations, we will deliver further differentiation and advantage, as well as increased value to our existing and future clients. We share Informa's vision of creating holistic wealth management reporting and analytics solutions and look forward to playing a role in advancing that strategy. Additionally, Informa's strong financial position will accelerate our ability to secure large contracts with leading wealth management, financial institution and brokerage clients across the United States."
Investment Scorecard laid-off approximately 20 technology staff last summer, as reported by NashvillePost.com. At that time the company's annual revenue was pegged at over $15 million.
Members of the Investment Scorecard board of directors include: Joseph E. Maxwell, chairman and CEO; Charles E. Blankenship Jr., president and chief operating officer; E. Townes Duncan, president of Solidus Co.; Fred C. Goad Jr., co-founder of Voyent Partners LLC; George H. Horgen, senior managing partner, Southeastern Technology Fund; and, Jeffrey E. Powell, co-founder of Harpeth Partners.
Note: Solidus Co., majority owner of NashvillePost.com, has an investment stake in Investment Scorecard Inc.
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