Social commerce site LivingSocial acquires a majority stake in Let’s Bonus

January 13, 2011 — Fusion DigiNet

Social commerce site LivingSocial has acquired a majority stake in Let’s Bonus. The partnership bolsters LivingSocial’s rapid international expansion, making it now live in ten countries with the addition of Let’s Bonus’ Spain, Italy, Portugal, Argentina and Mexico presences. LivingSocial now has more than 16 million subscribers, is live in more than 170 markets, and is projected to book in excess of $500 million in revenue in 2011. Terms of the deal were not disclosed.

“The addition of Let’s Bonus to the LivingSocial team is a great opportunity to expand into Latin America and continue our European growth,” said Tim O’Shaughnessy, CEO and co-founder of LivingSocial. “Not only is LivingSocial available in ten countries, but with this acquisition we’ve gone multilingual, offering deals in Spanish, Italian and Portuguese. We’re thrilled to expand our footprint with a company that believes in building the same great merchant and consumer relationships that LivingSocial has always upheld.”

Launched in September 2009 in Barcelona, Let’s Bonus helped to pioneer the collective buying movement in Europe and is the leader in the Spanish market. The company offers daily deals with discounts of up to 70% on fun, exclusive activities including gourmet dinners, luxury spas and romantic escapes. Let’s Bonus has a strong management and sales team of more than 200 employees, including local city experts in each market where the company’s daily deals program is live, and offices in Barcelona, Madrid, Valencia, Rome, Milan, Lisbon, Buenos Aires and Mexico. Let’s Bonus’ “Planes de Viaje” section, which offers pre-packaged travel deals to users, also naturally supports LivingSocial Escapes’ international expansion.

“LivingSocial is the perfect fit for Let’s Bonus as we share the same goal of offering unique, top notch deals for subscribers,” said Miguel Vicente, founder and CEO of Let’s Bonus. “With LivingSocial’s support, we look forward to growing Let’s Bonus even faster and stronger throughout Europe and in South America.”

In 2010, LivingSocial acquired adventure company Urban Escapes  and has expanded its reach in Australia with a controlling stake in Jump On It.

USA, Washington DC & Spain, Barcelona

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Thomson Reuters acquires LRP Publications’ Public Employment Group and Bankruptcy/Banking Products Group.

January 13, 2011 — Fusion DigiNet

Thomson Reuters has acquired LRP Publications’ Public Employment Group and Bankruptcy/Banking Products Group.

LRP Publications, founded in 1977 by Kenneth Kahn, is a leading supplier of print and online publications for legal, government, educational, and business professionals.  LRP’s resources include case reporters offering legal case law summary and analysis, as well as hundreds of newsletters, books and videos.

LRP will continue to focus on its products for the education community and federal government managers. LRP Publications was advised by Berkery Noyes.

USA, Palm Beach Gardens, FL

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Groupon completes a huge $950 million round of financing

January 11, 2011 — Fusion DigiNet

Groupon has completed a huge $950 million round of financing valuing the business at $4.75 billion.

The company says they will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.

The financing consists of several venture capital firms and late-stage investors, including Andreessen Horowitz, Battery Ventures, DST, Greylock Partners, Kleiner Perkins Caufield & Byers, Maverick Capital, Silver Lake and Technology Crossover Ventures. Allen & Company LLC acted as financial advisor. Previous funding rounds were led by New Enterprise Associates, Accel Partners, Mail.ru Group and DST.

“We’re thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms,” said Andrew Mason, founder and CEO of Groupon. “With their support, we will continue on our mission to change the way people shop locally and serve the world’s local businesses.”

Related articles:

  • Groupon rejects Google’s $6 billion offer Posted on December 7, 2010
  • Has Google bought Groupon? Posted by Fusion DigiNet on November 30, 2010
  • Groupon has acquired European competitor Citydeal Posted on May 18, 2010
  • Groupon acquires mob.ly Posted on May 7, 2010
  • Groupon raises more funds at a $1.2 million valuation Posted on April 18, 2010
  • Groupon has raised a Series B financing round of $30 million December 2, 2009
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    MedTech Media sold to Healthcare Information and Management System Society

    January 11, 2011 — Fusion DigiNet

    MedTech Media’s founder Neil Rouda has sold MedTech Media to Healthcare Information and Management System Society (HIMSS).

    HIMSS has been a partner of MedTech Media since it was founded in 2003. As part of the deal, MedTech will begin publishing Government Health IT in 2011. Editorial decisions of MedTech’s publications, Healthcare IT News and Healthcare Finance News, will remain independent and MedTech will continue to produce HIMSS Daily Insider, the HIMSS Expo Yellow Pages, the HIMSS Resource Guide and other annual conference-related publications and products.

    “HIMSS’ interest in our company reflects well on the talents and dedication of the people who work at MedTech. We owe our success to our partnership with HIMSS, to the industry we cover, but most of all, to our hardworking employees,” Mr. Rouda said.

    MedTech’s management team, led by current President, Jack Beaudoin, will maintain significant ownership in the company.

    “Going forward, it is my expectation that the activities of HIMSS and MedTech, while continuing to be run through separate companies, will support mutual growth and our ability to drive improvement and transformation in healthcare through information technology,” said HIMSS president and CEO, H. Stephen Lieber, CAE.

    Berkery, Noyes & Co assisted in negotiations and acted as exclusive financial advisor to MedTech Media’s founder and selling shareholder Neil Rouda.

    USA, New Gloucester, ME & Chicago, IL

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    Playboy Enterprises agrees to ‘Go-Private’ transaction at $6.15 per share

    January 11, 2011 — Fusion DigiNet

    Playboy Enterprises has entered into a definitive agreement with Icon Acquisition Holdings, a limited partnership controlled by Hugh M. Hefner, to take the company private for $6.15 per share.  

    The $6.15 price represents a 18.3% premium over the closing price Friday, January 7, 2011, of PLA and a 56.1% premium over the closing price on July 9, 2010, the last trading day before the proposal was first announced.  

    The purchaser, Icon Acquisition Holdings L.P., has obtained equity commitments for the transaction from an affiliate of Rizvi Traverse Management and a debt commitment for the transaction from affiliates of Jefferies & Company, Inc.

    Mr. Hefner said:  “With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company.  The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world.”  

    Sol Rosenthal, Chairman of the Special Committee of Playboy’s Board of Directors, said:  “The Special Committee and the Board have determined that the transaction is advisable, fair to and in the best interests of the Company’s public stockholders.”  

    Playboy CEO Scott Flanders will remain with the company in his current position and maintain a significant equity investment in Playboy.  “Our strategy is to transform Playboy into a brand management company,” Flanders said.  “This transaction will advance our efforts by strengthening our balance sheet and streamlining our operations, while creating opportunities to participate in new ventures.  I am excited about the future, and I look forward to working with our new partners as we guide Playboy into the next era.”

    Under the terms of the transaction, the purchaser will offer to acquire all of PEI’s outstanding shares of Class A voting (PLAA) and Class B non-voting (PLA) common stock that Mr. Hefner and his affiliates do not own for $6.15 per share in cash.  Through Mr. Hefner’s trusts, Mr. Hefner controls approximately 69.5% of the Class A shares and 27.7% of the Class B shares.  In connection with the transaction, Mr. Hefner has agreed to transfer all shares to the purchaser and not to tender such shares in the offer.  

    The purchaser expects to commence the tender offer no later than January 21, 2011.  

    Lazard is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom is acting as legal counsel to Playboy Enterprises. Raine Securities LLC is acting as financial advisor and Kaye Scholer LLP is acting as legal counsel to the Special Committee. Moelis & Company LLC is acting as financial advisor and Munger, Tolles & Olson LLP is acting as legal counsel to Mr. Hefner.  Jefferies & Company, Inc. is acting as financial advisor and Sheppard, Mullin, Richter & Hampton LLP is acting as legal counsel to Rizvi Traverse.

    USA, Chicago, IL

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    Research shows smaller buyouts bounce back in 2010

    January 11, 2011 — Fusion DigiNet

    Source – Lyceum Capital and Cass Business School

    The total value of smaller private equity buyouts completed during 2010 rose to over £2.5billion, a 150 per cent increase on 2009 levels, according to data from The UK Growth Buyout Dashboard.

    The quarterly trend analysis of private equity transactions in the £10 million to £100 million segment produced by Lyceum Capital and Cass Business School shows 68 companies raised an estimated £2,504 million of buyout funding in 2010. This compares with 34 transactions and £1,045 million of funding during the previous 12 months.
    The figures provide further evidence that increasing numbers of successful SMEs are seeking private equity investors’ capital and expertise to drive their post-recession expansion plans.

    Commenting on the report, Andrew Aylwin, Partner at Lyceum Capital, said: “The long-term investment outlook is positive. There is a bed-rock of SMEs requiring capital to consolidate their performance and complete the transformation into more mature, high-growth enterprises. This growth will ensure the lower mid-market continues to be a highly attractive asset class for private equity investment that is capable of creating consistently strong returns for investors.”

    To go to The UK Growth Buyout Dashboard click here

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    LinkedIn to go public in 2011

    January 7, 2011 — Fusion DigiNet

    Reuters is reporting that LinkedIn, the social networking site for professionals, plans to go public in 2011. Morgan Stanley, Bank of America and JPMorgan are among the book runners.

    Their sources say that Internet companies such as LinkedIn and Zynga, a popular maker of online social games, are considering offerings well ahead of a potential IPO of Facebook.

    Linkedin is backed by investors include Sequoia Capital, Greylock Partners and Bessemer Venture Partners.

    Read the full story here

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    FamilyFinds acquires Mamaloot

    January 7, 2011 — Fusion DigiNet

    FamilyFinds.com, an online daily deal site focused on services and experiences for families, has acquired Mamaloot – a daily deal site focused on families in the Chicago market.  Mamaloot will now operating under the FamilyFinds name.

    “We are expanding across the country in a rapidly growing market, so the opportunity to add both a presence in a top market and experienced, passionate team members makes sense,” said Matt Coffin, chief executive officer, FamilyFinds.  “The team at Mamaloot had a similar idea when they launched as we did; provide great deals across local communities to the families that seek them out.”

    “This marks the first of our growth expansion plans into key markets nationwide,” said Brian Barnum, president, FamilyFinds.  “Now reaching all of Los Angeles and Chicago allows us to provide millions of families with up to 90% off at places they shop, eat and play, as well as offer inspirational ideas on fun things to do with family.”

    USA, Santa Monica, CA & Chicago, IL

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    ProQuest acquires ebrary

    January 7, 2011 — Fusion DigiNet
    ProQuest has acquired e-book pioneer ebrary.  The agreement will marry both companies’ user-centric technologies and add a growing pool of a quarter-million e-books to ProQuest’s content offerings.  The combined collection will enable users to search seamlessly across multiple formats – books, journals, dissertations, newspapers, video, and more – and across eight centuries of the world’s knowledge.  

    “This is a game-changer for global research,” said Marty Kahn, ProQuest CEO.  “While a natural next step has been to enhance e-book discovery for ProQuest platform users, there’s also far greater potential here.  We’re primed for imaginative technology mash-ups that will energize users and accelerate the knowledge industry.  The creative minds and deft technologists of ebrary are a welcome and fitting addition to our future-oriented business.”  

    Founded in Palo Alto in 1999, ebrary is a fast growing leader in the rapidly evolving e-book industry, having increased its 2010 revenue by more than 30 percent over the previous year.

    ProQuest plans continued investment in ebrary’s popular products and services for the academic, corporate, and public library markets including Academic Complete™ the company’s flagship product.  ProQuest will also expand ebrary’s selection of research tools and ability to support new e-book devices as well as broadening language coverage from its current support of major European languages to include Chinese, Arabic and others.  Further, the company will accelerate the indexing of e-book content on its own platform where books offered by ebrary will be searchable along with ProQuest’s research content.   

    ebrary founders Christopher Warnock and Kevin Sayar will remain to lead the business in its Palo Alto headquarters.  

    “ebrary is extremely excited to become a part of ProQuest,” said Christopher Warnock, CEO of ebrary.  “There is tremendous synergy between our products and services as well as our teams.  Together, we know that we can provide best-of-kind services to libraries worldwide and the users they serve.”

    “This is the next chapter for ebrary,” said Kevin Sayar, ebrary President.  “We are happy to be part of an organization with a broad range of strengths and we’re looking forward to collaborating in ways that will inspire entirely new information solutions and captivate new users.”

    USA, Ann Arbor, MI & Palo Alto, CA

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    US information industry M&A report shows deal value and volume Up 36%

    January 7, 2011 — Fusion DigiNet

    Berkery Noyes has released its 2010 Information Market M&A Trends Report. The report analyses merger and acquisition activity in the US Information Industry in 2010 and compares it with activity in the three previous years.

    Highlights

    • Transaction volume in 2010 surpassed 2009 by 36 percent, climbing to 2,046 transactions.
    • Transaction value has increased by 36 percent as well, with $112 billion in aggregate acquisition value.
    • The median revenue and EBITDA multiple both increased over 2009, with the revenue multiple rising to 1.8 and the EBITDA multiple to 11.2, a 29 percent increase over the 8.7 of 2009.

    “Multiples have started to make a return to pre-crisis levels,” said James Berkery, CIO of Berkery Noyes. “There are more deals happening and there are higher valuations. While we’re not at the levels we saw in 2007, I think we’re well on the road to recovery.”

    Strategic acquirers have been the most common acquirer in the industry, yet financially sponsored transactions rose 39 percent by value over 2009 while losing 2 percent in volume over 2009. This trend of larger financially sponsored transactions is further evidenced by two of the top seven deals by value this year being made by financial acquirers: Interactive data Corporation’s acquisition by Warbug Pincus and Silver Lake Partners for $3.2 billion and Visma ASA’s acquisition by Kohlberg Kravis Roberts & Co. for $1.9 billion.

    Google was not only the most active buyer in the information industry in 2010, with 28 acquisitions, but was also the most active buyer from 2007 through 2010, with 48 transactions during that time.

    The largest transaction in 2010 was Intel Corporation’s announced acquisition of McAfee, Inc., for $7.55 billion.

    To view the full report click here:

    USA, New York, NY

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