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CABs Now Subject to Pay-To-Play Rules
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In August 2016 the SEC approved FINRA rules for a new category of advisers known as “Capital-Acquisition Brokers” or “CABs”. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions. But, unlike full-service brokers, CABs are
Siris Affiliates to Acquire Intralinks Holdings, Invest in Synchronoss
NEW YORK, October 17, 2017 – Siris Capital Group, LLC (“Siris”) today announced that investment funds affiliated with Siris have entered into a definitive agreement to acquire 100% of the common stock of Intralinks Holdings, Inc. (“Intralinks”), a global leader for secure data sharing and enterprise collaboration solutions and a wholly owned subsidiary of Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a leading provider of cloud-based, white-label software solutions for communications and media companies. Investment funds affiliated with Siris have also entered into a definitive agreement to make an investment in convertible preferred equity of Synchronoss. Under the terms of the agreements, investment funds affiliated with Siris will acquire all of the stock of Intralinks for approximately $1 billion in consideration and Intralinks will become an independent, privately owned portfolio company of investment funds affiliated with Siris. Under the terms of the agreements, investment funds affiliated with Siris will make an
SEC Issues Advertising Risk Alert
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In September 2017, the OCIE issued a Risk Alert notifying advisors of the most common deficiencies related to the Advertising Rule. Interestingly, all the deficiencies identified involved misleading performance advertising. The takeaways from the Risk Alert are detailed below. Misleading Performance Results. The Staff observed advisers that presented performance results without deducting advisory fees. The Staff also found that advisers used advertisements that compared results to
Vista Equity Partners Completes Acquisition of Xactly
SAN JOSE, Calif.–(BUSINESS WIRE)–Xactly (NYSE:XTLY), a leading provider of cloud-based incentive solutions, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on investments in software, data and technology-enabled businesses. The transaction, originally announced on May 30, 2017, was completed on July 31, 2017. Xactly’s stockholders approved the acquisition on July 28, 2017. The acquisition – which combines Xactly’s product and industry leadership with Vista’s strategic and operational expertise for high-growth SaaS companies – begins the next phase of growth for Xactly, in which the company will continue to focus on innovation and thought leadership in cloud-based incentive compensation solutions. “Twelve years ago, we set out on a mission to transform the way companies approach incentive compensation,” said Christopher W. Cabrera, founder and CEO of Xactly. “Joining Vista marks a significant milestone on our journey. Vista is the ideal partner to accelerate
Siris Capital Company Acquires Virtual Application Delivery Controller Business
SAN JOSE, CA – AUGUST 1st 2017 – Pulse Secure, LLC (“Pulse Secure”), a leading provider of secure access solutions to both enterprises and service providers, today announced that it has completed the acquisition of assets associated with the Virtual Application Delivery Controller (vADC) product family from Brocade Communications Systems, Inc. (“Brocade”). The transaction includes a leased research and development facility in Cambridge, UK and associated customer support and maintenance contracts. The acquisition adds significant new capabilities to the Pulse Secure Access Platform offering a complete end-to-end Secure Access solution designed to reduce cost and complexity, increase security, and delight users. “This acquisition is not only about adding great products to our Secure Access platform, it’s about gaining an outstanding team who are seasoned in the vADC industry,” said Sudhakar Ramakrishna, CEO of Pulse Secure. “Combining the vADC group with our existing Pulse team, we are truly a force to
Neuberger Berman Portfolio Company Acquires Fashion Brand
Los Angeles and New York, August 1, 2017 – Marquee Brands LLC announced today that it has acquired the entire portfolio of brands from BCBG Max Azria Global Holdings, LLC including the BCBGMAXAZRIA®, BCBGeneration® Herve Leger® brands and all related intellectual property. Established in 1989, BCBG Max Azria was launched and named for the French phrase “bon chic, bon genre” (great style, great attitude) and quickly took the fashion world by storm, becoming synonymous with European flare, American style and affordable pricing. Throughout its history, BCBG has been a favorite amongst influencers and celebrities and is a staple in women’s wardrobes. “Acquiring these three brands is transformational for Marquee as we step firmly into women’s fashion and further diversify our portfolio,” said Zachary Sigel, Managing Director of Neuberger Berman. “Our mandate and focus on buying relevant brands with their greatest years ahead hasn’t wavered and this acquisition further evidences that
The Rise of Text Messaging for Business Purposes
Text messaging. We’re all doing it. It’s not only easy to do, but also a highly effective and efficient way to communicate. According to a survey conducted by Smarsh, a firm specializing in cloud-based archiving solutions, text messaging is the most requested channel for business use by employees in financial firms, up over 20 percent from last year. The increasing number of professionals using text messaging for business purposes has caught the attention of regulators and raises compliance and supervision concerns. During 2016 SEC examinations, twenty-one percent of firms examined were required to provide their mobile device communications policy. Drafting a Policy Surprisingly, more than one-third (36 percent) of the firms allowing text messaging for business purposes lack a written policy governing its use and almost half (48 percent) lack an archiving solution. The first step towards laying a foundation for text message compliance is to have a policy governing
New Disclosures for Form ADV
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Beginning on October 1, 2017, investment advisers will be expected to comply with the various new disclosures required on the Form ADV. Earlier this summer, the SEC released additional guidance for investment advisers and compliance professionals in the form of frequently asked questions (“FAQ”) to help answer any remaining questions advisers may have on how to comply with the new amendments to Form ADV. We have
RLJ Equity Partners Completes Sale of Cleaning and Maintenance Services Provider
Audax Private Equity, along with CEO and Founder of EnviroVac Kevin Jackson, and the EnviroVac Management team have acquired EnviroVac, a leading provider of mission-critical cleaning and maintenance services to the power & utilities, pulp & paper, chemical, steel, and manufacturing industries. The seller is RLJ Equity Partners, LLC. No financial terms were disclosed. Houlihan Lokey provided financial advice to EnviroVac on the transaction. July 10, 2017 09:59 AM Eastern Daylight Time SAVANNAH & BOSTON–EnviroVac Holdings, LLC (“EnviroVac,” or the “Company”), a leading provider of mission-critical cleaning and maintenance services, and Audax Private Equity (“Audax”), a leading private equity firm headquartered in Boston, today announced that Audax has acquired the ownership interest in EnviroVac held by RLJ Equity Partners, LLC (“RLJ”). EnviroVac, headquartered in Savannah, GA, utilizes a state-of-the-art fleet of highly technical, innovative, and specialized equipment to perform a broad suite of complementary, high-value added services, ranging from routine
Clearlake Capital to Sell Software Providers in $1.26B Deal
Santa Monica, CA – July 6, 2017 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced a definitive agreement to merge enterprise software providers Syncsort Incorporated (“Syncsort”) and Vision Solutions, Inc. (“Vision”) as well as the simultaneous sale of a significant ownership position in the combined company to Centerbridge Partners, L.P. (“Centerbridge”). Upon completion of the $1.26 billion transaction, Clearlake, which acquired Syncsort in 2015 and Vision in 2016, will retain a meaningful ownership stake. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals. The combined company, led by Syncsort CEO Josh Rogers and operating under the Syncsort name, will be headquartered in Pearl River, NY. Each business is expected to benefit from the dramatic increase in global presence, as well as significantly expanded product offerings, afforded by the combination. Vision CEO Nicolaas Vlok is anticipated