Rich May News: 2004
March 4, 2004
Rich May client Trident Capital invests In AdvanTech Solutions
TAMPA, Fla. – AdvanTech Solutions(SM), a leading provider of integrated human resource management services, announced today the completion of a $26.2 million recapitalization. As part of this transaction, AdvanTech Solutions raised $20.2 million of equity capital and arranged a $6.0 million revolving credit facility with Wachovia Bank, NA. Rich May, a Professional Corporation, a Boston business law firm, represented the investor, Trident Capital, a national venture capital firm focused on information technology investments and emerging technology, which led the equity round with additional funding provided by existing investors and management. William Blair & Company, L.L.C. acted as placement agent and financial advisor to AdvanTech Solutions for the refinancing.
AdvanTech Solutions plans to use the funds to retire the company’s Senior Debt as well as to enhance its market leading service offering that combines the company’s expertise in human resources, technology, service delivery and program management.
“We are excited to have Trident Capital as the lead investor in this round of financing,” Jack Murray, chief executive officer of AdvanTech Solutions, said. “Their reputation, business savvy, expertise in outsourcing and network of relationships will help propel our company to the next level of expansion.
“AdvanTech Solutions has already established the reputation of ‘best in class’ for its delivery of outsourced human resources to the small business market,” Murray continued. “With this investment from Trident Capital and a significant strengthening of our balance sheet, we will be well positioned to build on our success and introduce new, innovative products into the marketplace.”
Trident Managing Director, Venetia Kontogouris, who will join the Board of Directors of AdvanTech Solutions, said, “We see tremendous opportunity in the outsourcing of integrated and technologically driven human resource services. AdvanTech’s indirect agency distribution model and high touch ‘human capital consultant’ platform is unique to the industry, and we view it as the perfect investment platform to participate in this high growth and vastly underpenetrated market opportunity.”
About Trident Capital
Trident Capital is a leading venture capital firm with over $1.2 billion of capital under management, including $519 million in its most recent fund, Fund V. Trident has invested in over 100 companies since its inception in 1993. The firm invests in information services and software companies with a focus on business outsourcing, financial services, security, marketing services and infrastructure software markets. Trident is an active investor across multiple stages, with experience in both traditional venture capital growth financing as well as in management buyouts, spin-outs and roll-ups. Past successes include American Cellular, CSG Systems, Pegasus Solutions, Mapquest, Montpelier Re and Vality Technology. The firm has offices in Palo www.tridentcapital.com.
About AdvanTech Solutions
Headquartered in Tampa, Florida, AdvanTech Solutions provides human capital management technology and outsourcing services to clients nationwide. The company provides a technology-rice employment system that transforms its clients’ human resources department into knowledge-driven organizations focused on supporting corporate strategy rather than transaction processes and administration. For more information, please visit the company’s website at www.advantechsolutions.com. AdvanTech Solutions currently distributes its services through a unique network of independent insurance agency partners operating in more than 60 markets in Florida, Georgia, Texas, North Carolina and Illinois. It serves more than 500 clients representing nearly 20,000 worksite employees.
About Rich May
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, employee relations, intellectual property, litigation and dispute resolution, energy, telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving high-tech entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
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