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In 1992, two former Apple engineers, Ketan Kothari and Joe Barrus, and one former Eli Lilly marketer, Manish Kothari, had a vision. Computer literacy was becoming fundamental to learning, yet many schools still did not provide computer access to students. Could they create a computer device that was easy enough, affordable enough, and unbreakable enough to serve kids from kindergarten through high school? AlphaSmart, Inc., introduced its first computer companion in 1993.
With group practices becoming the emerging trend in the dental profession, Greg Serrao identified a business opportunity. "As dental practices grew, they required expanded management capabilities, which most offices lacked," explains Serrao, a seasoned healthcare specialist who had previously launched National Specialty Services. So Serrao founded American Dental Partners, Inc., to bring financial and management discipline to the fragmented dentistry business.
Founded by three physicians in 1982, American Laboratory Associates—later known as AmeriPath—specialized in dermatopathology, or the viewing and interpretation of biopsies. The company's specialization enabled its labsto read biopsies faster and more effectively than other providers, leading to a strong reputation in the market.
In the late 1990s, Drs. Steve Gottlieb and Tushar Ramani built an anesthesiology department at a community hospital and established a reputation for quality medical care and customer-focused service, with streamlined administrative procedures and quality measurement. Their model worked so well that a number of hospitals asked them to help organize their own internal anesthesiology departments. In 2000, they founded Anesthetix to provide a comprehensive anesthesiology and pain management services solution for hospitals and surgery centers.
B&W Loudspeakers Ltd. was founded in 1966 by an engineer and classical music enthusiast who sought to improve the sound reproduction of music. The company pioneered a scientific approach to audio engineering, leading the world in computer-aided loudspeaker design. Although its products are designed for home use, they are of such high quality that professional studios, including Decca, Deutsche Grammaphone, and EMI Abbey Road, also use them.
As a mid-level MIS manager, Russ Hobbs watched MIS managers struggle to meet the demands placed on their internal help desk and asset management tasks. In 1991, he launched Blue Ocean Software, Inc., to offer easy-to-use software at far lower cost than the products then available. Hobbs recruited only recognized A-players to Blue Ocean and every year doubled the firm's revenues—three times winning a slot on Inc.'s "fastest growing companies" list.
With $35,000 borrowed from his brother, Dr. Kenneth Fong launched Clontech Laboratories in 1984. His goal was to develop and market molecular and cellular biological research products to academic and pharmaceutical laboratories. Over the next 15 years, Dr. Fong built Clontech into a leading supplier to the booming genetics research industry—the company's annual revenues grew profitably for 36 consecutive quarters and, from 1994-1997, at a growth rate of 35 percent.
Brian Schuchman began his career in 1986 as a car phone installer, working his way into sales, distribution, and finally network operations. He noticed that wireless spectrum lottery winners often had trouble getting networks up and running. After partnering with numerous lottery winners to build and sell networks for $100-plus million, he founded Commnet Wireless, LLC, in 2000 to build wireless roaming networks in partnership with wireless carriers such as Cingular and AT&T Wireless.
Diagnostic Hybrids Inc. (DHI) was founded in 1983 by biomedical entrepreneur Wilfred Konneker to commercialize the molecular biology research being developed at his alma mater, Ohio University. Soon after, David Scholl, also a graduate of Ohio University and a post-doctoral research scientist, joined DHI to lead research and product development and ultimately run the company. DHI's revenues took off as demand increased for its diagnostic cell culture and virus detection kit systems. By 2003, DHI was growing 40% per year, with revenues reaching $20 million in 2004.
"Slippery When Wet." "Proceed With Caution." "No Smoking." For decades, EMED Co., Inc., led the industry in marketing safety signs like these through catalog sales to Fortune 500 companies and small vendors. With strong operations and few competitors, EMED was poised for success. Its two cofounders were growing older, however, and were looking to exit the business. They also wanted to convert their ownership stake into the financial assets that would support their retirement.
When Michael Fitzpatrick was recruited by Summit Partners to join E-TEK Dynamics, Inc., as president and CEO in 1997, this family-owned optical components manufacturer had been in business for 14 years. Summit led a $120 million recapitalization of E-TEK, allowing cofounders J.J. and Theresa Pan to diversify their net worth, while enlisting Summit as an active and experienced partner to help them build a senior management team and rapidly expand their business.
Fermentas International Inc. discovers, manufactures and sells life sciences research consumable products—such as restriction enzymes, proteins and nucleotides—to molecular biology laboratories around the world. The company's history dates back to 1978, when it was a division of the Institute of Applied Enzymology in Vilnius. After Lithuania gained independence from the Soviet Union in 1990, Dr. Viktoras Butkus, CEO, and other scientists led a buyout of the business from the Institute in 1995 and established a highly entrepreneurial culture and global operation.
When CEO Ron Clarke joined FleetCor Technologies Inc. in 2000, the company had built a successful business by offering fleet cards to smaller firms. The cards allow drivers to buy gas and services, while also offering fleet companies fuel discounts and information about their drivers. "We were bringing big company fleet management tools to smaller businesses," says Clarke, a seasoned leader who expanded ADP's product offerings to its payroll client base before joining FleetCor.
Heald College was founded in 1863 by Edward Payson Heald as the first business college in the western United States. Since then, Heald has continued to prepare students for careers in healthcare, business, legal, information technology and other growing fields, primarily through associate degree programs. In 2007—after several years of poor performance—Heald College embarked on an aggressive program of expansion and revitalization led by its then newly appointed CEO, Nolan Miura.
Marc, Oliver, and Alexander Samwer were already prominent German entrepreneurs when they launched Jamba! AG in 2000. The brothers had previously founded Germany's leading Internet auction house, which was later acquired by eBay. They created Jamba! to meet the growing demand for multimedia digital content—such as ring tones, graphics, and games—for mobile phones. Jamba!'s pioneering distribution and subscriber-based billing methods enabled it to dominate the industry.
Keystone RV Company's management philosophy reflected the belief of founder and CEO Cole Davis to find the best people and provide incentives for them to succeed. That approach produced rapid growth in the late 1990s, with sales of the firm's trailer-pulled RVs increasing from $12 million in 1996 to $71 million in 1998. "Our management team thrives on taking risks and taking responsibility for their decisions," says Davis. "Keystone's success was tied to their performance."
Facing financial pressure in 1990, megaconglomerate Union Carbide began divesting itself of businesses not directly related to its core strategy. Among the companies on the selling block was Lincare, Inc., a provider of home medical care with $60 million in annual revenue. Jim Kelly, retired CEO of Lincare, recalls, "We saw the divestiture as an opportunity to grow the company. We were determined to take advantage of the large market, which would continue to grow as the population aged."
M-Audio, Inc., is a leading provider of digital audio and MIDI solutions for electronic musicians and audio professionals. Founded in 1988, M-Audio's high-quality products combine a unique blend of features and functionality at value-conscious prices. Due to CEO Tim Ryan's intuitive bent for delivering in-demand products, by 2003 M-Audio dominated the emerging home digital recording industry and had been the fastest-growing company in the music industry for three years running.
McAfee, Inc. revolutionized the software industry with a business model that sold software through subscriptions and then distributed that software electronically, first through a dial-up computer bulletin board, and then over the Internet. McAfee offered free downloads of its flagship product so successfully that the term "viral marketing" has become an industry standard. By 1990, the software had built a following among corporate MIS managers as the dominant supplier of PC-based antivirus software to the business market.
Founded in 2000, MDVIP, Inc. set its sights on providing physicians and patients with an alternative to a primary healthcare system characterized by long waiting times, overextended physicians and inadequate preventive care. The company envisioned offering exceptional healthcare for an annual membership fee of $1,500 to $1,800, which would cover comprehensive physicals, personalized wellness plans and real-time access to physicians.
During the 1990s telecom boom, NetCom Systems, Inc., built a business around its flagship product, Smart Bits, which tested the performance capabilities of networking equipment for major manufacturers. Yet, a lack of investment in sales, customer support, marketing, and infrastructure was limiting its growth. In 1996, Barry Phelps joined NetCom as CFO. He recognized the company's potential, but knew it would require further investment to bring NetCom to the next level.
Founded in 2001, NightHawk Radiology Holdings, Inc., is the leading provider of teleradiology services to radiology groups, clinics, and hospitals across the United States. The company's highly qualified, U.S. board-certified radiologists use state-of-the-art workflow software and network technology to provide around-the-clock radiological interpretations from three central reading facilities: Coeur d'Alene, Idaho; Sydney, Australia; and Zurich, Switzerland.
Alain and Marc Cohen were in their early 20s when they developed software for more easily managing computer networks. Bootstrapped with $30,000, OPNET Technologies, Inc., has grown into a public company on the NASDAQ and a leader in its field. OPNET's software helps keep both the U.S. air-traffic control system safe and ATMs at banks worldwide running smoothly. OPNET has won many industry awards, and was ranked on the Forbes "200 Best Small Companies in America" list.
Cofounded in 2000 by Ned Bennett, David Kalt, and Jim Gray, optionsXpress Holdings, Inc., was created to fill an underserved, yet growing niche in online brokerage—retail equity options trading. With innovative tools to automate options education, evaluation, and execution, optionsXpress grew rapidly, reaching more than 100,000 accounts and generating $52 million in pre-tax income during 2004. The firm was named the leading online securities brokerage by Barron's for four years straight.
In the late 1970s, Dr. Roger Medel—a physician who left Castro's Cuba as a child—founded a neonatal medical practice in Miami. He and his partners filled a growing need for medical services for high-risk babies. As they became more successful, Dr. Medel noticed that hospitals were having trouble managing their neonatal intensive-care units. Thus, he founded Pediatrix Medical Group, Inc., and pioneered a new approach to meet hospitals' neonatal medical and administrative needs.
Founded in 1937 by allergist Dr. Frank Crandall, Physicians Formula (PFI) originally manufactured cosmetics for sensitive skin. The firm was purchased in 1990 by Pierre Fabre, a French pharmaceuticals company looking to expand in the United States. Since then, PFI's strategy has continually evolved. Today, the company sells upscale color-corrective cosmetics, such as powders and concealers through mass-market retailers.
In 1997, veteran entrepreneur Greg Gianforte noted that few companies were efficiently integrating customer service with sales and marketing. "RightNow Technologies was founded to build bridges between companies and their clients," he explains. "By automating customer interactions—whether web-based, email, instant messenger, or phone—companies can deliver immediate answers, streamline service, reduce overhead, and improve customer satisfaction."
SafeBoot BV was launched in 1991 to address the growing demand from corporations for encryption software and management systems on laptops and other mobile data security applications. The company was a pioneer of central management for end-point security and grew rapidly to become the vendor-of-choice for leading global organizations. SafeBoot initially financed its growth internally, and took on a modest cash infusion from an outside investor in 2001.
SeaBright Holdings, Inc. is a leading underwriter of specialty workers' compensation insurance for the maritime and alternative dispute resolution markets. SeaBright's predecessor (Eagle Insurance Group) was founded in 1984 and eventually became a unit of Lumbermens Mutual Casualty Company ("Kemper").
Splash Technology Holdings, Inc., began as an operating division of Radius, a publicly traded graphics and video subsystems developer. The Splash division developed software-based color servers that connected digital color laser copiers to local area networks. After a merger with its principal competitor, Radius began exploring the sale of its noncore but profitable Splash division, first to corporate buyers and then to private equity investors.
"During the late 1990s, investment bankers would often call and say, 'I can give you millions of dollars to help grow your company,' " recalls Bob Wallace, CEO and president of security software company Sybari Software, Inc. Still, for a company that took pride in its leading-edge products and high customer retention, ready cash looked like a double-edged sword. "We chose to steadily grow the company through cash flow in order to preserve product quality and customer service."
In the late 1970s, three NASA engineers founded Triton Systems, Inc., a consulting firm that built on its expertise in digital electronic systems. By 1985, the company evolved to a point where it wanted to convert its consulting skills into a product. Triton settled on developing training systems for automated teller machines, which were then becoming commonplace.
From the start, Yuchun Lee was thinking big. In 1992, when he cofounded Unica Corporation to make software that would help companies more effectively run their marketing activities, he wanted the firm to become a large and influential industry force. Lee understood what it would take to do so. "Profit had to come first," he says. With this firmly in mind, the CEO and his two cofounders laid down strict operating disciplines and studied the growth trajectories of earlier industry success stories.
Jacques-Antoine Granjon and his partners had been in the wholesaling business for 23 years when they launched vente-privee.com in 2001, turning their expertise in sourcing and selling discount clothing into a thriving web-based business. vente-privee.com pioneered the concept of web-based flash sales—members-only online events in which consumers can purchase high-end designer brands at substantial discounts to retail prices.
Founded in 1999 by technology entrepreneur Ray Nolan, Web Reservations International Limited (WRI) was the first Internet company to offer strictly online travel reservations for budget, independent, and youth accommodations worldwide. WRI's automated, proprietary system accepts deposits for reservations at hostels and budget properties—and enabled it to integrate a fragmented marketplace. As WRI grew, it added thousands of hostels through strategic partnerships and acquisitions.
WebSideStory, Inc., is a leading provider of on-demand digital marketing applications. When Summit Partners invested in the company in 1999, WebSideStory was a single-solution company focused on web analytics and operated with an advertising revenue business model. Following the tech collapse in 2000, WebSideStory reoriented its business to a subscription license model, selling web-tracking software to companies for monitoring web-based activities on their sites
Founded in 2008 by Victoria Ransom and Alain Chuard, Wildfire Interactive has become a leader in social media marketing software. Initially, the company provided software to help corporations, small businesses, marketing agencies and bloggers create branded social media marketing campaigns—such as contests, quizzes, coupons and incentive-based surveys—and simultaneously publish them across social networks to drive viral awareness.
By the late 1990s, AlphaSmart's cofounders had built a successful company around one product: the single computing device keyboard. Confident that their firm had great potential, the cofounders felt that they needed additional capital to increase sales of their existing product and to create new ones. They also wanted to draw liquidity from the business.
Summit Partners invested $20 million in 1999 and arranged for an additional $20 million in bank financing. With Summit's help, AlphaSmart expanded its board and management team, hiring seasoned technology industry veterans for the key CFO and director of operations positions. The new board was able to focus AlphaSmart's strategy, exploring high-potential brand extensions such as complementary software, a palm-based product platform for high school and college students, and online communities for teachers and school districts.
Since Summit's investment, AlphaSmart has steadily increased its revenues and has transformed itself from a single-product company to a provider of technology solutions for the education market. Its devices are used by millions of students in more than half the school districts across the United States and around the world. "Since Summit invested in us, we have become a different company in many ways," says Manish Kothari, former president of AlphaSmart. "This is reflected in the quality of the professionals we have hired, in the portfolio of products we offer, and in our overall success." AlphaSmart completed its initial public offering in 2004. In 2005, AlphaSmart was acquired by Renaissance Learning (NASDAQ: RLRN), a leading provider of research-based school improvement programs for pre-K–12 schools and districts.
By the mid-1990s, several companies had tried to consolidate the dental sector, but neither Summit Partners nor Serrao believed that any had designed the right business model. In some cases, these companies were acquiring poorly run practices and trying to fix them. In others, they were buying out dentists, leaving them little incentive to expand their businesses. Serrao proposed a new approach—an affiliation model—and he sought financing to make his vision a reality.
Summit Partners invested in American Dental Partners in 1996 and helped arrange for $75 million in bank financing. American Dental Partners used the capital to acquire assets in large group dental practices. Their affiliation model was unique in the marketplace; American Dental Partners acquired selected assets from each practice in exchange for taking on all administrative and business aspects. This approach allowed the affiliates to focus solely on the delivery of dental care. Summit provided guidance and insight throughout the process, and continued to help American Dental Partners as it prepared for its IPO in 1998 (NASDAQ: ADPI).
From 1996 to the present, American Dental Partners has acquired more than 50 dental practices, and has been ranked on the Forbes list of America's 200 Best Small Companies numerous times. In 2012, American Dental Partners was taken private. The company continues to be one of the leading business partners to dental group practices in the Unites States, affiliated with more than 25 dental group practices located in over 20 states.
By the mid-1990s, the founders realized that they needed a more seasoned management team and additional capital to grow. While the company had developed a strong and loyal physician customer base in the southeastern United States, the founders aspired to expand the business to a national scale.
In 1994, the company turned to Summit Partners for financing and strategic guidance. Summit not only provided growth capital and subordinated debt, but also arranged for a bank line of credit. Two years later, Summit helped recruit CEO Jim New—a seasoned healthcare executive who had run both public and private companies. With a new management team in place, the company changed its name to AmeriPath and began executing an acquisition strategy, extending its reach into new geographic markets through the acquisition of more than 50 pathology practices.
AmeriPath went public in 1997 with an $89 million initial public offering. After a secondary offering in 2001, the firm went private, and New retired in 2003. Seeing continued opportunity in the laboratory industry, he came out of retirement in 2006 to launch Aurora Diagnostics LLC, and again chose Summit as his financial partner. With Summit's financing and strategic guidance, Aurora Diagnostics has grown even more rapidly than its predecessor, partnering with eight high-quality labs in its first year. Today, the company continues to execute on an aggressive national acquisition program, with a full pipeline of candidates across the United States.
Anesthetix grew organically and almost exclusively through customer referrals for delivering quality and efficiency via local community-based physician groups. Funding its early growth through cash flow, the founders believed an experienced partner could help build the infrastructure to support larger-scale operations. Drs. Gottlieb and Ramani were impressed with Summit's track record with healthcare companies
In 2006, Summit Partners made a minority investment in Anesthetix. Over the next three years, Summit worked closely with the company to strengthen its corporate infrastructure, including financial reporting, human resources and business development. In addition, Summit assisted Anesthetix in establishing an independent board of directors. During 2006, the company recruited two seasoned directors with ties to past Summit portfolio companies: James Emanuel had served as the chief financial officer and director of Lincare as well as a director of Senior Home Care, while George "Mac" McCleary had served as the chief executive officer of Senior Home Care and as the president and chief operating officer of Galtney Group.
During the three years that Summit Partners was an investor, Anesthetix's revenues quadrupled, making it one of the fastest-growing anesthesia management companies in the United States. In December 2009, TeamHealth Holdings—one of the largest suppliers of outsourced healthcare professional staffing and administrative services in the country—acquired Anesthetix, citing the firm's commitment to metrics-driven quality and customer-focused service. Today, the two founders remain involved in the business, with Dr. Gottlieb serving as chief executive officer and Dr. Ramani acting as president of TeamHealth's anesthesia service.
B&W Loudspeakers experienced significant growth during the economic boom of the late 1990s. However, after a series of strong years, B&W chairman and CEO Joe Atkins was concerned about the possibility of a market downturn. He recognized that the best way to prepare for slower growth would be to strengthen B&W's balance sheet, reducing debt and adding equity. In addition, Atkins was seeking shareholder liquidity.
Summit Partners invested $20 million in B&W Loudspeakers in 2000, replacing some of the company's bank debt with equity and allowing Atkins to exchange a portion of his ownership position for cash. Summit took a minority position and provided strategic guidance and feedback to Atkins, creating a valuable sounding board for business ideas.
The financing provided B&W Loudspeakers with the resources to compete aggressively, and to solidify its position as the premier manufacturer of high-end home loudspeakers. "Over the last several years, we have acquired distribution businesses in virtually all the major markets in Europe, North America, and the Pacific Rim," notes Atkins. "That gives us much more control over sales and marketing of the brand globally." He adds, "The world has become a bit more complicated in terms of economic trends, and the extra strength in our balance sheet has allowed us to pursue our business strategies effectively and to further gain competitive advantage." Summit Partners successfully exited the investment in 2006, and B&W Loudspeakers continues to be recognized as a leader in product innovation.
By 2000, Blue Ocean had more than 20,000 customers, $20 million in revenues, and a very profitable business model. Hobbs saw the opportunity to sell the base help desk and asset management product, Track-It!, to MIS managers in small and midsize businesses as well as large corporate divisions. In addition, Hobbs was looking to build a board and a management team that could help him drive Blue Ocean above $100 million in revenues—and toward a public offering.
Hobbs chose Summit Partners to help him achieve these goals. In 2001, Summit invested $25 million to become a significant minority partner in Blue Ocean. The company then expanded its salesforce, added to its financial team, and recruited David Weiss from Citrix Systems to become its CMO and later president and COO. With Summit's help, Blue Ocean also recruited two world-class software CEOs as directors: Gordon Eubanks, formerly CEO of Symantec (NASDAQ: SYMC) and Roger Roberts, previously CEO of Citrix Systems (NASDAQ: CTXS). These industry veterans were among the few who had ever built software companies to more than $100 million in revenues. In addition, Summit identified and analyzed several acquisition candidates for Blue Ocean.
While Blue Ocean prepared for a potential future public offering, it was approached by Intuit (NASDAQ: INTU), a software company with a $10 billion market capitalization and with strength in financial products such as Quicken and TurboTax. Blue Ocean was excited about this prospect, because it could cross-sell its product into Intuit's huge customer base and continue to build broad functionality into its product. Conversely, Intuit could make more progress on its goal to broaden its product offering beyond finance and accounting and could serve a wider set of software needs for small and midsize businesses. Summit assisted in the negotiations with Intuit, and Blue Ocean was acquired in 2002 for $177 million in cash.
By the late 1990s, Clontech boasted a broad product line and high profit margins. The genome sequencing project was in full swing, creating strong demand for Clontech's products. After bootstrapping his company for more than a decade, Dr. Fong hoped to realize equity gains and increase personal liquidity. In addition to seeking capital for further growth, he sought help in preparing for an initial public offering or acquisition.
Summit Partners invested in Clontech in 1997, providing the company with $22 million for shareholder liquidity and working capital. Summit not only helped Clontech expand its board by adding a seasoned biotech executive, but also assisted in recruiting key members of the executive team. Summit also provided Clontech with strategic advice to help the company launch its new product lines. During this period, the company accelerated its growth. A regional business journal selected Clontech, in both 1998 and 1999, as one of the 100 fastest-growing companies in the Bay Area. At this time, Summit Partners began working with Clontech to develop strategies that would help realize the company's value through either an IPO or a merger.
As Summit Partners was talking with bankers and honing a road-show presentation to help Clontech prepare for an IPO in 1999, Becton Dickinson made an offer to buy the company for $200 million. While Dr. Fong's role with Clontech ended at the completion of the acquisition, he continued to remain active within the Summit network of entrepreneurs. Later that year, he founded a venture capital fund, Kenson Ventures, and has since invested alongside Summit on a number of occasions.
By the late 1990s, the Global System for Mobile Communications (GSM), a European-based digital technology for wireless communication, began taking hold in the United States. Schuchman realized that establishing a GSM network would allow Commnet to accelerate its growth rate and penetrate new markets. Because the GSM buildout was too large to fund with cash flows, Commnet sought outside capital.
In 2003, Summit Partners provided growth equity to Commnet. This funding allowed the company to build out a GSM network, eventually serving markets in 14 states. Summit assisted Schuchman in hiring industry veterans to serve as president and COO as well as CTO. In addition, Summit provided strategic and financial analyses to help the company focus on maximizing growth and profitability in core markets, while assisting management in exiting less profitable, noncore markets. "During the acquisition process, management's job was to stay focused on the continued success of the business, while Summit's role was to provide expertise in dealmaking. Because everybody focused on their strengths, the process worked smoothly," states Schuchman.
After five consecutive years of rapid growth in markets served, cell sites, minutes of use—as well as more than 125 percent growth in both revenues and earnings—the company merged with Atlantic Tele-Network (NASDAQ: ATNI) in an all-cash transaction in 2005. Today, Commnet continues to serve national wireless carriers by providing feature-rich, low-cost wireless voice and data roaming services. Commnet operates as a subsidiary of Atlantic Tele-Network, and Brian Schuchman continues to serve as a board member.
In 2004, the company's rapid growth earned DHI a place on the Inc. 500 list of the fastest-growing privately held businesses in North America. DHI was expanding its R&D group, identifying partners to license new products and technologies, and launching key initiatives. The management team sought equity capital to strengthen its balance sheet for managing this growth, but also wanted a partner that would support the company's expansion and growing relationships within the local community, as well as with Ohio University and the state of Ohio.
Summit Partners invested in DHI in 2004, purchasing 25% of the company. Shortly thereafter, the firm recruited Dr. Kenneth Fong—the founder and CEO of Summit portfolio company Clontech Laboratories—as a co-investor and active board member. Summit supported management in streamlining DHI's diverse set of products, focusing on discovery and product development activities with the most market potential. In addition, Summit assisted in recruiting key individuals to add depth to DHI's management team. Finally, Summit helped DHI through the diligence process of hiring an investment bank to market the company to potential strategic buyers who would provide both a market-based valuation and a cultural integration of management and employees post-transaction.
In 2009, DHI had grown significantly due to its rapid and reliable diagnostic test kits, with its top product for respiratory viruses experiencing high demand during the 2009 flu pandemic. This growth attracted the attention of multiple prospective partners and led to its acquisition by Quidel Corporation in 2010. The deal allowed DHI to continue operating at its state-of-the-art facility in Athens, an Appalachian community in Ohio that is fast becoming recognized for innovative, entrepreneurial and rapidly growing companies. The transaction also provided substantial liquidity to the Ohio University Foundation, a very early and strong supporter of DHI and a major owner at the time of the sale.
After 20 years of 4 to 5 percent annual growth and profitability, EMED's owners were looking to diversify their holdings. In addition, the company was viewed as an excellent manufacturing company that was not maximizing its marketing efforts. The EMED board began to look for ways to allow the company to reach its full potential. The company needed a management team that had experience in customer acquisition, customer retention, new product development, and creative design.
Summit Partners provided $60 million in recapitalization financing to EMED in 1999. To bolster growth, Summit recruited Tom Fay, a seasoned direct mail professional, as president in 2001. He began a yearlong process-improvement effort, hiring a team of marketing professionals, consulting regularly with EMED's board, and overhauling the company's marketing strategy. EMED also focused on expanding relationships with its best customers, developing relationships with new customers, and establishing a new outbound telemarketing operation.
Within 12 months, EMED was poised for healthier growth, having expanded its sales capabilities through a distributor network and from internal growth. EMED's established U.S. presence and its internal production capabilities and growth caught the attention of a potential acquirer. In 2004, EMED was acquired by Brady Corporation, an international manufacturer and marketer of complete identification solutions.
Fitzpatrick quickly recruited a world-class management team, rebuilt the company's infrastructure, and reformulated a strategic plan. Together with Sanjay Subhedar, COO of E-TEK, he then proposed a new direction to the board. "We saw that E-TEK's major products were becoming commodities, while a new technology called 'Wavelength Division Multiplexing (WDM)' held promise," says Fitzpatrick. WDM technology allows network operators to increase the capacity of their existing fiberoptic networks. The only complication: E-TEK couldn't buy several critical components, which were distributed only through a competitor, to complete the WDM process.
Summit Partners supported E-TEK's move into WDM technology and its plan to build low-cost manufacturing facilities in Asia. "Summit provided support, advice, and contacts, yet allowed us to run the company," says Subhedar. Over the next three years, Summit assisted management with initial and follow-on public offerings and two strategic acquisitions.
During that period, E-TEK grew from $70 million in revenue to a run-rate of nearly $500 million in revenue and nearly $100 million in net income, and from 300 to 5,000 employees. E-TEK merged with JDS Uniphase in an $18.4 billion transaction in June 2000, which at the time represented the second-largest technology merger in history.
Fermentas had a strong market position in Europe, but management wanted to grow the company's presence in the large North American and Asian markets. The company sought an experienced partner to help expand operations, while supporting significant capital investment to create a clean-room manufacturing operation in Vilnius. At the same time, Fermentas wished to raise its profile on Wall Street to facilitate an eventual public offering or acquisition.
In 2007, Summit Partners made a minority investment in Fermentas, providing growth equity for the business as well as partial shareholder liquidity. Over the next three years, Summit worked closely with management to strengthen the company's infrastructure, establish a new sales office in China and expand its sales organization in North America. During this period Fermentas was one of the fastest-growing and most profitable molecular biology companies in the world. As of July 2010, Fermentas had over 500 employees with revenue generated from more than 70 countries.
As Fermentas began to attract interest from potential acquirers, Summit Partners helped the company navigate the complex process. "Selecting the right acquirer was critical," explained Fermentas President Gerhard Gerber, "as we expected Fermentas to continue to innovate and succeed as part of a larger organization." Fermentas was acquired by Thermo Fisher Scientific in July 2010.
Clarke believed that FleetCor's business could be substantially expanded—reaching more customers with a wider array of fleet management products. "The real goal was to transition the company from being a one-product provider to offering multiple services for the same group of fleet operators," he explains. FleetCor's management began seeking capital to develop new products and services, reach new markets and acquire related companies.
In 2002, FleetCor received a $45 million equity investment from Summit Partners. The proceeds were used to step up investments in technology, expand card acceptance and salesforce coverage, and make selective acquisitions. Meanwhile, Summit provided FleetCor's senior management team with strategic guidance as well as access to its network of entrepreneurs. In 2004 and 2009, Summit led follow-on investments in the company, with the proceeds being used to make additional acquisitions.
Since Summit's investment, FleetCor's revenues have grown 600% as a result of organic growth, product and service innovation, and more than 40 acquisitions. The company has expanded into a number of related businesses, including petroleum distributor services, direct card issuing and lodging management. FleetCor (NYSE: FLT) completed its initial public offering in 2010 and in 2012 completed a series of secondary offerings. Today FleetCor serves commercial accounts across North America, Latin America and Europe.
As the economy weakened in 2007 and 2008, the Heald College management team foresaw strong growth potential in the career-focused associate degrees that made up its core offerings. During a recession, enrollment in these programs rises, as people seek an upgrade in their job skills. To address these opportunities, Heald required expertise in areas such as healthcare education and how to build a presence in online degree programs.
Summit Partners invested in Heald College in early 2009, providing liquidity to existing shareholders and additional balance sheet capital. More than capital, however, Summit's experience and network within the education sector enabled the firm to provide support on a number of strategic issues. With Summit's assistance in 2009, Heald hired a new president to head up and launch Heald Online, and recruited a former vice president from Allied Health to expand and run Heald's nursing program. In addition, Summit advised Heald on new campus locations, expansions and relocations in several cities, including Modesto and San Francisco, California, and Portland, Oregon.
Heald College grew dramatically during the time Summit Partners was an investor. In January 2010, Heald College was acquired by Corinthian Colleges, one of the largest post-secondary education companies in North America. The acquisition provided Corinthian Colleges with greater exposure in the healthcare education sector, additional online degree capabilities and a larger footprint in California, Hawaii and Oregon. Summit worked proactively on the transaction, advising the Heald management team on both pricing and terms and helping them to reach an agreement that maximized value for shareholders.
Still, the Samwers knew that Jamba! required access to both European and U.S. markets to maintain growth, and they were interested in realizing value through a public offering or strategic sale. They chose Summit Partners to help them continue Jamba!'s growth and to provide a global perspective on exit opportunities.
In 2003, Summit Partners recapitalized Jamba! in a $40 million transaction, taking a majority ownership position. Summit then helped Jamba! increase its value by providing guidance at the board level, improving the company's systems and controls, and helping expand its geographic reach from within Germany to across Europe. Meanwhile, Jamba!'s subscriber base increased from several hundred thousand to several million customers—making it the world's second-largest subscription-based mobile community.
In early 2004, Summit and the Jamba! management team began working with U.S. and German investment banks as well as strategic buyers in preparation for either an IPO or the sale of Jamba!. The company conducted a dual-track process that culminated in a merger transaction. In 2004, VeriSign (NASDAQ: VRSN), a California-based technology company, purchased Jamba! for $273 million in one of the largest technology transactions in Europe that year.
Keystone RV was started in 1996 with seed capital from 10 investors in the Elkhart, Indiana area. However, as the firm grew rapidly, its outside investors began advocating its sale. Davis sought financing to continue expanding the company, while providing liquidity to early investors.
In February 1998, Summit Partners helped Keystone RV structure a recapitalization that allowed the company to buy out all outside investors and place equity in the hands of its management team. Summit provided $10 million in equity capital and arranged a $25 million bank credit line. Summit took a minority position in Keystone, while Davis and his team continued to make all day-to-day business and operational decisions.
Keystone RV was able to provide ownership incentives to key executives, which helped to foster an organizationwide commitment to growth and success. The company's revenues grew rapidly, mainly through internal growth. In 2001, management sold its stake in Keystone RV to Thor Industries for $150 million. The transaction allowed Keystone RV's executives to benefit financially from the company's growth, take ownership positions in Thor Industries, and maintain their senior management roles.The acquisition also allowed Thor to achieve unprecedented dominance within the RV industry.
The market for home respiratory services and equipment was fragmented, and Lincare's management believed that there was significant potential for expansion through both internal growth and acquisition. Kelly led a team to seek capital from financial partners who were willing to fund not just current operations, but also future growth. "We knew that an acquisition strategy could make Lincare a bigger, more dynamic company. It would also help set the stage for an eventual IPO," says Kelly.
Summit Partners, investing alongside two other private equity firms, provided Lincare with equity financing in 1990. The financing was designed to overcapitalize Lincare, so that its management team could pursue the growth strategies they had outlined. In addition, Summit worked closely with Lincare's management team in preparation for its eventual IPO. "Summit's contacts and relationships in healthcare were essential to getting the deal done," notes John Byrnes, Lincare's current CEO.
During the two years after Summit's investment, Lincare grew 16 percent through internal growth and an additional 16 percent through acquisitions. In 1992, the company completed its initial public offering, raising $50 million in a difficult market (NASDAQ: LNCR). Over the next 20 years, Lincare became the largest respiratory therapy provider in the United States, serving more than 750,000 patients in 48 states. In 2012, Lincare was acquired by The Linde Group.
Despite its success, Ryan realized that M-Audio lacked the infrastructure necessary to sustain its growth momentum. The company's accounting and financial reporting systems were inadequate, and an initial foray beyond traditional music channels and into the consumer marketplace had stalled. More than money, M-Audio needed an experienced business partner to provide strategic advice to management on various business initiatives.
Summit Partners invested $13 million in equity in M-Audio in 2003. Summit then helped Ryan surround himself with top-tier management, including a CFO and a COO, and brought on seasoned executives as board members. M-Audio, with guidance from Summit, refined its marketing and operations strategy, upgraded its financial systems, and focused on entering the consumer market. A partnership with Apple resulted in increased visibility, and helped M-Audio propel its entry into this channel. Eventually, Summit helped M-Audio prepare for an IPO. Before they could complete the process, however, Avid Technology's subsidiary Digidesign, a leading competitor in the high-end segment of the digital recording industry, expressed interest in buying M-Audio.
In 2004, Avid Technology acquired M-Audio in a transaction valued at more than $200 million. This watershed transaction brought together Avid, a global leader in professional audio and video solutions, with M-Audio's unrivaled digital audio recording capabilities in a match that united two audio industry leaders. The acquisition was one of the top venture-backed investments for the third quarter of 2004. M-Audio continues to grow and innovate, consistently winning numerous industry awards.
In 1991, founder John McAfee received a bid for his company from software giant Symantec Corporation. McAfee was interested in taking liquidity out of the company he had built, but worried that Symantec would shut down its smaller rival. "We were the mosquito on the elephant's back," recalls former CEO Bill Larson. "Symantec wanted to buy McAfee to get rid of it."
Summit Partners offered financing that enabled McAfee to continue to expand and maintain its independence while providing liquidity for its founder. In 1991, Summit invested in McAfee, purchasing 25 percent of the company. Summit helped McAfee hire Bill Larson from Sun Microsystems as CEO; add professionals in key financial, sales, and marketing positions; and build a strong board of directors. With the board and management in place, McAfee refined its strategy, expanding its antivirus software product line into a broad network security product suite geared for network administrators within large corporate and government entities. McAfee bought more than 45 related companies over the next five years and leveraged relations with MIS directors to sell an expanded lineup of network security/management software.
McAfee continued to grow, evolving into a multiproduct company with strong distribution capabilities across multiple channels. Summit Partners assisted with the company's IPO in 1992 and its subsequent merger with Network Associates in 1997. When Summit exited McAfee, its $9 million initial investment had grown to more than $80 million. In 2011, McAfee was acquired by Intel Corporation in a strategically notable transaction in the security software sector. Intel plans to incorporate McAfee's security features into its chips, which would represent another significant evolution in the distribution of antivirus technology.
As the company's concept caught on with doctors and patients, MDVIP began planning an expansion to meet the growing demand. Although the firm generated sufficient cash flow to finance its growth, the founders thought that an outside investor could help accelerate national expansion and provide strategic assistance. They believed that attracting capital would raise MDVIP's profile not only in the industry, but also among investors.
In 2004, Summit Partners invested $6 million in MDVIP and joined the company's board. Working in partnership with the MDVIP team, Summit provided strategic guidance on a range of issues, including establishing, expanding and managing the company's sales organization, recruiting senior executives and building an independent board. In addition, Summit offered counsel on upgrading the company's financial reporting systems and on preparing for an eventual IPO or strategic sale. The Summit board representative became a valued member of the team, providing strategic input on an array of operating issues. During this period, MDVIP became the U.S. leader in personalized preventive healthcare, serving more than 100,000 patients through more than 300 doctors in 28 states.
Summit worked closely with MDVIP to help position the firm for an eventual exit via the public markets or a strategic acquisition. After evaluating opportunities in preventive and consumer-driven healthcare, Procter & Gamble (P&G) approached MDVIP to study its business model. Following a yearlong series of focus groups, P&G expressed interest in becoming a minority strategic investor. Summit played a vital role in structuring the partial sale, and later in 2009 helped MDVIP complete a 100% sale to P&G. Today, MDVIP operates as an independently run and wholly owned subsidiary.
By the time Phelps joined NetCom, the founder was looking to diversify his net worth, while maintaining an interest in the business. The firm began talks with an acquirer, but the process was slow. NetCom began looking for other financing options that might allow the firm to reduce the founder's ownership stake, while increasing incentives for key employees. It also sought a strategic partner that could help NetCom Systems expand its scope.
Summit Partners led a recapitalization in 1997 and named Phelps CEO. Summit worked with Phelps to build a board of directors composed of several technology industry veterans. The board helped NetCom fine-tune its marketing and business strategies. Subsequently, NetCom expanded its customer base globally to not only equipment developers and manufacturers, but also service providers and major end users for their evaluation and selection of equipment. NetCom also increased its R&D resources to expand its line of performance test solutions.
NetCom was sold in 1999 for $464 million to Bowthorpe PLC, a British manufacturer of network testing equipment. The company's name later changed to Spirent Communications and today is a leader in test, measurement and service assurance solutions. Phelps is now CEO of Empower RF Systems, another Summit Partners portfolio company.
By late 2003, NightHawk had emerged as the market leader in teleradiology services, allowing its clients to improve quality of care and expand their practices. Dr. Berger and the NightHawk team decided to seek a private equity partner to assist the company in managing its very rapid growth—more than 200 percent per year for its first three years in business—and to develop its strategy for entering new markets.
NightHawk received a $25 million growth equity investment from Summit Partners in 2004. During the next two years, the company worked with Summit to build an active, experienced, and independent board. Together with its advisors, NightHawk's management team sought to establish a framework for evaluating and prioritizing acquisition candidates—and then successfully acquired two complementary companies. Management also drew on Summit's expertise in strategic planning, discussing the company's long-term objectives with board members, and eventually deciding that an initial public offering (IPO) would best support its growth strategy.
NightHawk continued to grow in 2005, increasing sales by 63 percent over 2004, adding 166 customers, and expanding its staff of radiologists by 20. As of year-end 2005, the company provided services to more than 450 customers and 850 hospitals, representing 15 percent of all hospitals in the United States. In early 2006, NightHawk completed an IPO (NASDAQ: NHWK), raising $115 million in a very successful public offering, and then completed a $117 million follow-on offering in late 2006. In 2011, NightHawk Radiology merged with Virtual Radiologic Corporation to form the premier teleradiology provider in the industry, serving more than 2,600 healthcare facilities across all 50 U.S. states, and reading in excess of 7 million studies annually.
By the mid-1990s, OPNET was throwing off cash with no debt, had money in the bank, and was receiving glowing reviews from customers. The Cohen brothers wanted to push the company to the next level, and they saw an eventual IPO as a way to accomplish that. Realizing they could not do it alone, they sought outside expertise. However, they took great care to screen for private equity investors that would help build the business rather than just invest.
Summit Partners' $7 million investment in 1997 helped OPNET enter new markets and grow even faster. It also gave the Cohen brothers some of the liquidity they sought after 11 years of growing the company from earnings. Summit helped recruit experienced managers, offered strategic guidance at the board level, and provided introductions to the right investment banks. With Summit's backing, OPNET was more attractive to top sales talent.
OPNET completed its initial public offering in 2000, completing one of the year's most notable IPOs (NASDAQ: OPNT). The network management software company has grown rapidly since then, enjoying strong repeat business and expanding across the globe. OPNET continues to maintain its strong performance and receives many corporate distinctions.
When they began evaluating private equity partners, the cofounders were not primarily looking for capital. Instead, they sought assistance in managing the company's explosive growth and in adding the infrastructure and management talent necessary for an eventual public offering.
In 2004, Summit Partners invested approximately $90 million in optionsXpress, providing liquidity to early shareholders and allowing the firm time to fully consider its IPO strategy. "Summit helped us formalize our management team and process, and made sure we had the infrastructure to handle very rapid growth," explains Gray. Summit assisted optionsXpress in building its board and helped recruit an experienced CFO. Next, Summit helped the optionsXpress team understand the IPO process and provided introductions to key players in the public markets.
optionsXpress (NASDAQ: OXPS) completed its initial public offering at $16.50 per share in 2005. The company continued to receive industry accolades for providing innovative securities brokerage products and services for investor education, strategy evaluation, and trade execution. In 2011, optionsXpress was acquired by Charles Schwab for approximately $1 billion.
"Pediatrix succeeded because it was a win-win situation for everyone," says Dr. Medel. "With Pediatrix's help, hospitals were able to turn what had been money-losing departments into profitable ones. Patients received demonstrably better care; on top of that, doctors no longer had to be on call 24 hours a day or handle administrative jobs like billing." The founders saw an opportunity to expand their business through acquisition and internally generated growth, and therefore looked to outside financing.
In 1992, Summit Partners led a $20 million financing to provide liquidity to Dr. Medel and Pediatrix's other founding partners. Summit helped Dr. Medel build his management team and provided advice on numerous acquisitions and other strategic issues—including the firm's successful initial public offering in 1995 and a follow-on public offering in 1996.
Pediatrix has continued to grow both organically and through numerous strategic acquisitions. In 2009, Pediatrix formed MEDNAX (NYSE: MD), a holding company that encompasses Pediatrix Medial Group and American Anesthesiology, Inc. The company continues to be the leading provider of maternal-fetal, newborn, and pediatric physician services in the U.S., with more than 1,300 pediatric physicians delivering critical care in 33 states and Puerto Rico.
By 2003, the Pierre Fabre management team had recognized PFI's remarkable success. They also realized, however, that the envisioned synergies between their other product lines and PFI's cosmetics business had not materialized. With Pierre Fabre's founder nearing retirement and seeking liquidity, the company began to explore the possibility of a spin-off.
As Pierre Fabre and the PFI management team interviewed potential investors, they searched for a combination of attractive economics, the right personality fit, and a willingness to let the company continue its growth strategies. In late 2003, Summit Partners invested $40 million in a management buyout transaction. Summit then helped PFI identify and hire CFO Joe Jaeger, who had more than 20 years of experience in the cosmetics industry, including 17 years at L'Oreal. Next, Summit assisted PFI in evaluating its senior management structure. In recognition of the success that they had achieved in steering the company's growth, Ingrid Jackel was promoted from SVP of Marketing to CEO, and Jeff Rogers from SVP of Sales to President.
Over the next four years, PFI grew at a compound rate of 22%. The company completed its initial public offering in 2006, followed by a successful secondary offering in 2007. Physicians Formula continues to differentiate itself by correcting skin imperfections through innovative concealers and powders, rather than by responding to fashion trends. This strategy made PFI one of the fastest-growing companies in its niche: premium-priced cosmetics sold through mass-market retailers. Currently, Physicians Formula products are sold in more than 27,000 U.S. stores, including Albertsons, CVS, Target and Wal-Mart.
From 1997 through 1999, RightNow Technologies, Inc., doubled its revenues and employees every quarter. However, by 1999, RightNow Technologies was competing against larger, publicly traded companies. Gianforte began considering a private equity partner to help the company expand into Europe, reach critical competitive mass, and prepare for an eventual public offering.
In 1999 and 2000, Summit Partners made two separate equity investments in RightNow Technologies. The firm used the financing to establish a presence in Europe—a vital step to its growth—even though it initially cut into profits. In the software industry, companies with dominant market share have more capital to spend on new product development. As a result, creating better products reinforces their market share. "Strategically, you can't ignore a market as large as Europe," notes Gianforte. "Also, we run worldwide operations for most of our customers. So having operations in Asia, Australia, and Europe ensures that we can also sell more software domestically."
Summit supported the management team's growth strategy, taking a long-term view that eventually produced results. RightNow Technologies grew to derive a significant amount of its profits from international clients and serve more than 1,900 organizations worldwide. In addition, it has become the standard customer relationship management platform across all industries, winning numerous industry awards. In 2004, RightNow Technologies completed a public offering (NASDAQ: RNOW), the third best-performing technology IPO that year. In 2012, Oracle acquired RightNow for $1.5 billion.
By 2005, SafeBoot had grown to serve an extensive list of Fortune 1000 clients. Its management team saw tremendous potential for further growth as information security had become a top corporate priority. At the same time, SafeBoot's original investors wanted to sell their holdings. The challenge was to provide liquidity for early shareholders without compromising the company's growth potential.
In November 2005, Summit Partners invested €39 million (US $47 million) in a majority recapitalization, which made it possible to retire early investors. Over the next several years, Summit and the company's management worked to enhance SafeBoot's growth, upgrade its systems and reporting to public company levels, and recruit a new independent board member. Summit supported SafeBoot's continued expansion by advising the company's management team on both operational and strategic issues. Equally important, Summit's involvement raised SafeBoot's profile among its customers, vendors, and acquisition candidates. Their confidence in SafeBoot even had a positive impact on morale, as their employees began to see themselves as part of a larger, more substantial company.
By 2007, SafeBoot had become a leading mobile data security provider with 5 million users in more than 75 countries. SafeBoot was delivering its state-of-the-art encryption and access control technologies to over 4,200 customers, including more than 150 of the Fortune 500 companies. After achieving 20 consecutive quarters of growth and profitability, SafeBoot was ready to pursue an IPO. While the paperwork was being filed, McAfee (NYSE: MFE) offered to buy SafeBoot for $350 million. In November 2007, the acquisition was completed, with SafeBoot as the cornerstone of McAfee's Data Protection Product Business Unit led by Gerhard Watzinger.
For more than 20 years, the Eagle Insurance Group's workers' compensation business operated profitably as a freestanding subsidiary until 2002, when Kemper's financial difficulties threatened its credit rating. A high credit rating—representing Eagle Insurance's ability to pay claims—was critical to the firm's survival. Since the underlying business was sound, the subsidiary's management team began to consider a management buyout. With Kemper's approval, Eagle Insurance President John Pasqualetto began seeking investors to fund the spinoff.
In 2003, Summit partnered with Pasqualetto and the Eagle Insurance management team to capitalize SeaBright and purchase the assets of Eagle Insurance Group from Kemper. At the same time, the group worked with insurance-rating agency A.M. Best to ensure the new organization—SeaBright Insurance—would meet its highest standards. Two weeks after the investment closed, newly independent SeaBright received an A- rating from A.M. Best. Summit leveraged its national network of contacts to help the company identify and recruit three Illinois-domiciled board members to satisfy state insurance regulations. In addition, Summit worked closely with management to develop and execute a financing strategy to fund SeaBright's rapid premium growth.
In 2005, Summit helped the SeaBright management team to prepare for a successful initial public offering and a follow-on offering in 2006. Today, SeaBright (NYSE: SBX) is one of the leading specialty workers' compensation insurers in the United States with a exclusive focus on high hazard businesses. In 2012, SeaBright announced that Enstar Group Limited (NASDAQ: ESGR) had agreed to acquire the company in an all-cash transaction, which is scheduled to close in early 2013.
The head of the Splash color server division, Kevin Macgillivray, who would later serve as CEO of Splash Technology, led the management team's discussions with potential acquirers, seeking to balance the interests of Radius and the new company. "Radius wanted to obtain the best price. The management team that would head Splash Technology wanted the best strategic partner," he explains. "We chose Summit Partners because they offered good economics, and they were committed to working for the new company's success."
Splash Technology began building business infrastructure from the ground up. "Once the ink was dry on the transaction, we had to quickly build all the components of a successful company," Macgillivray explained. "We had to set up bank accounts, lease a building, and design our own information technology structure. Most companies as large and profitable as ours take years to develop these functions. We had to do it immediately." Summit helped Splash Technology recruit a board of directors and key managers, including a CFO; assisted in establishing financial relationships; and provided a sounding board for critical strategic decisions.
Splash Technology completed its initial public offering in 1996, raising $30 million, and raised an additional $120 million in a secondary public offering the following year. During its five years as an independent company, Splash Technology had total sales of $325 million and grew to become the second-largest player in its market segment. It expanded from a 25-employee firm in a single location to a 180-person company with offices in six countries. In 2000, the company's largest competitor, Electronics for Imaging (NASDAQ: EFII), acquired Splash Technology for $160 million. Macgillivray has since embarked on a second career, volunteering as a high school teacher and coach in a lower-income school district.
Since its founding in 1995, Sybari had never needed outside capital for business operations. However, as Wallace grew older, he began thinking about how to provide financial security for himself and for his two sons-in-law involved in the business. At the same time, he wanted to continue growing Sybari at a manageable pace that would maintain the company's exceptionally high standards for product quality and service.
Summit Partners, initially a Sybari customer, approached the company in early 2000. Wallace liked how Summit's professionals listened and offered value-added insight, rather than a hard sell. In 2001, Wallace and his cofounders took an equity infusion from Summit, using the proceeds for shareholder liquidity. During the next four years, Summit worked as Sybari's partner, serving on its board, providing feedback on key management hires, and advising on financial and operational strategies. Summit supported Sybari's growth strategy, and saw it pay off in compound revenue increases of more than 30 percent annually, as well as in rapid growth of free cash flow.
In 2004, Sybari decided to pursue an IPO, relying on Summit to help guide them through the process. Then in early 2005, near the end of the company's road show, Microsoft offered to buy Sybari as a key step in its focus on enterprise security. The acquisition made sense for both companies—for Microsoft because Sybari's security platform business furthered its focus on security, and for Sybari because access to Microsoft's salesforce would dramatically increase its growth potential. The acquisition was completed in mid-2005, and Sybari became a wholly owned subsidiary of Microsoft.
Over the next several years, the company developed a full-featured cash dispenser machine—at a price that made the system cost-effective for placement at gas stations, retail stores, restaurants, and bars, as well as at banks. "We had all our personal wealth in the business, and we were facing a huge opportunity to grow the company," recalls Ernest Burdette. "By the mid-1990s, we were thinking about bringing in outside investors."
The three owners chose Summit for liquidity and growth financing in 1996. Summit Partners led a $33 million transaction with Triton, helped the company establish a relationship with a major financial institution for future needs, assisted in building the board of directors and executive management team, and provided a strong, objective presence on the board.
In 2000, with Summit's assistance, Triton merged with Dover Industries. Since then, Triton has continued to expand into growth markets in Australia, Canada, Hong Kong, and the United Kingdom, while simultaneously increasing its market share in the United States. Today, Triton has approximately 200,000 installations in more than 24 countries worldwide.
Although Unica was always profitable, the cofounders knew that they needed outside capital and expertise to achieve their growth goals. Unica had already drawn a detailed product road map, using it to expand steadily and to offer a range of marketing management software. Even so, the company needed more management strength and a way to gain access to the investment community. So in the late 1990s, the cofounders began looking for an equity partner that shared their values and their vision.
Summit Partners invested $4.5 million in Unica in 1999 and another $2 million in 2001, enabling the software provider to hire experienced managers, speed up product expansion, and extend its sales reach. Summit also helped find Unica's CFO and its marketing vice president, and assisted in structuring and staffing the board of directors with technology industry leaders. Next, Summit provided strategic guidance and networking, connecting Unica to the investment community and furthering the disciplines needed to run like a public company.
Unica completed an IPO in 2005 (NASDAQ: UNCA), and it has become a leading global provider of enterprise marketing management solutions serving more than 1,500 businesses worldwide. In 2010, Unica was acquired by IBM (NYSE: IBM).
While vente-privee.com was generating significant cash flow to fund operations, Granjon and his partners had most of their personal net worth tied up in the business. To provide liquidity for his partners and to help the company grow, Granjon began to consider selling a portion of vente-privee.com while retaining a majority position. He also believed that an investor partner might help vente-privee.com expand globally.
In 2007, vente-privee.com sold a 20 percent stake to Summit Partners. Three Summit professionals joined the vente-privee.com board and began working with Granjon and his team on geographic expansion. During the next few years, Summit helped the company successfully launch operations in Austria, Belgium, Germany, Italy, the Netherlands, Spain, and the United Kingdom—evaluating competitors in each market, identifying designer brands and making introductions to senior management. In addition, Summit helped vente-privee.com upgrade its financial reporting and assisted in recruiting a CFO from a large, publicly traded company. In 2011, Summit worked closely with management in establishing vente-privee.com's joint venture with American Express to launch the company's U.S. retail site—the company's first expansion outside of Europe.
Since Summit's investment, vente-privee.com has accelerated its growth and has become the global leader in online sales events, with 14 million members worldwide. Its website and mobile application attract 2.5 million unique visitors a day who buy more than 110,000 items daily. Today the company employs more than 1,400 people in eight countries and handles hundreds of upscale brands, including Armani Casa, Calvin Klein, Givenchy and Ralph Lauren. In recognition of its e-commerce website and client satisfaction, vente-privee.com continues to receive numerous industry awards as it redefines the online flash sales market.
Nolan had funded WRI with personal resources, as well as with contributions from friends and family, and wanted to monetize some of the substantial value being created in his business. He also wanted to add properties and destinations, thereby broadening WRI's offering beyond the budget and independent travel sectors. Compared to the more traditional online travel companies, WRI's business model had built-in efficiencies and therefore was much more cost-effective. Nolan sought to leverage this strategy in his plans for growth.
In 2004, Summit Partners invested in WRI, providing liquidity to Nolan and other investors. As a member of WRI's Board of Directors, Summit offered guidance on director recruitment, infrastructure development, and acquisition strategy. Summit also helped identify and advised on the integration of WorldRes, an online global hotel reservation network. In 2005, WRI purchased the money-losing WorldRes, immediately adding 40,000 hotel properties to its system. WRI then streamlined the technology at WorldRes and improved its profitability, extending its reach into the traditional hotel business.
Today, Web Reservations International provides confirmed online reservations to more than 50,000 properties—from budget accommodations to five-star hotels—in 165 countries through its network of branded sites and more than 2,500 global affiliate partners. In 2007, WRI launched boo.com, a comprehensive travel search and booking platform that integrates travel planning and reservations in a streamlined service—providing an innovative approach to online travel reservations. WRI was acquired in 2009 by Hellman & Friedman LLC.
By late 2002, more than 90 percent of WebSideStory's revenues came from its new subscription model, but board members felt the company still was not fully capitalizing on opportunities. They began looking for a CEO who could take WebSideStory to the next level, broadening its product line from web-based analytics to a comprehensive suite of digital marketing tools—including search, web content, and keyword management modules.
With Summit's guidance, the board recruited industry veteran Jeff Lunsford as CEO in 2003. Under his leadership, WebSideStory continued to grow, generating $16.4 million in revenues in 2003, and $22.6 million the following year. Lunsford began preparing the company for an initial public offering (IPO), knowing that a publicly traded stock could be used to finance acquisitions. In 2004, amid a difficult IPO market, WebSideStory completed its initial public offering at $8.50 per share (NASDAQ: WSSI). To extend its product line, the company made several significant acquisitions, including Atomz in 2005 and Visual Sciences in 2006.
WebSideStory became a leading provider of on-demand digital marketing applications, enabling more than 1,500 customers to gather real-time customer intelligence and to build and optimize their online presence. The company's innovative suite of applications received widespread recognition, including the CODiE Award for Best Enterprise Search Engine and Network Computing's award for Best Web Analytics Service in 2006. After changing its name to Visual Sciences in 2007, the company was acquired by Omniture for $394 million.
Wildfire was profitable nearly from the start, building a large and diverse customer base that included Facebook, AT&T, Pepsi, Sony, Unilever and Yahoo. The founders were able to bootstrap and finance the company's rapid expansion with current cash flow. However, they believed a financial partner could help them navigate future growth and prepare the company for an eventual public offering or strategic acquisition.
In April 2010, Summit Partners made a growth equity investment in Wildfire. Over the next two years, Summit worked in partnership with Wildfire's team to recruit leading sales, marketing and financial executives. Summit also assisted Wildfire in scaling its inside sales organization and expanding its geographic reach beyond the United States, opening offices in London, Paris, Singapore and Munich. Finally, Summit provided strategic advice on the company's transition from a campaign-based product to a subscription-based social media platform that offers an all-in-one solution for marketers to grow, engage and monetize customers on social networks. Wildfire expanded exponentially, growing from 20 to nearly 400 employees in just over two years. By the summer of 2012, Wildfire had become the world's largest provider of social media marketing software to more than 16,000 customers around the globe, including 30 of the top 50 global brands.
In July 2012, Wildfire was acquired by Google for an undisclosed amount. The transaction increases Google's presence in social media marketing, while providing Wildfire with greater resources and a larger digital platform from which to serve its customers. Wildfire founders Ransom and Chuard continue to help customers drive and measure social engagement and ad campaigns across social platforms, including Facebook, Twitter, YouTube, Google+, Pinterest, LinkedIn and more.


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JAYA55U - Tiger 3 Cup Microcomputer-Controlled Rice Cooker - Silver
This Product has been discontinued.
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Tiger 3 Cup Microcomputer-Controlled Rice Cooker - Silver
Cook delicious rice dishes with the Tiger 3 Cup Microcomputer-Controlled Rice Cooker (JAYA55U). This rice cooker is able to hold and cook up to 3 cups of rice, which is perfect if you are cooking small dishes or just need a light snack for during the day. The far-infrared nonstick coating makes it easy to clean up the inner pan, so you won't have to worry about scrubbing and soaking the pan in water and having to wait for it to clean itself. A two (2) memory cooking timer allows you to cook various types of rice with a simple two-button process.
Warming elapsed time display lets you see how much time you need left to finish cooking the rice, enabling you to plan the cooking of the rest of your meals accordingly. The built-in spherical heater allows the rice to cook evenly and thoroughly, so you don't have to worry about the rice being undercooked in some spots and overcooked in others. Perfect for any size kitchen and any size family, this rice cooker will be sure to keep your meals tasting great and keep you and your family filled with rice for a long time.
Cooking Timer:
The two (2) timer settings enables you to easily cook your rice with little effort on your partNonstick Coating:
Far-infrared nonstick coating makes it easy to clean the inner pan without scrubbing or soakingEven Heating:
A built-in spherical heater makes it easy to cook and heat the rice evenly for a thoroughly-cooked meal
You may download a product owner's manual below:
**Please note, Adobe Acrobat Reader is required to view pdf files
This product has been Discontinued.
This item ships Ground or USPS. Delivery times related to these ship methods are usually between 2 and 7 business days once the product leaves the warehouse. We will email you tracking information once the product leaves our warehouse. Ground or USPS deliveries do not require a signature and may be left at the ship to location. All deliveries can occur Monday through Saturday depending on your local delivery carrier. Order must be fully processed by 12pm CST to be eligible for "Guaranteed Same Day Shipping." Orders processed after that time may ship out the following business day.Ground or USPS deliveries do not include a guaranteed delivery date. Should you require a specific delivery date or expedited shipping please add the item to the shopping cart and view the shipping options drop down box. If the product is eligible for expedited shipping the shipping options and pricing will be listed. Please contact our customer service department with any questions related to shipping. (800) 297-6076, M-F, 8am to 5pm CST.

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Insight Imaging partnered with Center for Diagnostic Imaging (CDI) in 2012 to create one of the nation?s largest radiology providers for fixed site and mobile diagnostic imaging and interventional services. Together we have 116 retail imaging centers, 128 mobile units and operate
12/3/2013 Waterbury, CT Save This JobCenter for Diagnostic Imaging (CDI), headquartered in Minneapolis, Minnesota for more than three decades, merged with Insight Imaging in 2012 to create one of the nation?s largest radiology providers for fixed site and mobile diagnostic imaging and interventional services.
11/3/2013 Springfield, MA Save This JobAre you a software engineer who loves building great products with the best tools for the job? Responsibilities Own the technology behind Fanzter's products Work on the next generation of our platform, including Spot, our next mobile service Work closely with our CEO and product
10/21/2013 Collinsville, CT Save This JobAs a Technology Intern, you'll have the opportunity to work with experienced Designers, Producers, and Engineers to develop innovative, user-friendly, next-gen web and mobile products. Requirements - Must be a current student or recent graduate with a strong technical
10/21/2013 Collinsville, CT Save This Job


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- Campus Guide
- Rules and Expectations
- Residential Life
- Travel & Signout
- Dining Hall
- Administrative Offices
- Deerfield Parents Network
- ITS Help Desk
- Groups and Clubs
- Campus Guide
Three Ways to Apply
You can submit your application online, download an application, or request a paper application from our office. Contact Admission to submit your application via email or postal mail.
Deerfield is a vibrant community where students share their individual personalities, talents, and interests with one another to create a dynamic learning environment. The written portion of our application is designed to get to know you as a distinct individual. You may begin your application online at the Gateway to Prep Schools website or download the application forms from our website. Review these materials in detail and take note of due dates. The application to Deerfield has four parts:
The Candidate Profile is the first part in the written application for Deerfield; it is accepted by many schools and is designed to simplify the completion of biographical information for prospective students and parents. Your Candidate Profile should be submitted well in advance of the January 15 application deadline with the appropriate application fee:
* Fee waivers are available by contacting the Admission Office.
Our Short Answers and Essays section of the application is unique to Deerfield. Please submit this section on or before our application deadline of January 15.
All recommendation forms are to be completed by your current teachers. Have your teachers fill out your recommendations online, or download all four recommendation forms listed below. Recommendations can take time, so be sure to ask your teachers early: early December is a good time to start.
Please submit with your application a copy of a graded essay paper, complete with teacher comments, from one of your current academic classes. You can submit your graded essay one of three ways:
Note that Deerfield accepts students for September enrollment only. Our application deadline for September 2014 enrollment is January 15, 2014. Your application, teacher recommendations and results of standardized testing should be submitted on or before January 15, 2014. If you are not able to submit your application by January 15, be aware that we will make every effort to consider late applications, however we cannot guarantee a March 10 notification. If you do not meet the January 15th application deadline, please follow our late applicant guidelines.


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What is Gas-X?
Simethicone allows gas bubbles in the stomach and intestines to come together more easily, which allows for easier passage of gas.
Simethicone is used to relieve painful pressure caused by excess gas in the stomach and intestines. Simethicone is for use in babies, children, and adults.
Simethicone may also be used for purposes not listed in this medication guide.
In This Section:
What is the most important information I should know about Gas-X (Simethicone)?
Simethicone is used to relieve painful pressure caused by excess gas in the stomach and intestines.
Never use more than the recommended dose of simethicone.
Ask a doctor or pharmacist if it is safe for you to take this medicine if you are allergic to any drugs, or if you have any type of serious illness (especially one that affects your stomach or intestines).
What should I discuss with my healthcare provider before taking Gas-X (Simethicone)?
You should not use this medication if you are allergic to simethicone.
Ask a doctor or pharmacist if it is safe for you to take this medicine if you are allergic to any drugs, or if you have any type of serious illness (especially one that affects your stomach or intestines).
Simethicone is not expected to harm an unborn baby.
It is not known whether simethicone passes into breast milk or if it could harm a nursing baby. Do not use this medication without medical advice if you are breast-feeding a baby.
The liquid form may contain phenylalanine. Talk to your doctor before using this form of simethicone if you have phenylketonuria (PKU).
How much does Gas-X (Simethicone) cost?
What conditions might Gas-X (Simethicone) treat?
Condition | Ratings and Reviews |
Crohn's Disease -- Maintenance |
Dyspepsia |
Flatulence |
Food intolerance- lactose (dairy) |
Gastroesophageal Reflux Disease |
Irritable bowel syndrome - Constipation (IBS-C) |
Irritable bowel syndrome - Diarrhea (IBS-D) |
Postoperative Gas Pains |
Gas-X Side Effects
What are the possible side effects of Gas-X (Simethicone)?
Get emergency medical help if you have any of these signs of an allergic reaction: hives; difficulty breathing; swelling of your face, lips, tongue, or throat.
This is not a complete list of side effects and others may occur. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.
Back to TopGas-X Interactions
In This Section:
What other drugs affect Gas-X (Simethicone)?
Other drugs may interact with simethicone, including prescription and over-the-counter medicines, vitamins, and herbal products. Tell each of your health care providers about all medicines you use now and any medicine you start or stop using.
Back to TopWhat should I avoid while taking Gas-X (Simethicone)?
Ask a doctor or pharmacist before using any other stomach medicine or antacid. Simethicone is contained in many combination medicines. Taking certain products together can cause you to get too much simethicone.
Back to TopGas-X Dosage
In This Section:
How should I take Gas-X (Simethicone)?
Use exactly as directed on the label, or as prescribed by your doctor. Do not use in larger or smaller amounts or for longer than recommended.
Do not take more of this medication than is directed.
Simethicone works best if you take it after meals and at bedtime.
The simethicone chewable tablet must be chewed before swallowing.
Measure liquid medicine with a special dose-measuring spoon or medicine cup. If you do not have a dose-measuring device, ask your pharmacist for one.
Simethicone liquid drops can be mixed with water, baby formula, or other liquids to make swallowing easier for an infant or child.
Children should never be given more than the recommended dose of simethicone. Call your doctor if the child's gas symptoms do not improve after treatment with simethicone.
Simethicone may be only part of a complete program of treatment that may also include a special diet or increased exercise. It is very important to follow the diet and exercise plan created for you by your doctor or nutrition counselor. You should become very familiar with the list of foods you must avoid to help control your condition.
Store at room temperature away from moisture, heat, and light. Do not allow the liquid form of this medicine to freeze.
Back to TopWhat happens if I overdose on Gas-X (Simethicone)?
Seek emergency medical attention or call the Poison Help line at 1-800-222-1222.
Back to TopWhat happens if I miss a dose of Gas-X (Simethicone)?
Since simethicone is used on an as needed basis, you are not likely to miss a dose. Do not use more of this medication than is directed.
Back to TopGas-X Reviews
Copyright 1996-2013 Cerner Multum, Inc. Version: 6.02. Revision date: 2013-02-17.
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Best Books of the Year
Looking for something good to read? Browse our editors' picks for the Best Books of the Year in fiction, nonfiction, mysteries, romance, and much more. |
Product Details
Would you like to update product info or give feedback on images? |
"A Tale of Two Cities" begins in 1775, with Mr. Lorry, a respectable London banker, meeting Lucie Manette in Paris, where they recover Lucie's father, a doctor, and mentally enfeebled by an unjust and prolonged imprisonment in the Bastille. This assemblage, on their journey back to England, meets Charles Darnay, an immigrant to England from France who makes frequent trips between London and Paris. Upon their return to England, Darnay finds himself on trial for spying for France and in league with American revolutionaries. His attorney, Stryver, and Stryver's obviously intelligent, if morally corrupt and debauched, assistant, Sydney Carton, manage to get Darnay exonerated of the charges against him. Darnay, a self-exiled former French aristocrat, finds himself compelled to return to France in the wake of the French Revolution, drawing all those around him into a dangerous scene.
Dickens portrays the French Revolution simplistically, but powerfully, as a case of downtrodden peasants exacting a harsh revenge against an uncaring aristocratic, even feudal, system. The Defarge's, a wine merchant and his wife, represent the interests of the lower classes, clouded by hatred after generations of misuse.
Read more ›


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About Fog Lights
Aside from an accident, there is little reason to change your fog light, although some owners of older cars like the look of new lights. Consider changing these in pairs if cosmetics are important to you.
About Genuine Saab
The original parts used by Saab to build your car are available as replacement parts under the "Genuine Saab" brand. Manufactured under the direction of Saab, expect excellent quality and a premium price since these parts are exclusively available through the Saab Dealership network. You may not realize this, but the parts that make up your Saab are not necessarily manufactured by Saab. No cause for concern, as Saab designs the part, hires a manufacturer and ensures its quality to you, including a 1 year warranty. In fact, many of these manufacturers have been making parts for Saab for decades and are experts in their own right. In our industry these manufacturers are called OEM (Original Equipment Manufacturers) or OES (Original Equipment Suppliers), and are often brands you recognize including Ishino, KYB, NGK and Sachs. Don't be surprised to open that Genuine Saab parts box and find a NGK branded part inside. If you are looking to buy Genuine Saab Parts online then you've come to the right place. FCP Euro offers both types of product – Genuine Saab and OEM/OES - from brands we trust to use on our own cars. If you have any questions on what options are available to you, just give us a call, we are happy to help.
About FCP
Since 1986 FCP has specialized in replacement car parts for European and Import vehicles. We are recognized in the enthusiast community as being the source for Genuine and OEM quality parts at the best possible price. We source and ship globally and often buy directly from the factory so we can pass the savings on to you. We only sell parts we would use on our own cars and we back them with a one year guarantee. We have over 100,000 parts on our site for European and Asian Imports, so if you can't find it here, call us at 877-634-0063 and chances are our bilingual US based support team can get it for you. At FCP cars are more than transportation or a business, it's our passion.
Fits These Cars:
- 1999 Saab 9-3 Fog Light
- Position: Right, Part: Fog Light
Genuine - 2000 Saab 9-3 Fog Light
- Position: Right, Part: Fog Light
Genuine - 2001 Saab 9-3 Fog Light
- Position: Right, Part: Fog Light
Genuine - 2002 Saab 9-3 Fog Light
- Position: Right, Part: Fog Light
Saab Fog Light (9-3) - Genuine Saab 4912549
- Brand:
- Genuine Saab
- 4912549
- Part:
- Fog Light
- OE Numbers:
- 4912549, 49-12-549, 86046026001, 131578
- 131578
- Guaranteed to Fit, Guaranteed for Life We guarantee the fit and quality of our parts for life. If it doesn't meet your expectations send it back for a replacement or refund. Learn more
- Fitment Verified This product application guide has been tested to ensure it will accurately fit the cars outlined in our fitment guide.
- Shop With Confidence We respect your privacy; we always keep your information confidential.
- What If I Need to Return This Item? Not a problem! If you are not happy with your purchase, we will gladly help you exchange or return your items, provided you follow the guidelines outlined in our Returns Policy.


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Thank you Mike. Everyone is welcome to share their work here, I hope this thread turns in a good source of information for all who are interested in wildlife film-making and all aspects of natural history.
There are interesting sittings of mountain lions in NE Wisconsin and maybe it will be a good challenge for you and your Epic.
Thanks Phil. I am using the Miller Arrow 55 Sprinter II, 2-stage CF. Great lightweight support system but not the best with lens over 300mm. Over the years I have learned to use it in the wild. Not many lightweight choices out there.


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He hasn't gotten away with it yet.
Col. Charles K. "Crotchety" Cowdery
"Whiskey Don't Keep."
Producers who use mystery words usually charge steep prices.
It's OK for a 2 year old, but I won't buy another. In the $20+ price range there are too many great bourbons. And now that I know where it is made, I can't get pass that feeling I had when I ate genetically engineered beef. What is their "secret" process? It is also interesting that one store told me it is a new wheater while another called it rye based. I don't think anyone really knows but it doesn't taste like a wheater, although I have never tasted a 2 year old wheater.
One last note, It doesn't have that much of a taste on its own. I mixed the second half of the bottle with some 1979 EW Black (very distinct strong rummy taste) 4 parts THCB to 1 part EWB. The EWB flavor overwhelmed the THCB but made sipping much more enjoyable.
Last edited by Enoch; 04-24-2013 at 06:56.


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URGENT - Pistorius
Published 5:54 AM EST Feb 20, 2013
(CNN) -- Pistorius' defense says there were no signs on Steenkamp's body of an assault or of her defending herself. Botha agrees. The investigator concedes that he could find nothing inconsistent with Pistorius' version of events. The defense accuses investigators of discarding anything supportive of the defense's positions.
Copyright 2013 by CNN NewSource. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.