Spring 07 Newsletter
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NEWSLETTER
SPRING 2007
TCV INVESTMENT APPROACH With nearly $5 billion under management, TCV is one of the largest private equity and venture capital firms focused solely on information technology companies. We invest across all areas of technology including the internet, financial services, software, business services, semiconductors, healthcare IT, infrastructure, and communications. We are flexible in providing capital that addresses the goals of management and shareholders of the companies in which we invest. We take both minority and majority positions and provide capital for growth, shareholder liquidity, acquisitions, leveraged buyouts, and recapitalizations. We have the ability to invest significant amounts of capital ranging from $20 million to $250 million in transactions valued up to $1 billion. For larger transactions, we leverage our large base of limited partners, many of whom have the ability to make sizeable co-investments with TCV. We are active, long term investors who stay involved with, and continue to invest in, our portfolio companies through their IPOs and beyond.
RECENT INVESTMENTS Automated Trading Desk
Charleston, SC
In January 2007, TCV completed a $60M minority investment in Automated Trading Desk, LLC, a pioneer of automated trading technology, providing customized equity execution solutions for buy-side institutions, retail order-sending firms, and sell-side broker/dealers. ATD provides execution services in all domestic cash equity markets including listed, over-the-counter, exchange traded fund and bulletin board marketplaces. ATD’s automated systems are designed to deliver best execution, realizing significant time and cost savings for its customers. Travelport
Parsippany, NJ
In August 2006, TCV partnered with The Blackstone Group in the $4.3B leveraged buyout of Travelport from Cendant. Travelport is a leading player in the global travel services sector. The company serves the consumer market through its online travel agencies including Orbitz, Cheaptickets, and eBookers. The company also serves the agency and corporate markets with comprehensive travel content through the Galileo GDS platform. FXall
New York, NY
In August 2006, TCV announced a $77.5M investment in FXall. FXall is an online foreign exchange trading platform used by banks, asset managers, active traders and corporations for trade execution, research services and trade processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control and cost savings at every stage of the deal lifecycle. The company’s platform enables users to trade using both “request for quote” and streaming price methods. Each of these methods has distinct advantages which position the company to address the needs of a broad range of FX traders.
PORTFOLIO COMPANY NEWS Travelport Plans Initial Public Offering Of Orbitz Worldwide
March 14, 2007
Travelport Limited, the parent company of the Travelport group of companies, announced today its intention to sell a portion of its ownership interest in its Orbitz Worldwide businesses, comprised of Travelport’s business to consumer businesses, in an initial public offering. Zillow Featured in Fortune What’s your house really worth? How Zillow is turning online voyeurism into a real estate revolution.
February 18, 2007
PORTFOLIO COMPANY NEWS (continued) Penson Completes Acquisition of Futures Business of GHCO
February 16, 2007
Penson Worldwide, Inc. (NASDAQ: PNSN), a leading provider of execution, clearing and technology for global financial markets, announced completion of the acquisition of all of the partnership interests of privately-held Goldenberg, Hehmeyer & Co. (GHCO), a futures clearing and execution business, and the distribution of its proprietary trading business to one of its former general partners. TechTarget Files Registration Statement for Proposed IPO
February 7, 2007
TechTarget, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The shares are being offered by TechTarget and certain of its stockholders Liquidnet to Acquire Miletus Trading
January 22, 2007
Liquidnet, the #1 electronic global marketplace for block trading, announced today that it has signed a definitive agreement to acquire Miletus Trading, a leading agency-only brokerage firm that provides advanced, quantitative execution strategies and analytics to institutional investors. Travelport And Worldspan To Merge
December 7, 2006
Travelport Ltd. and Worldspan, L.P. announced today a definitive agreement to merge Worldspan into a subsidiary of Travelport to create a leading global travel solution provider. RiskMetrics to Acquire Institutional Shareholder Services
November 1, 2006
RiskMetrics Group, the leading financial risk management firm announced that it will acquire Institutional Shareholder Services Inc. (ISS). ISS is the world’s leading provider of proxy voting and corporate governance solutions to the institutional marketplace. NFONXX Continues Its Growth Strategy Through Acquisitions
September 19, 2006
INFONXX, the world’s largest and fastest growing independent provider of directory assistance and enhanced information services, announced today that it has completed the acquisitions of two progressive global companies: Excell Services, the US-based independent provider of directory assistance, operator services, and inbound customer service, and Conduit Limited, a European information services company.
LIQUIDITY EVENTS Nuance to Acquire BeVocal
February 22, 2007
Nuance Communications, Inc. (NASDAQ: NUAN), a leading supplier of speech and imaging solutions, today announced that it has signed an agreement to acquire BeVocal, a provider of self-service customer care solutions that address the unique business requirements of the mobile communications market and its customers. Investools Inc. Completes Merger with thinkorswim Group Inc
February 15, 2007
Investools Inc. (NASDAQ: IEDU), the market leader in fulfilling the lifelong education needs of self-directed investors, and thinkorswim Group Inc., a leading online brokerage platform serving the execution needs of self-directed investors, reported today they have completed their merger previously announced on September 19, 2006. Symantec to Acquire Altiris
January 29, 2007
Symantec Corp. (Nasdaq: SYMC) today announced it has signed a definitive agreement to acquire Altiris, Inc. (Nasdaq: ATRS), a leading provider of IT management software that enables businesses to easily manage and service networkbased endpoints—from mobile devices, laptops, and desktops to servers and storage assets. Under the terms of the agreement, Altiris stockholders will receive $33 per share of Altiris common stock in cash, resulting in a transaction value of approximately $830 million net-of-cash-acquired. Redback to be Acquired by Ericsson for $2.1 Billion
December 19, 2006
Redback Networks Inc. (NASDAQ: RBAK), a market leader in multi-service edge routing for next generation broadband networks, is today announcing a definitive agreement to be acquired by Ericsson (NASDAQ: ERIC), the world’s leading telecommunications supplier, for $2.1 billion or $25 dollars per Redback share.
LIQUIDITY EVENTS (continued) Capella Education Company Announces Pricing of IPO
November 9, 2006
Capella Education Company (NASDAQ: CPLA), a provider of exclusively online post-secondary education through its wholly owned subsidiary Capella University, today announced the pricing of its initial public offering of 4,000,000 shares of common stock at a price of $20.00 per share ExlService Holdings, Inc. Prices IPO
October 19, 2006
ExlService Holdings, Inc. announced today the pricing of its initial public offering of 5,000,000 shares of its common stock at $13.50 per share. June 21, 2006
Techwell, Inc. Prices IPO
Techwell, Inc. today announced that it priced its initial public offering of 5,500,000 shares of common stock, of which 2,540,225 shares are being sold by the Company and 2,959,775 shares are being sold by certain stockholders, at a price of $9.00 per share. Penson Announces Pricing of IPO
May 17, 2006
Penson Worldwide, Inc. (Nasdaq: PNSN) announced today that its initial public offering of 7,457,761 shares of its common stock has been priced at $17.00 per share, of which 6,250,000 shares were sold by the Company and 1,207,761 shares were sold by selling stockholders.
TCV IN THE NEWS TCV Places High on the Forbes Midas List
February 12, 2007
TCV co-founder Jay Hoag is named #9 in the Forbes list of top technology venture investors of 2007. The list seeks to identify individuals who deploy venture capital to create wealth for investors.
If you are interested in learning more about how we partner with great management teams or know of a business that might interest us, please contact us at [email protected] or (650) 614-8200.
PALO ALTO OFFICE 528 Ramona Street Palo Alto, CA 94301 TEL: 650-614-8200 FAX: 650-614-8222
www.tcv.com SUBMIT A BUSINESS PLAN TO [email protected]
NEW YORK OFFICE 750 3rd Avenue, 23rd Floor New York, NY 10017 TEL: 212-808-0200 FAX: 212-808-0259
SPRING 2007
TCV INVESTMENT APPROACH With nearly $5 billion under management, TCV is one of the largest private equity and venture capital firms focused solely on information technology companies. We invest across all areas of technology including the internet, financial services, software, business services, semiconductors, healthcare IT, infrastructure, and communications. We are flexible in providing capital that addresses the goals of management and shareholders of the companies in which we invest. We take both minority and majority positions and provide capital for growth, shareholder liquidity, acquisitions, leveraged buyouts, and recapitalizations. We have the ability to invest significant amounts of capital ranging from $20 million to $250 million in transactions valued up to $1 billion. For larger transactions, we leverage our large base of limited partners, many of whom have the ability to make sizeable co-investments with TCV. We are active, long term investors who stay involved with, and continue to invest in, our portfolio companies through their IPOs and beyond.
RECENT INVESTMENTS Automated Trading Desk
Charleston, SC
In January 2007, TCV completed a $60M minority investment in Automated Trading Desk, LLC, a pioneer of automated trading technology, providing customized equity execution solutions for buy-side institutions, retail order-sending firms, and sell-side broker/dealers. ATD provides execution services in all domestic cash equity markets including listed, over-the-counter, exchange traded fund and bulletin board marketplaces. ATD’s automated systems are designed to deliver best execution, realizing significant time and cost savings for its customers. Travelport
Parsippany, NJ
In August 2006, TCV partnered with The Blackstone Group in the $4.3B leveraged buyout of Travelport from Cendant. Travelport is a leading player in the global travel services sector. The company serves the consumer market through its online travel agencies including Orbitz, Cheaptickets, and eBookers. The company also serves the agency and corporate markets with comprehensive travel content through the Galileo GDS platform. FXall
New York, NY
In August 2006, TCV announced a $77.5M investment in FXall. FXall is an online foreign exchange trading platform used by banks, asset managers, active traders and corporations for trade execution, research services and trade processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control and cost savings at every stage of the deal lifecycle. The company’s platform enables users to trade using both “request for quote” and streaming price methods. Each of these methods has distinct advantages which position the company to address the needs of a broad range of FX traders.
PORTFOLIO COMPANY NEWS Travelport Plans Initial Public Offering Of Orbitz Worldwide
March 14, 2007
Travelport Limited, the parent company of the Travelport group of companies, announced today its intention to sell a portion of its ownership interest in its Orbitz Worldwide businesses, comprised of Travelport’s business to consumer businesses, in an initial public offering. Zillow Featured in Fortune What’s your house really worth? How Zillow is turning online voyeurism into a real estate revolution.
February 18, 2007
PORTFOLIO COMPANY NEWS (continued) Penson Completes Acquisition of Futures Business of GHCO
February 16, 2007
Penson Worldwide, Inc. (NASDAQ: PNSN), a leading provider of execution, clearing and technology for global financial markets, announced completion of the acquisition of all of the partnership interests of privately-held Goldenberg, Hehmeyer & Co. (GHCO), a futures clearing and execution business, and the distribution of its proprietary trading business to one of its former general partners. TechTarget Files Registration Statement for Proposed IPO
February 7, 2007
TechTarget, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The shares are being offered by TechTarget and certain of its stockholders Liquidnet to Acquire Miletus Trading
January 22, 2007
Liquidnet, the #1 electronic global marketplace for block trading, announced today that it has signed a definitive agreement to acquire Miletus Trading, a leading agency-only brokerage firm that provides advanced, quantitative execution strategies and analytics to institutional investors. Travelport And Worldspan To Merge
December 7, 2006
Travelport Ltd. and Worldspan, L.P. announced today a definitive agreement to merge Worldspan into a subsidiary of Travelport to create a leading global travel solution provider. RiskMetrics to Acquire Institutional Shareholder Services
November 1, 2006
RiskMetrics Group, the leading financial risk management firm announced that it will acquire Institutional Shareholder Services Inc. (ISS). ISS is the world’s leading provider of proxy voting and corporate governance solutions to the institutional marketplace. NFONXX Continues Its Growth Strategy Through Acquisitions
September 19, 2006
INFONXX, the world’s largest and fastest growing independent provider of directory assistance and enhanced information services, announced today that it has completed the acquisitions of two progressive global companies: Excell Services, the US-based independent provider of directory assistance, operator services, and inbound customer service, and Conduit Limited, a European information services company.
LIQUIDITY EVENTS Nuance to Acquire BeVocal
February 22, 2007
Nuance Communications, Inc. (NASDAQ: NUAN), a leading supplier of speech and imaging solutions, today announced that it has signed an agreement to acquire BeVocal, a provider of self-service customer care solutions that address the unique business requirements of the mobile communications market and its customers. Investools Inc. Completes Merger with thinkorswim Group Inc
February 15, 2007
Investools Inc. (NASDAQ: IEDU), the market leader in fulfilling the lifelong education needs of self-directed investors, and thinkorswim Group Inc., a leading online brokerage platform serving the execution needs of self-directed investors, reported today they have completed their merger previously announced on September 19, 2006. Symantec to Acquire Altiris
January 29, 2007
Symantec Corp. (Nasdaq: SYMC) today announced it has signed a definitive agreement to acquire Altiris, Inc. (Nasdaq: ATRS), a leading provider of IT management software that enables businesses to easily manage and service networkbased endpoints—from mobile devices, laptops, and desktops to servers and storage assets. Under the terms of the agreement, Altiris stockholders will receive $33 per share of Altiris common stock in cash, resulting in a transaction value of approximately $830 million net-of-cash-acquired. Redback to be Acquired by Ericsson for $2.1 Billion
December 19, 2006
Redback Networks Inc. (NASDAQ: RBAK), a market leader in multi-service edge routing for next generation broadband networks, is today announcing a definitive agreement to be acquired by Ericsson (NASDAQ: ERIC), the world’s leading telecommunications supplier, for $2.1 billion or $25 dollars per Redback share.
LIQUIDITY EVENTS (continued) Capella Education Company Announces Pricing of IPO
November 9, 2006
Capella Education Company (NASDAQ: CPLA), a provider of exclusively online post-secondary education through its wholly owned subsidiary Capella University, today announced the pricing of its initial public offering of 4,000,000 shares of common stock at a price of $20.00 per share ExlService Holdings, Inc. Prices IPO
October 19, 2006
ExlService Holdings, Inc. announced today the pricing of its initial public offering of 5,000,000 shares of its common stock at $13.50 per share. June 21, 2006
Techwell, Inc. Prices IPO
Techwell, Inc. today announced that it priced its initial public offering of 5,500,000 shares of common stock, of which 2,540,225 shares are being sold by the Company and 2,959,775 shares are being sold by certain stockholders, at a price of $9.00 per share. Penson Announces Pricing of IPO
May 17, 2006
Penson Worldwide, Inc. (Nasdaq: PNSN) announced today that its initial public offering of 7,457,761 shares of its common stock has been priced at $17.00 per share, of which 6,250,000 shares were sold by the Company and 1,207,761 shares were sold by selling stockholders.
TCV IN THE NEWS TCV Places High on the Forbes Midas List
February 12, 2007
TCV co-founder Jay Hoag is named #9 in the Forbes list of top technology venture investors of 2007. The list seeks to identify individuals who deploy venture capital to create wealth for investors.
If you are interested in learning more about how we partner with great management teams or know of a business that might interest us, please contact us at [email protected] or (650) 614-8200.
PALO ALTO OFFICE 528 Ramona Street Palo Alto, CA 94301 TEL: 650-614-8200 FAX: 650-614-8222
www.tcv.com SUBMIT A BUSINESS PLAN TO [email protected]
NEW YORK OFFICE 750 3rd Avenue, 23rd Floor New York, NY 10017 TEL: 212-808-0200 FAX: 212-808-0259
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