Thomson Financial Ventures Joins Financeware's Second Institutional Financing Round
October 29, 2001
NEW YORK, NY and RICHMOND, VA, October 29, 2001 – In a follow-on to its recently-secured second round of institutional financing, Financeware, Inc., a Richmond-based provider of probability analysis technology and marketing strategies for financial advisors and institutions, announced today an investment from Thomson Financial Ventures, bringing the total value of the company’s financing round to nine million dollars. Thomson Financial Ventures is a division of Thomson Financial, a US$2 billion provider of information and technology solutions to the worldwide financial community.
The investment by Thomson Financial includes a development and marketing agreement with the company that integrates Financeware’s Monte Carlo simulation technology into a new institutional technology platform--called Thomson Advisor--that supports financial advisors. “Financeware is expected to be an important business partner for Thomson Financial. This investment supports Financeware’s vision and reflects Thomson Financial’s continued commitment to helping advisors provide high-quality, customized advice for their clients,” Arie H. Abecassis, a Director at Thomson Financial Ventures, said.
Along with its highly sought-after Monte Carlo simulation engine, Financeware has pioneered the concept of wealthcare, a new approach to financial advice that couples the design and deployment of knowledge-based software with a goals-oriented advising process.
"In today's economic climate, venture capital firms are carefully evaluating new investments," Robert Wilson, Financeware CFO, said. "Thomson Financial’s investment is evidence of the vitality of Financeware and validates the need for comprehensive solutions for financial advisors. We are pleased to have such a distinguished investment partner join this round of financing.”
In addition to Thomson Financial Ventures, the round included lead investor The Northwestern Mutual Life Insurance Company, as well as TD Capital Technology Ventures, Mellon Ventures, Inc., and FBR Financial Services Partners, L.P. TD Capital Technology Ventures led Financeware’s first institutional round. Keefe, Bruyette & Woods, Inc. served as the company’s financial advisor and placement agent for the current financing round.
ABOUT FINANCEWARE:
Based in Richmond, Va., Financeware is powering the future of financial advice through a unique suite of online analysis and client collaboration tools for financial advisors. These tools, coupled with a goal-based advising approach called wealthcare, allow advisors to improve their clients’ chances of succeeding financially. Information about the company is available online at www.financeware.com. Founded in 1999, the company is privately held. Prospective investors should contact Robert Wilson, CFO, at 804.644.4711.
ABOUT THOMSON FINANCIAL VENTURES U.S., LLC:
Thomson Financial Ventures makes minority equity investments in venture-stage companies of potential strategic and financial importance to existing TF businesses. Investments are typically focused across a wide range of financial service vertical markets, and provide potential access to new technology, markets, applications, and/or expertise. Thomson Financial is a US$2 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (TSE:TOC), a leading, global e-information and solutions company with annual revenues of approximately US$6.0 billion. The Corporation’s common shares are listed on the Toronto and London stock exchanges. For more information, visit Thomson Financial’s Web site at www.thomsonfinancial.com.
ABOUT THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY:
Northwestern Mutual, the nation's leading provider of individual life insurance, has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch (formerly Duff & Phelps) and A. M. Best. Besides life insurance, the Company and its subsidiaries are also providers of annuities, mutual funds, long-term care insurance and disability income insurance. In its category, it was named the most admired company in the world in Fortune’s latest corporate reputation survey. The Company is affiliated with the Northwestern Mutual Financial Network and its 7,500 Financial Representatives who provide expert guidance on insurance, investment products and services, retirement and estate planning, education funding and employee benefits. Among Northwestern Mutual's majority-owned subsidiaries are the Frank Russell Company, the investment management and advisory firm; Robert W. Baird & Co. Incorporated, the securities brokerage firm; and the Northwestern Mutual Trust Company. The Trust Company offers a full range of personal trust products and services, as well as investment management services. Further information on Northwestern Mutual, based in Milwaukee, Wisconsin, can be found at: www.northwesternmutual.com.
ABOUT TD CAPITAL TECHNOLOGY VENTURES:
Established more than 30 years ago, TD Capital is the private equity arm of TD Securities, a division of TD Bank Financial Group. TD Capital Technology Ventures, an investment group within TD Capital, invests in early and growth stage companies with significant technology assets and market opportunities that span multiple industry sectors. Specifically, TD Capital Technology Ventures focuses on investments in enterprise software, IT infrastructure and communications software and hardware. Investments are also made in selected financial services opportunities. TD Capital Technology Ventures has five investment professionals located in its Boston office. For more information on TD Capital and its investment groups, go to www.tdcapital.com.
ABOUT MELLON VENTURES, INC.
Mellon Ventures, Inc., an affiliate of Mellon Financial Corporation, makes equity-related investments of between $3 million and $25 million in rapidly growing operating companies. With offices in Atlanta, Los Angeles, New York, Philadelphia, and Pittsburgh, Mellon Ventures, Inc. invests at all stages of the growth cycle, from early stage venture capital to later stage growth financings and buyouts. Mellon Ventures currently has over $1.3 billion under management. Additional information is available at www.mellonventures.com.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of asset management, trust, custody, benefits consulting and administration, and shareholder services, and offers a comprehensive array of financial services for affluent individuals, institutions and corporations. Mellon has more than $2.8 trillion in assets under management, administration or custody, including more than $585 billion under management. Its asset management companies include The Dreyfus Corporation and Newton Investment Management Limited (U.K.).
ABOUT FBR FINANCIAL SERVICES PARTNERS, L.P.:
FBR Financial Services Partners, L.P. (FSP) is a private equity fund whose sole investment objective is to provide strategic, medium-term equity capital to growing financial services companies. The institutional investors committed to FSP include major banks, insurance companies and financial services firms. The fund currently has 10 portfolio companies in stages ranging from venture capital to buyout. Current areas of investment interest include finance technology, outsourcing and business services related to the financial services industry. FSP actively works with its portfolio companies post-closing to recruit talented management members, locate potential channel partners, implement operational efficiencies and recruit additional financial partners to fund future growth or acquisitions.
The fund is an independently operated affiliate of Friedman, Billings, Ramsey Group, (NYSE:FBR) www.fbr.com, Arlington, Virginia, an institutional brokerage, research and investment banking firm.
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