Accolade completes $30 million financing.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--June 15, 1995--Accolade Inc., a leading developer and publisher of interactive entertainment software, today announced the completion of the second stage of a total $30 million financing package. In this second stage, Warner Music Group Warner Music Group (WMG) is one of the four major record labels. Warner Music Group also has a publishing arm, Warner/Chappell Music, which dates back to 1929, when Jack Warner, president of Warner Bros. Pictures Inc. and prudential Equity Investors invested a total of $8 million in equity, and the company entered into an arrangement with Greyrock Business Credit to provide a $10 million line of credit. In the first stage completed in January, 1995, Warner Music Group invested $12 million and acquired a minority interest in Accolade. Prudential Equity Investors has remained an investor in the company since 1993. Accolade plans to use the investment proceeds to continue its aggressive development of products for the PC CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). , Sony PlayStation Sony Playstation - Playstation and Sega Saturn The Sega Saturn (セガサターン Sega Sataan hardware platforms. "This combined $30 million financing prepares Accolade for accelerated growth and an increased commitment to emerging 32-bit and 64-bit platforms," said James Barnett, president of Accolade. "Accolade is a completely new company with new management, a new strategic and financial partner in Warner Music Group, and a renewed focus on sports and action products with particular emphasis on our established brand names. This round of financing will allow us to increase our investment in product across multiple platforms and in more aggressive marketing campaigns," concluded Barnett. With the transaction in January, Warner Music Group entered into worldwide agreements to manufacture, package and distribute all catalog and future product published by Accolade. In North America, Accolade products are distributed through WEA WEA Weather WEA World Evangelical Alliance WEA Washington Education Association WEA Wilderness Education Association WEA Workers' Education Association WEA WebSphere Everyplace Access (IBM) WEA Wisconsin Education Association Visual Entertainment. In all other territories, Warner Interactive Entertainment -- the multimedia unit of Warner Music International -- has the exclusive licensing rights for all Accolade product. Accolade, Inc., in its 11th year of operation, is a leading interactive entertainment company with products published under the Accolade and Sport Accolade labels. It currently develops and publishes sports and action/adventure software for CD-ROM personal computers and next generation gaming systems. Leading game brands include HardBall, Jack Nicklaus Golf, Charles Barkley Basketball, Bubsy and Star Control. Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , Accolade is one of the largest privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in the interactive entertainment industry. Warner Music Group, the world's leading music entertainment company, is a division of Time Warner, Inc. CONTACT: Accolade Inc. Melinda Mongellozzo, 408/985-1700, ext. 570 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion