Prudential Securities Acquires Volpe Brown Whelan.NEW YORK--(BUSINESS WIRE)--Dec. 13, 1999-- - Combines Volpe's Technology Banking Expertise with Prudential's Global Reach - Expands Prudential's Banking Capabilities for Emerging Technology Companies Prudential Securities Incorporated announced that it has acquired Volpe Brown Whelan & Company, a leading technology investment bank. The acquisition expands greatly Prudential Securities' presence in the technology sector, and the new unit will be known as the Prudential Volpe Technology Group. It follows Prudential Securities' July acquisition of Vector Securities International, a leading healthcare investment banking firm, which resulted in the creation of Prudential Vector Healthcare Group. "The Volpe Brown Whelan acquisition establishes us as a key player in the vital technology business," said Hardwick Simmons, President and Chief Executive Officer of Prudential Securities. "Volpe Brown Whelan's focus on small and mid-size companies facing rapid growth fits in perfectly with our `middle-market' strategic focus. Not only does the acquisition augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our technology practice, it also greatly expands our presence in northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , which is critical for any investment bank competing for technology business today." "By combining resources with Prudential Securities, we will be able to maintain and expand our focus on emerging technology companies, preserve our entrepreneurial operating style and deliver superior global distribution, after-market support and expanded product opportunities to our clients," said Thomas Volpe, the firm's Founder, President and Chief Executive Officer. "Our team is excited by the opportunity to become the financial partner of choice to the best, and most exciting, emerging technology companies." The new entity, the Prudential Volpe Technology Group, will be managed by Thomas Volpe and Robert Whelan, who will report to Paul Scura, Executive Vice President and head of investment banking at Prudential Securities. The Prudential Volpe Technology Group will incorporate Prudential Securities' existing technology banking group and be headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Additionally, the private equity arm of the combined business will operate as Prudential VBW VBW Video Band-Width VBW Very Best Wishes VBW Volterra Model for Wideband Amplifiers VBW Visual Basic Workspace VBW Very Big Word Asset Management. The entire entity will be part of Prudential Securities' Capital Finance Group, run by Vincent T. Pica, II, within which the firm operates its investment banking, institutional equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as and sales and global equity research businesses. "The combination of Volpe Brown Whelan, with its deep product knowledge, highly focused technology and internet research This article is about using the Internet for research; for the field of research about the Internet, see Internet studies. Internet research is the practice of using the Internet, especially the World Wide Web, for research. and highly regarded investment banking expertise with Prudential Securities' capital, banking strength and research capabilities creates a very formidable presence in the marketplace," Mr. Pica said. "The acquisition gives Volpe's clients access to Prudential Securities' global distribution reach, encompassing institutional, retail, international and, now via PrudentialSecurities.com, Internet investors." Volpe Brown Whelan offers investment banking, research, institutional equity sales and trading, and money management to technology companies. Since 1992, the firm has lead or co-managed more than 220 public offerings with an aggregate value of more than $12 billion. During the same period, Volpe Brown Whelan has provided financial advisory and M & A services to over 70 companies with an aggregate transaction value of more than $8 billion. Volpe Brown Whelan and its partners have also raised over $500 million of private equity for early and late-stage private companies. Volpe Brown Whelan also manages private equity investments. On a proforma basis, Volpe Brown Whelan and Prudential Securities have been the lead or co-manager on 64 technology public offerings year-to-date in 1999 with an aggregate value of nearly $6 billion. Volpe Brown Whelan was one of the last remaining independent investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. dedicated to emerging growth companies. It has approximately 220 employees with offices in San Francisco, Boston and Seattle. Volpe Brown Whelan focuses on companies involved in the Internet (including consumer content, consumer e-commerce, e-finance, e-marketing, e-business platforms and applications, business-to-business infomediaries, and e-business services), Communications (including Internet infrastructure, wireless technology, communications software (communications, software) communications software - Application programs, operating system components, and probably firmware, forming part of a communication system. These different software components might be classified according to the functions within the Open Systems and communications services) and Enterprise Software (including enterprise infrastructure management, information security, information services See Information Systems. and business intelligence software). Volpe Brown Whelan was founded in 1986 by Thomas Volpe, former President and Chief Executive Officer of Hambrecht & Quist. Paul W. Brown joined the firm from Hambrecht & Quist in 1989 to establish and run the firm's healthcare group. He is a founding partner of Volpe Brown Whelan's Bedrock Bedrock - A C++ class library for Macintosh user interface portability. Capital Partners and concentrates on private investments in early-stage healthcare and technology companies. Robert M. Whelan, Jr. joined the firm in 1992, having been a Managing Director at Prudential Securities and head of the corporate finance department of Hambrecht & Quist. The acquisition of Volpe Brown Whelan complements Prudential Securities' strategic alliance with Silicon Valley Bank of Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. . The alliance offers firms in early stages of their development and throughout their growth cycle a full range of strategic finance products and services including mezzanine capital Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is senior only to that of a company's shareholders. , private equity placements, merger and acquisition advice, public debt and equity underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. . Prudential Securities' Investment Banking Group focuses on serving mid-sized and emerging growth companies in seven core industry sectors--Consumer, Energy, Financial Institutions, Healthcare, Media Entertainment & Communications, Real Estate and Technology. The Investment Banking Group offers a full array of services to clients including: Asset-backed, Equities, M&A, Leveraged Finance, Private Equity and Taxable Fixed Income. In 1998 the Investment Banking Group completed a total of 300 transactions for its clients. Prudential Securities Incorporated is a fully diversified, global securities firm based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and with its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , serves clients in the U.S. and overseas through approximately 6,700 Financial Advisors. The fifth-largest brokerage firm in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Prudential Securities is a subsidiary of the Prudential Insurance Company of America. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion