Throughout January 2020, investors made significant investments into Columbus-based tech companies that are forward thinking and utilizing new technologies in the marketplace.
Columbus VC firm Ikove Ventures recently made an investment into a Columbus medical tech company called SolitonReach. SolitonReach has developed new technology that helps assist surgeons with robotic knee surgery, resulting in a less invasive procedure decreasing risk of injury and improving surgical workflow and reducing training costs. The sensors developed by SolitonReach help bridge the gap between robotic and non-robotic surgery by allowing surgeons performing non-robotic surgery to achieve similar results as a robotic assisted procedure at a much lower cost.
Additionally, local Columbus-based SpeechIQ received an investment from Golden Gate Capital, a large veteran PE firm in San Francisco that aggressively pursues high-growth tech businesses. SpeechIQ analyzes call data, via its proprietary AI-driven speech technology platform that drives agent productivity, operations efficiency and improved customer engagement.
These trends show that investors are looking to put their money in Columbus technology companies at the start of 2020.
Deal of the month
Our deal of the month goes to Bold Penguin, the insurtech innovator based out of Columbus, for its recent acquisition of xagent, a cutting-edge online solution for quoting and binding property and casualty insurance quicker than any other service. This acquisition will allow Bold Penguin to maintain its commitment to simplifying the commercial insurance process, while increasing its scale to better service insurance carriers, brokers and agents.
The Bold Penguin Exchange, launched in 2016, was built to efficiently and effectively connect businesses, agents and carriers to the right commercial insurance quote creating a single solution to a multi-faceted problem. Bold Penguin Founder and CEO Ilya Bodner said “xagent shares this vision and passion so instead of forcing the market to choose between out divided solutions, acquiring xagent gives customers one simple, comprehensive solution to trust.”
Selected Ohio mergers & acquisitions
Local companies in bold. Source: PitchBook and Copper Run research
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CLO/ANN |
TARGET/ISSUER NAME |
BUYER/INVESTOR NAME |
SELLER NAME |
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Jan. 1 |
AFC Hartmetall |
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Jan. 1 |
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Jan. 2 |
Xagent |
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Jan. 7 |
Samuel Son & Co.* |
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Jan. 7 |
Vecna Robotics |
Blackhorn Ventures, Drive Capital, Fontinalis Partners, Highland Capital Partners, Tectonic Ventures |
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Jan. 9 |
Cox Enterprises, Drive Capital, Hearst Ventures, Heritage Group and NCT Ventures |
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Jan. 13 |
Vesta Healthcare |
CareCentrix (Deerfield Management, Generator Ventures, Kaiser Permanente Ventures, Lux Capital, Nationwide Ventures and Oak HC/FT) |
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Jan. 14 |
JetEdge International (Solace Capital Partners and SWS Venture Capital) |
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Jan. 15 |
EDSCO Fasteners |
Middleground Capital |
Oxer Capital and LFM Capital |
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Jan. 15 |
Insurify |
Hearst Ventures, MassMutual Ventures, Mtech Capital, Nationwide Ventures and Viola FinTech |
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Jan. 16 |
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Jan. 21 |
Laron |
OTP Industrial Solutions (Genstar Capital) |
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Jan. 21 |
The Stephens Group |
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Jan. 23 |
Contract Sweepers & Equipment Co. |
Sweepers Corporation of America (Soundcore Capital Partners) |
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Jan. 27 |
LiveVox (Golden Gate Capital) |
*Worthington Industries acquired a 63 percent interest and Samuel Son & Co holds 37 percent. To be called Worthington Samuel Coil Processing LLC
Michael Shaw is a partner and managing director at Copper Run Capital, where he assists with both sell side and buy side assignments and business development. Shaw has experience evaluating the strategic and financial implications of M&A from smaller privately held companies up to $1 billion-plus market capitalization companies.
