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Vance Street Capital Completes Growth Investment in Pro-Vision

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6 days ago

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Partnership will bolster Pro-Vision’s commercial and engineering strategy, reinforcing the Company’s position as a leading player in the safety and security ecosystem

LOS ANGELES, Sept. 26, 2024 /PRNewswire/ — Vance Street Capital (“Vance Street”), a Los Angeles based private equity firm, today announced it has partnered with Pro-Vision (the “Company”) to support the business and management team during this next chapter of its growth story. Pro-Vision is a North American provider of video monitoring solutions for the commercial, K-12 transit, and public safety end markets. The acquisition represents Vance Street’s first platform investment out of Vance Street Capital IV L.P. and leverages the firm’s experience in industrial technology as well as in the critical asset monitoring space.

Headquartered in Grand Rapids, Michigan, Pro-Vision is an end-to-end mobile video solution provider that specializes in designing, assembling, and bundling a comprehensive and customizable suite of video solutions for critical asset monitoring. Pro-Vision’s cameras, monitors, recording & storage devices, managed install services, and Video-as-a-Service (“VaaS”) software platform provide customers a clear and tangible ROI related to cost savings (e.g., insurance savings) as well as enhanced safety and reduced liability (e.g., accident reduction, improved driver performance).

Founded in 2003, Pro-Vision has a long heritage and strong foundation of providing differentiated, safety-focused solutions for its customers. Through organic investments in the engineering team and expansion of the Company’s hardware and software capabilities, Pro-Vision has built a strong reputation as a valued partner recognized for its customer service, reliability and high-quality products. As part of the transaction, the Pro-Vision management team will reinvest, retain an ownership position, and continue to lead the business going forward. “On behalf of the entire Pro-Vision team, we couldn’t be more excited to begin this next chapter with Vance Street,” said Mike Finn, CEO of Pro-Vision. “This partnership gives us the green light to invest in the business, both organically and through M&A, and will allow us to continue to focus on providing our customers with the highest quality mobile safety and security products and services. Vance Street brings a complementary, growth-oriented playbook geared toward fine-tuning our strategy and processes, which is a perfect fit for our organization.”

“Pro-Vision has an impressive track record of product innovation across hardware, firmware and software, as well as in growing and executing on its pipeline across new and existing end markets,” said John LeRosen, Partner at Vance Street. “Pro-Vision is a great representation of the type of businesses Vance Street looks to invest in.”

“With Vance Street’s support and capital, Pro-Vision will be able enhance its product development pipeline and continue to provide current and future customers with best-in-class products and services,” Yousaf Tahir, Principal at Vance Street, added. “Vance Street’s ability to leverage its experience in industrial technology, and more specifically critical asset monitoring for safety and security related applications, makes Pro-Vision a great fit.”

Goodwin Proctor LLP acted as legal advisor and Current Capital Partners served as financial advisor to Vance Street Capital. PMCF Investment Banking served as financial advisor and Goodwin Proctor LLP served as legal advisor to JMC Capital Partners LLC and Pro-Vision. Debt financing for the transaction was provided by Barings. Terms of the transaction were not disclosed.

About Vance Street Capital LLC

Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, life science, industrial technology, and aerospace & defense sectors. For over two decades, Vance Street’s partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.

Media Contact:
Natalie Yates
Head of Business Development and Investor Relations
nyates@vancestreetcapital.com

View original content:https://www.prnewswire.com/news-releases/vance-street-capital-completes-growth-investment-in-pro-vision-302260254.html

SOURCE Vance Street Capital

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RiskBlue Launches Contract Management Software for Builder’s Risk and Water Mitigation Contracts

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47 mins ago

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October 2, 2024

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RiskBlue introduces a transformative software solution to manage high-rise construction risks and streamline insurance processes.

LONDON, Oct. 2, 2024 /PRNewswire-PRWeb/ — RiskBlue, a new venture from RiskClock, announces the launch of its innovative contract management software, specifically designed to assist insurance brokers and developers in efficiently managing high-rise Builder’s Risk and Water Mitigation contracts. The platform aims to enhance water insurance risk control and management in the construction and operational property sectors.

Under the leadership of serial entrepreneur Diogo Beltran, RiskBlue delivers a user-friendly interface that offers the construction industry’s most reliable water risk controls, sourced from reputable providers. This ensures all parties involved in a project are aligned with the project’s controls and schedule, securing investments and enhancing management practices across the industry.

“Our goal at RiskBlue is to redefine the standard for risk management in construction and operational properties,” Diogo Beltran explained. “We are committed to bridging the gap between risk assessment and mitigation, providing a platform that ensures both are handled with the utmost efficiency and reliability.”

RiskBlue’s software facilitates streamlined underwriting processes for Builder’s Risk and Water Mitigation contracts by providing tools that help forecast, evaluate, and manage potential water-related hazards. This proactive approach aids in preventing delays and overruns, keeping projects within budget and on schedule.

“The construction sector often faces challenges with water-related risks that can derail projects. Our software provides a strategic advantage by integrating detailed risk evaluations and mitigation strategies into one central system,” added Beltran. “This allows stakeholders to maintain tight control over project timelines and budgets, significantly reducing the risk of costly setbacks.”

The platform not only serves as a critical tool for insurance brokers and developers but also fosters a collaborative environment by connecting them with leading solution providers. This collaboration ensures that all mitigation strategies are comprehensive and tailored to the specific needs of each project.

RiskBlue is now available for industry professionals who are looking to enhance their risk management capabilities and protect their construction and operational investments from water-related risks.

For additional details on how RiskBlue can transform your approach to managing construction risks and to schedule a demo, please visit https://www.riskblue.com.

About RiskClock

Established by Diogo Beltran, RiskClock is renowned for its innovation in construction technology, focusing on pioneering solutions that enhance the safety and efficiency of construction and operational projects. RiskClock continues to lead the way in developing cutting-edge technology solutions for the industry.

Media Contact

Diogo Beltran, RiskBlue, 888-888-8888, diogo.beltran@riskclock.com, https://www.riskblue.com/

View original content to download multimedia:https://www.prweb.com/releases/riskblue-launches-contract-management-software-for-builders-risk-and-water-mitigation-contracts-302265097.html

SOURCE RiskBlue

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Skanska signs supplemental award for data center in Georgia, USA, for USD 80M, about SEK 840M

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47 mins ago

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October 2, 2024

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STOCKHOLM, Oct. 2, 2024 /PRNewswire/ — Skanska has received a supplemental award with an existing client to build additional data halls at a data center in Georgia, USA. The supplemental award is worth USD 80M, about SEK 840M, which will be included in the US order bookings for the third quarter of 2024.

The project is the construction of four additional data halls on a previous data center site in Georgia.

Work is underway and is scheduled for completion in the third quarter of 2025.

For further information please contact:

Ashley Jeffery, Communications Mgr, Skanska USA Building, tel +1 813 459 3682

Andreas Joons, Press Officer, Skanska AB, tel +46 (0)10 449 04 94

Direct line for media, tel +46 (0)10 448 88 99

This and previous releases can also be found at www.skanska.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skanska/r/skanska-signs-supplemental-award-for-data-center-in-georgia–usa–for-usd-80m–about-sek-840m,c4045660

The following files are available for download:

https://mb.cision.com/Main/95/4045660/3033638.pdf

20241002 US data center addition

 

View original content:https://www.prnewswire.com/news-releases/skanska-signs-supplemental-award-for-data-center-in-georgia-usa-for-usd-80m-about-sek-840m-302265265.html

SOURCE Skanska

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Fractus expands IoT patent licensing program signing ADT agreement and ending litigation

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47 mins ago

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October 2, 2024

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BARCELONA, Spain, Oct. 2, 2024 /PRNewswire/ — Fractus, a leader in in antenna technology and IP licensing, announced today the successful signing of a patent licensing agreement with ADT, the market leader in connected alarm systems in the United States. With this agreement, Fractus continues to assert its leadership in IP and antenna technology, further strengthening its position in the rapidly evolving Internet of Things (IoT) sector.

Fractus has achieved a significant milestone by securing a new licensing agreement with ADT, following a patent infringement lawsuit it filed in October 2022 against both ADT and Vivint (case 2:22-cv-00412-JRG and 2:22-cv-00413-JRG) over internal antenna technology critical to alarm security systems. This deal, which adds to the agreement reached earlier this year with Vivint, consolidates Fractus’ position as a key technology provider in the Internet of Things (IoT) market. By expanding its base of licensees within the IoT ecosystem, Fractus reaffirms its commitment to protecting and monetizing its intellectual property.

“We are proud to announce this significant agreement with ADT,” said Jordi Ilario, COO and VP at Fractus. “The IoT landscape is diverse and fragmented, but we remain focused and resilient in leveraging our patent portfolio. This agreement is a testament to our ongoing efforts to drive revenue through IoT licensing and explore new areas of development.”

“Our success in sectors such as network infrastructure and mobile phone OEMs underscores the value of our innovations,” said Ruben Bonet, CEO of Fractus. “The progress we’ve made this year positions us optimistically for future growth and further expansion within the IoT sector.”

Fractus was represented by the top-tier law firm Susman Godfrey. “We are pleased to continue our more than decade-long history of successfully representing Fractus, which stretches back to 2011 with a jury verdict in favor of Fractus against Samsung,” said Max Tribble, a Susman Godfrey lawyer.

About Fractus

Fractus is an early pioneer in developing antenna technology for smartphones, tablets and other wireless Internet of Things devices and holds an intellectual property rights portfolio of more than 40 inventions protected through over 120 patents and patent applications in the United States, Europe and Asia. Among the numerous awards and honors the company has received for its innovative work, Fractus was named a 2005 Davos World Economic Forum Technology Pioneer and one of Red Herring’s top innovative companies for 2006. It also won the 2004 Frost & Sullivan Award for technological innovation and the 2010 National Communication Award of the Catalan Government in the telecommunications category. A team of Fractus inventors was finalist for the EPO European Inventor Award 2014. On November 2015, Fractus was awarded Academiae Dilecta by the Spanish Royal Engineering Academy and on April 2017 received the “European Inspiring Company Award” by the London Stock Exchange and the Elite Group.

Logo – https://mma.prnewswire.com/media/1896932/Fractus_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/fractus-expands-iot-patent-licensing-program-signing-adt-agreement-and-ending-litigation-302264328.html

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