Spring 2006
Newsletter
SSM NEWS
The last six months have been a busy time for
us with successful liquidity events at Passport Health, Fuego, and 360Commerce. We would like to congratulate our partners at each
of these companies. For more information, please read the following links.
NEW INVESTMENTS
PORTFOLIO COMPANY NEWS
SSM NEWS
Passport Health Completes $70 Million Leveraged Recapitalization
Passport Health Communications, Inc. announced the
completion of a $70 million leveraged recapitalization in April 2006.
"This investment validates the value of our business model
and the services provided to our customers," states Jim Lackey, Chief Executive Officer. "In addition, it provides capital to fund our aggressive plan
of organic growth and selective acquisitions and allows our original investors and management to achieve some liquidity while retaining significant
ownership."
Brentwood Capital Advisors LLC, based in Nashville, acted
as exclusive financial advisor to Passport and arranged the private equity and subordinated and senior debt required to fund the transaction. Primus
Venture Partners, Inc. led the private equity investment, Allied Capital provided subordinated debt financing and Fifth Third Bank provided senior
debt financing.
To view the press release from the transaction, please
visit www.ssmpartners.com/html/news_press/news/041306.htm.
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Fuego Acquired
by BEA Systems
In March 2006, Fuego announced that it had been acquired
by BEA Systems, Inc. (NASDAQ: BEAS). Fuego is widely recognized as a pioneer and leader in the business process management (BPM)
software industry. The company specializes in providing SOA solutions to help companies orchestrate and continuously improve business processes among
people, applications and organizations. The Fuego portfolio will become a part of the fast-growing BEA AquaLogicTM product family and will
serve as the foundation of the new BEA AquaLogicTM Business Service Interaction product line.
To view the press release from the transaction, please
visit http://www.ssmpartners.com/html/news_press/news/030106.htm.
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Oracle Buys 360Commerce
In January 2006, Oracle Corporation acquired our portfolio
company 360Commerce, a provider of open store and multi-channel solutions software. With this acquisition, Oracle plans to deliver
on its vision of customer-centric retailing. The combination with Oracle's leading database infrastructure and ERP applications is
expected to provide a highly integrated solution for the customer insight-driven retail enterprise.
For more information on the transaction, please visit
http://www.oracle.com/360commerce/index.html.
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NEW INVESTMENTS
National Medical
Solutions Raises $3.5 Million to Fuel Growth
SSM portfolio company National Medical Solutions raised
$3.5 million in November 2005. The funds will be used to develop advanced wound centers and new clinical programs.
Investors in this Series B round included River Cities Capital Funds, SSM, Livingston Capital, and management.
For more information on NMS, please visit http://www.nationalmedicalsolutions.com/.
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PORTFOLIO COMPANY NEWS
April 4, 2006 - Servigistics Announces Workforce Management Solution; Expands Solution Footprint to Enable Strategic
Service Management
March 13, 2006 - Employease to Launch Payroll Service for Companies with more than 1,000
Employees
March 8, 2006 - Advanced Treatment Found Successful in Treating Fibromyalgia & Chronic Fatigue
February 10, 2006 - Employease Fiscal Q2 2006 Closes with 62% Year over Year Revenue Growth, Company's 33rd
Consecutive Quarter of Revenue Growth
December 20, 2005 - Connecture Positions Itself for Continued Growth
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