Philly EnterpriseTech Weekend Highlights 2/8 -2/9/20

Philly EnterpriseTech PeopleNews 2/9/20: Passage Bio’s CEO; Penn National Gaming hires Apple vet as CFO

Today in Philly Tech History 2/5/1998: Comcast exits UK cable business

Tom Paine

On February 5, 1998, Comcast moved to exit the cable business in the UK by agreeing to sell its operations there to NTL Inc. for around $600 million in NTL stock plus the assumption of Comcast’s UK debt. Comcast had 1.6 million subscribers there.

Comcast President Brian Roberts said:””While Comcast U.K. has been a leading performer in the U.K. cable and telephone industries, we have determined that long-term success in this market will require greater size and market presence than Comcast U.K. has in its asset base.”

Comcast wouldn’t have a significant European presence again until its 2018 acquisition of the UK-baseed satellite & cable provider SKY.

The 27th Annual PACT Enterprise Awards are scheduled for May 12

Tom Paine

Tracking new and emerging tech companies in and around Philly has become more interesting and challenging in recent years as the startup ecosystem has blossomed. It’s deeper and more diverse than I can recall. The scene has mushroomed in the past two or three years, though much of the foundation was laid before then. The Philly healthcare sector has provided a particular boost, in terms of both new medicines and information technology.

The PACT Enterprise Awards has a good track record for spotting the best in midstream as they grow.

Last year’s nominees are shown here.

The 2020 awards are scheduled for the evening of May 12 at the Kimmel Center. Tickets are available.

Nominees are as follows:

Healthcare Innovator (Sponsor: Independence Blue Cross)

Quantitative Radiology Solutions

Spirovant Sciences

Tridiuum

Healthcare CEO (Sponsors: EY and Morgan Lewis Bockius)

JeanMarie Markham, Clinlogix

Michael Whitman, Micro Interventional Devices

Tony Coletta,Tandigm Health

Healthcare Emerging (Sponsors: RSM and SAP)

Camber Spine Technologies

Imalogix

Zynerba Pharmaceuticals

Healthcare Startup (Sponsor: Ben Franklin Technology Partners)

Century Therapeutics

MOBiLion Systems

Quil

Technology Company (Sponsor: Comcast Business)

Accolade

Elemica

InstaMed

Technology CEO (Sponsor: Cozen O’Connor)

Ned Moore, Clutch

John Castleman, Mobiquity

Andy Schwartz, xtraCHEF

Technology Emerging (Sponsors: Fox Rothschild and EisnerAmper)

Benefits Data Trust

Greenphire

PerPay

Technology Startup (Sponsors: Broadpath and Pepper Hamilton)

Cesium

ForMotiv

ZeroEyes

Investment Deal (Sponsor: Baker Tilly)

iPipeline

Spark Therapeutics

Tmunity Therapeutics

Bloomberg: Match Group asks Meet Group to consider tying the knot

Tom Paine

Tinder owner  Match Group has approached smaller rival Meet Group, Bloomberg reported yesterday.

New Hope-based Meet Group’s (NASDAQ: MEET) shares rose by as much as 21% in New York trading Thursday, and closed Friday at $6.05, for a market cap of $464 million. Match, which is being spun off by IAC/InterActiveCorp, was up 12% at one point on the news yesterday. Its market cap is near $23 billion.

Meet was founded as MyYearbook in 2005 by then high school student Catherine Cook and her brothers, Dave and current CEO Geoff Cook . First Round Capital was an early investor. Meet Group has been smart in positioning itself as a steaming site for people to interact, making good niche acquisitions, and meeting most goals it sets for itself. Geoff Cook, who sold a startup to Thomson while still in college, is very capable. But its relatively small size in the market might raise questions about its future viability as a stand alone company.

Facebook entered the market last Fall with a new app, Facebook Dating..

The German broadcasster ProSiebenSat.1 Media SE was reported to be interested in acquiring Meet Group by Reuters in December.

Philly EnterpriseTech Highlights 2/6/20-2/7/20: Unisys sells Fed business; Uber says it will find a way to breakeven later in year

SAIC to Acquire Unisys Federal in Accretive, Strategic and Value Creating Transaction (Press Release)

SAIC to Acquire Unisys Federal in Accretive, Strategic and Value Creating Transaction (Press Release)

  • Creates a leading digital transformation provider to the U.S. government.
  • Accretive to key financial metrics including organic revenue growth, earnings, and cash.
  • Adds intellectual property, technology-enabled solutions, and expands customer reach.
  • $1.2 billion transaction, including tax assets.

February 06, 2020 06:36 AM Eastern Standard Time

RESTON, Va.–(BUSINESS WIRE)–Science Applications International Corp. (NYSE: SAIC), a premier technology integrator, today announced that it has entered into a definitive agreement to acquire Unisys Federal, in an all-cash transaction valued at $1.2 billion ($1.025 billion net of the present value of tax assets of approximately $175 million), in a highly strategic and value creating transaction. This represents a transaction multiple of approximately 10.5x CY2020 adjusted EBITDA, adjusted for the net present value of tax assets.

“With the addition of Unisys Federal, SAIC will be a leading provider of digitial transformation services and solutions to the federal government. This exciting opportunity advances our strategy by building on our modernization capabilities, increasing customer access, accelerating growth and enhancing shareholder value”Tweet this

Unisys Federal, an operating unit of Unisys (NYSE: UIS), is a leading provider of infrastructure modernization, cloud migration, managed services, and enterprise IT-as-a-service through scalable and repeatable solutions to U.S. federal civilian agencies and the Department of Defense.

“With the addition of Unisys Federal, SAIC will be a leading provider of digitial transformation services and solutions to the federal government. This exciting opportunity advances our strategy by building on our modernization capabilities, increasing customer access, accelerating growth and enhancing shareholder value,” said SAIC CEO Nazzic Keene. “The financial benefits of acquiring Unisys Federal are compelling, including accretion of adjusted EBITDA margins, non-GAAP earnings per share, and cash generation.”

The transaction will further differentiate SAIC in the government services market by deploying technology-enabled, intellectual property-based solutions through a commercial–like service delivery model. The acquisition will further enhance shareholder value through a highly attractive financial profile, enabled through greater customer access and differentiated solutions in areas of higher growth profiles.

Strategic and Financial Benefits

  • Enhances capabilities in government priority areas, including IT modernization, cloud migration, managed services, and development, security, and operations (DevSecOpps)
  • Expands portfolio of intellectual property (IP) and technology-driven offerings, that enable government-tailored, commercial-based solutions
  • Increases access to current and new customers with a strong pipeline of new business opportunities
  • Highly accretive across all key financial metrics

Transaction Details

SAIC expects to fund the $1.2 billion cash transaction through a combination of cash on hand and incremental debt. The transaction is expected to close by the end of SAIC’s first quarter of fiscal year 2021, ending May 1, 2020, following customary closing conditions, including HSR regulatory clearance. The transaction has been unanimously approved by SAIC’s Board of Directors. The businesses will continue to operate independently until the transaction closes.

Advisors

Guggenheim Securities, LLC acted as lead financial advisor and Citigroup Global Markets, Inc. acted as co-financial advisor to SAIC. King & Spalding LLP served as legal counsel to SAIC. Avascent provided business due diligence and strategy support services.

Conference Call and Webcast Information

SAIC management will hold a conference call at 7:30 a.m. eastern time on February 6, 2020 to discuss the transaction. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of SAIC’s website (http://investors.saic.com).

After the call concludes, an audio replay can be accessed on SAIC’s Investor Relations website.

Forward-Looking Statements

Certain statements in this written communication contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “outlook,” and similar words or phrases or the negative of these words or phrases. Forward-looking statements in this written communication include, among others, statements regarding the expected timing and benefits of the proposed transaction, including anticipated expansion of our capabilities and customer access, future financial performance, and expected accretion. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from the forward-looking statements made in this written communication depending on a variety of factors, including: the possibility that the transaction will not close or that the closing may be delayed; the failure of either party to obtain the necessary approvals as required for the transaction or that the other conditions to the closing of the transaction may not be satisfied; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; our ability to realize the anticipated benefits of the transaction; developments in the U.S. government defense and intelligence community budgets, including budget reductions, implementation of spending cuts (sequestration) or changes in budgetary priorities; delays in the U.S. government budget process or approval to raise the U.S. debt ceiling; delays in the U.S. government contract procurement process or the award of contracts; delays or loss of contracts as result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to attract, train and retain skilled employees, including our management team, and to retain and obtain security clearances for our employees; our ability to accurately estimate costs associated with our firm-fixed-price and other contracts; cybersecurity, data security or other security threats, systems failures or other disruptions of our business; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues, including in relation to the transaction; our ability to effectively deploy capital and make investments in our business; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the adequacy of our insurance programs designed to protect us from significant product or other liability claims; our ability to declare future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable laws and contractual agreements; our ability to obtain or maintain trade secret protection; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this written communication. You should be aware that new factors may emerge from time to time and it is not possible for us to identify all such factors, nor can we predict the impact of each such factor on the proposed transaction. For further information concerning risks and uncertainties associated with our business, please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended February 1, 2019 and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K.

All information in this written communication is as of the date hereof. Unless legally required, we expressly disclaim any duty to update any forward-looking statement provided in this written communication to reflect subsequent events, actual results or changes in our expectations. We also disclaim any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

Contacts

SAIC Media Contact:
Lauren Presti
703.676.8982
lauren.a.presti@saic.com

SAIC Investor Contact:
Shane Canestra
703.676.2720
shane.p.canestra@saic.com

SCIENCE APPLICATIONS INTERNATIONAL CORP.

NYSE:SAIC 

More News

Contacts

SAIC Media Contact:
Lauren Presti
703.676.8982
lauren.a.presti@saic.com

SAIC Investor Contact:
Shane Canestra
703.676.2720
shane.p.canestra@saic.com

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TCF 2020 to be held on March 21 at the College of New Jersey

Tom Paine

TCF 2020 (formerly the Trenton Computer Festival) will be held on Saturday, March 21 at the College of New Jersey in Ewing, NJ.

The first Trenton Computer Festival was held on May 2, 1976 at Trenton State College (now the College of New Jersey) in Ewing NJ, outside of Trenton. It was started by Sol Libes of the Amateur Computer Group of New Jersey and Allen Katz of The College of New Jersey. It later moved to Mercer County Community College as it grew larger, and in 1999 moved to the NJ Convention Center in Edison, NJ, It returned to the College of New Jersey in 2005.

In the days before the Internet and the presence of most computer retail outlets, user groups and other channels of information, TCF played a particularly important role as a source of learning and knowledge dissemination for the East Coast in the fledgeling microcomputer industry.

TCF has had a notable and varied list of keynote speakers throughout its history, including Bill Gates, Dr. Adam Osborne, Mr. and Mrs. John W. Mauchly (of ENIAC fame), Eric Raymond, Dr. Ken Iverson, and Gordon E. Eubanks.

In the past a weekend-long event, recently it has been a one-day event held on a Saturday in March.

David Gewirtz wrote an ode to the early days of TCF in ZDNet in 2012.

This a slide show from the first Trenton Computer Festival in 1976, produced by TCF co-founder Sol Libes:

Philly EnterpriseTech Highlights 2/5/20: Vanguard entering PE market; @Houwzer raises $9.5m from Edison

Philly EnterpriseTech Highlights 2/3/20 & 2/4/20