TORONTO, Dec. 6 /CNW/ - BEST Funds, BMO Capital Corporation, Celtic
House Venture Partners, Covington Capital Corporation, Edgestone
Venture Fund and Mosaic Venture Partners are pleased to announce the
acquisition of Protus IP Solutions, Inc. ("Protus"/ the "Company") by
j2 Global Communications, Inc. [NASDAQGS:JCOM], ("j2").
The CDN$213 million acquisition (subject to post-closing adjustments)
will enhance j2's existing product offerings and further establish j2
as a global leader in the outsourced communications services field.
Established in 1997, Ottawa based Protus provides Software-as-a-Service
("SaaS") communications services and solutions to the business market.
The Company's product offerings include MyFax® (internet fax),
Campaigner™ (e-mail marketing) and My1Voice™ (virtual phone service).
Protus is an excellent example of a successful Ontario-based
venture-backed success story and underscores the importance of venture
capital to Canadian enterprises. Protus first raised venture capital
investment from Ontario-based institutions in 1999 and the Company has
grown to one of the leading SaaS providers in North America. All
institutional shareholders are exiting via the transaction.
Protus® provides the highest quality software as a service (SaaS)
communications tools for small-to-medium-businesses (SMB) and
enterprise organizations, including award-winning MyFax, the fastest
growing Internet fax service; my1voice, the cost-effective,
feature-rich virtual business phone service that travels with the user
from phone to web; and Campaigner, a software-as-a-service email
marketing solution with advanced automation features. Protus'
commitment to delivering a superior user experience has resulted in a
continually growing and loyal customer base of more than 500,000
subscribers, allowing market leadership in industries including
finance, insurance, real estate, healthcare, transportation and
government. For more information about Protus and its family of
communication tools, call 888-733-7007 or visit www.protus.com.
About BEST Funds
BEST, established in 1996, is experienced in raising, investing and
managing venture capital and making investments in emerging sectors.
The BEST Funds group currently manages the following retail venture funds: The
Business, Engineering, Science & Technology Discoveries Fund Inc. and
B.E.S.T. Total Return Fund Inc., as well as a number of private funds. Please visit our website at www.bestfunds.ca
About BMO Capital Corporation
BMO Capital Corporation (BMOCC) is a market-leading provider of junior
capital, including mezzanine debt and equity, to mid-market companies
across Canada. With $400 million in committed capital and with offices
in four Canadian cities, BMOCC invests up to $20 million in companies
with defensible industry positions and stable and predictable cash
flows. Proceeds are typically used for acquisitions, buyouts, capital
expenditures/expansions, restructurings and working capital for
growth. Since inception in 1996, BMOCC has successfully executed over
170 investments. At present, BMOCC is actively invested in over 40
portfolio companies across a variety of industries. BMOCC is a member
of BMO Financial Group, one of the largest financial services providers
in North America, with over $390 billion in assets.
About Celtic House Venture Partners
For over 15 years, Celtic House Venture Partners has been Canada's most
active investor in private information and communications technology
companies. Applying the deep domain expertise of its partners and
capitalizing on a unique architectural approach to investing, Celtic
House has consistently provided superior financial returns to its
investors. With $315 million under management, Celtic House has
collaborated with management teams and repeat entrepreneurs to develop
platform technology companies from the inception phase through to exit,
generating over 20 initial public offerings and successful
acquisitions. For more information, visit www.celtic-house.com.
About Covington Capital Corporation
Founded in 1995, Covington Capital Corporation (www.covingtonfunds.com) is one of Canada's largest and most experienced venture capital fund
providers. Managing approximately $200 million in venture capital
assets on behalf of institutional and retail investors, Covington
invests in small-and-medium businesses throughout many industry
sectors. Covington Capital Corporation is headquartered in Toronto,
About EdgeStone Capital Partners
EdgeStone Capital Partners (www.edgestone.com) is one of Canada's leading private equity firms with in excess of $2.5
billion of funds committed to date from institutional and
high-net-worth clients. EdgeStone provides capital, strategic direction
and business and financial advice to help promising mid-market and
early-stage companies achieve their full potential. EdgeStone leverages
the resources of its broad business network and ensures an alignment of
interests to achieve superior returns for all stakeholders.
About Mosaic Venture Partners
Founded in 1997, Mosaic Venture Partners (www.mosaicvp.com) invests in early-stage digital technology companies and actively
assists entrepreneurs in creating tangible, long-term value. Mosaic's
portfolio includes a variety of successful North American web-based
businesses such as: Cyberplex, Five9, Soundbite Communications and
SOURCE COVINGTON CAPITAL CORP.
For further information: For further information:
EVP Sales and Marketing
Covington Group of Funds