Online Agribusiness Powerhouse IRON Solutions Acquired: Company ...

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Spearheading the acquisition is the leading"Software-as-a-Service" (or SaaS) venture capital firmStarVest Partners ( www.starvestpartners.com ). StarVest is joined in a limited partnership with Dublin CapitalPartners and Spring Mountain Capital and strategic investor GVICCommunications Corporation. Together, they have purchased 90percent of IRON Solutions, Inc. for the sum of $15 million. Currentinvestors in IRON Solutions will retain a 10 percent ownershipstake in the new company, IRON Solutions.
"The acquisition is a very positive development for ourcustomers and business partners in the agribusiness industry,"says Darwin Melnyk, President and CEO of IRON Solutions. "Thisnew chapter in our company's history of leadership and innovationwas designed to accelerate the development and delivery of ourservices to our valued customers in the equipment industry."
StarVest Partners established itself in the Software-as-a-Servicesector by investing early in leading Software-as-a-Servicecompanies such as NetSuite (NYSE: N). With today's announcement,StarVest Partners and IRON Solutions plan to expand existingofferings aggressively into the dynamic"Data-as-a-Service" (DaaS) market.
Innovative companies use "Data-as-a-Service" strategiesto make the integration of data into customer systems easier, andto make data more accessible via online services. "We are ascommitted as always to the agricultural, outdoor power andconstruction industries," says Melnyk. "The acquisitionof IRON Solutions by investors who have proven vision and growthobjectives comes at the right time for the company and theequipment industry. We can now more rapidly address the changingneeds of our dealer and manufacturing customers and the demandchain partners that keep equipment moving to and from endusers."
The commitment of IRON Solutions, and the company's history ofcollaboration with equipment industry leaders is reflected in thedepth and accuracy of the data that anchors their services. IRONSolutions works with equipment dealers, manufacturers and others tocompile the Official Guides book series, which providesunparalleled market intelligence to the equipment industry. Inaddition, the company offers an online service where crop producerscan buy, sell and appraise equipment ( www.IRONsearch.com ).
IRON Solutions maintains the largest database of used equipmenttransaction information in the farm and construction equipmentindustry. The company is the undisputed leader in market data formore than 4,000 North American farm, outdoor power and constructionequipment dealers, manufacturers, leading auctioneers, andfinancial institutions, insurers and government agencies.
StarVest has more than 10 years of experience in the"Software-as-a-Service" market sector and is a majorinvestor in NetSuite, whose $1.6 billion IPO in 2007 elevated thecompany to national prominence.
"Acquiring IRON Solutions marks another important milestonefor StarVest and its investors as we look to continue capitalizingon the large and growing 'Data-as-a-Service' market," saidLarry Bettino, general partner, StarVest Partners. "IRONSolutions is a perfect example of the tremendous value generatedwhen data is coupled with technology."
StarVest focuses on five core areas of technology enabled businessservices including SaaS, Internet Marketing Services, e-CommerceServices, Data Aggregation Services and Identity and SecurityManagement. The firm invests in the most promising companiesregardless of where they are geographically and has activeinvestments across the U.S. including emerging technology hubs suchas Cleveland, Austin, Scottsdale and Los Angeles.
About IRON Solutions Inc.:
IRON Solutions, Inc. ( www.IRONsolutions.com ), is the leading source of Equipment Market Intelligence™for used agricultural, industrial, and outdoor power equipment.IRON Solutions® provides an integrated portfolio of services tomanufacturers, dealers, producers and finance companies who want tomake business-critical decisions, informed by easily accessible andaccurate market information. IRON Solutions® publishes theOfficial Guides, the trusted source of the gold standard inequipment valuation data, and www.IRONsearch.com , North America's largest used tractor and equipment Web site.
About StarVest Partners:
StarVest Partners is a disciplined venture capital firm that isfunding and building next- generation businesses. StarVest gainedglobal recognition in 2007 as the only outside venture capital firmin NetSuite, whose December 2007 initial public offering openedwith a $1.5 billion market capitalization. StarVest is also a leadventure investor in MessageOne (acquired by Dell Computer inFebruary 2008).
The firm's value-added partnership maintains a sharp focus on fivekey, emerging technology and services sectors: Software as aService (SaaS), Internet Marketing Services, eCommerce Services,Data Aggregation Services and Identity and Security Management.StarVest combines a sophisticated investment background with theexperience to foresee opportunities for both its portfoliocompanies and funding partners. The company follows a highlyselective approach which has led to a tenfold increase in, andcompound annual revenue growth of, more than 70 percent for itsactive StarVest I portfolio. More information about StarVest isavailable at the company's Web site: www.starvestpartners.com .
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