Wednesday, April 18, 2012

Healthcare IT Q1 2012 Funding and M&A - Another Strong Quarter

$184 Million in VC Funding, Highest Number of Deals Recorded with 27


Mercom Capital Group, llc, a global communications and consulting firm, has released its report on funding and mergers and acquisition (M&A) activity for healthcare IT sector for the first quarter of 2012.

Venture Capital (VC) funding in the healthcare information technology (HIT) sector continued on a strong positive trend that started in the third quarter of 2011. VC funding in Q1 2012 was $184 million in 27 deals, the highest number of deals ever recorded since Mercom started collecting data in Q1 2010.

A total of 46 different VCs invested in Q1 and Connecticut Innovations was the only VC to participate in multiple deals. The Health Information Technology for Economic and Clinical Health (HITECH) Act kick started this larger implementation of IT in healthcare in the United States after it was passed in 2009.

”We are seeing significant momentum in terms of private venture capital funding flowing into the HIT sector, and a robust M&A environment is providing investors and the industry with liquidity and viable exit options,” said Raj Prabhu, Managing Partner of Mercom Capital Group. “Since the first quarter of 2010, M&A transactions have outpaced VC funding transactions by almost two to one (98 VC funding deals, 223 M&A transactions), a positive sign for the industry.”

As a technology group, health information management (HIM) companies came out on top with $103 million followed by personal health record (PHR) companies with $32 million. In terms of number of deals, PHR companies had four, business and clinical intelligence companies also had four, clinical decision support companies had three, electronic medical record (EMR) companies had two and electronic health record (EHR) companies also had two.

Top VC funding deals in Q1 included $40 million raised by Kinnser Software, a provider of clinical support software to home health companies, followed by $22 million by Healthx, a provider of online healthcare portals and communication products to insurers, medical providers and employees. Other top deals were $14 million raised by Sharecare, an interactive health and wellness social platform, $12 million raised by DocuTAP, a provider of integrated EMR and practice management solutions, and $10.9 million raised by PerfectServe, a provider of clinical communication services.

M&A activity in the healthcare information technology sector was also strong with 34 M&A transactions, only three disclosing details, amounting to $653 million. HIM companies accounted for most of the transactions totaling 15.

The M&A transactions with disclosed details were Verisk Analytics’ acquisition of MediConnect Global, a provider of proprietary systems to facilitate aggregation and analysis of medical records, for $349 million, Nuance Healthcare’s acquisition of Transcend Services, a provider of transcription and clinical documentation services, for $300 million, and DexCom’s acquisition of SweetSpot Diabetes Care, a cloud-based health data company focused on clinical support software in diabetes, for $4.5 million.

To download all funding transactions for HIT for Q1, visit: http://mercomcapital.com/healthcareITreports.php

Wind Off to a Strong Start with $240 Million in VC Funding in Q1

Mercom Capital Group, llc, a global clean energy communications and consulting firm, has released its report on funding and merger and acquisition (M&A) activity for the wind energy sector for the first quarter of 2012.

Venture capital (VC) funding in the first quarter came in strong with $240 million
going into a record number of 12 deals, compared to just $12 million going into
two deals last quarter.

Top VC deals in the first quarter included a $183 million raise by Element Power, a
global project developer, and a $20.2 million raise by ReGen Powertech, a
turnkey solution provider and wind turbine manufacturer. Other top transactions
included an $18.6 million raise by project developer Leap Green Energy, a $10
million raise by Apex Wind Energy, a developer of commercial scale wind
facilities, and a $3.5 million raise by Pentalum, a developer of Wind LiDAR for
remote wind sensing.

The first quarter marked the strongest M&A activity for the wind sector, in
terms of transactions, since Q1 2010  with $872 million in 11 transactions, of which only three transactions had details disclosed. As a technology group, wind
downstream companies had the most deals with four followed by manufacturers,
wind components, service providers and BOS companies.

The top M&A deals were the $850 million acquisition of Seajacks International,
a UK-based offshore Wind Power Service provider, by Marubeni Corporation and
Innovation Network Corporation of Japan, the $12 million acquisition of Fuji
Heavy Industries’ Wind Turbine Generator Business by Hitachi, and the $10.2
million acquisition of a 49.9 percent stake in OWEC Tower, an offshore wind
turbine foundation designer by KV Ventus.

For a complete list of Q1 2012 transactions in the wind sector, visit: http://mercomcapital.com/cleanenergyreports.php

Saturday, April 14, 2012

Q1 2012 Media and Marketing Industry Trends Report - Berkery Noyes

Complete report

Transaction volume in the Media and Marketing Industry improved in Q1 2012, increasing seven percent from Q4 2011. Meanwhile, transaction value gained 10 percent, its second consecutive quarterly increase. There were only four transactions totaling more than $600 million during the quarter, compared to seven such deals in Q1 2011.

BCE's announced acquisition of Astral Media for $3.4 billion, the largest acquisition in Q1 2012, was also the largest transaction in the Broadcasting segment since 2008.

Marketing, which saw overall deal activity rise 14 percent, was more active than Internet Media for the first time since being included in this report. Digital Marketing volume rose from 28 to 47 transactions during the first quarter, representing a 68 percent gain. With 99 transactions, M&A in the Internet Media segment remained constant.

The Exhibitions, Conferences, and Seminar segment saw an 80 percent increase compared to Q4 2011. The largest related deal was GCP Capital Partners' acquisition of World Trade Group, an international media business, for $43 million.

Entertainment Content M&A underwent a 46 percent increase in the last three months. Lionsgate's acquisition of Summit Entertainment for $700 million and International Gaming Technology's announced acquisition of Double Down Interactive for $200 million were the segment's two largest transactions in the first quarter.

Q1 2012 Software Industry Trends Report - Berkery Noyes


Complete report


Q1 2012 transaction volume in the Software Industry declined 10 percent compared to the previous quarter, returning closer to the quarterly average for 2011, which was 375 transactions.

Niche Software, which is targeted to specific vertical industries, remained the largest market segment tracked by Berkery Noyes. Although deal volume for Niche Software decreased 15 percent following Q4 2011, the segment's deal value nearly doubled, rising from $6.1 billion to $11.0 billion. Two of the top ten deals in the aggregate software industry for Q1 2012, Cisco Systems' announced acquisition of NDS Group for $5 billion and Vista Equity Partners' announced acquisition of Misys for $2 billion, accounted for this significant rise in value.

Within the Niche Software classification, software used by financial firms was one of the most active segments. 11 of the 21 deals in this space for the quarter were related to capital markets. The largest capital markets transaction in Niche Software was SS&C Technologies Holdings' announced acquisition of Thomson Reuters' PORTIA business for $170 million.

Upon examination of the Infrastructure Software segment, M&A focusing specifically on security increased 75 percent over Q4 2011. The most active Infrastructure Software acquirer for Q1 2012 was Symantec Corporation with three transactions: Nukona, Odyssey Software, and LiveOffice Corporation.

Q1 2012 Information Industry Trends Report - Berkery Noyes

Complete report

With 797 transactions in Q1 2012, Information Industry transaction volume remained constant compared to the previous quarter. Transaction value improved from $34.1 billion to $36.3 billion, a six percent increase.

The median EBITDA multiple in Q1 2012 increased 27 percent over Q4 2011, rising from 9.6x to 12.2x. However, the median revenue multiple went from 2.2x to 1.6x, a 27 percent decrease.

Private Equity firms, with 109 deals, accounted for 14 percent of M&A volume in Q1 2012. The Riverside Company had five acquisitions in the first quarter, making it the most active Private Equity acquirer. Two of Riverside's acquisitions were in the Marketing space.

Although not in the top ten transactions list, there were several notable deals in the Education and Healthcare verticals. Verisk Analytics' announced acquisition of MediConnect Global for $349 million was the largest Healthcare transaction in Q1 2012. The largest Education deal was PLATO Learning’s announced acquisition of Archipelago Learning for $300 million.

In addition, there was a 53 percent quarterly increase in M&A activity pertaining to companies involved with document and data management, web analytics, and business intelligence.

Monday, April 9, 2012

VENTURE CAPITAL FIRMS RAISED $4.9 BILLION IN Q1 2012

Quarter Represents Slower Start to a Critical Fundraising Year for the Asset Class

Forty-two U.S. venture capital funds raised $4.9 billion in the first quarter of 2012, according to Thomson Reuters and the National Venture Capital Association (NVCA). This level marks a 35 percent decrease by dollar commitments and a 9 percent decline by number of funds compared to the first quarter of 2011, which saw 46 funds raise $7.6 billion during the period. The top five funds accounted for nearly 75 percent of total fundraising this quarter as the number of funds raising money during the quarter fell to its lowest levels since the third quarter of 2009, when 36 venture capital funds saw new capital commitments.

Fundraising by Venture Capital Funds

Year/Quarter Number of Funds Venture Capital ($M)
2008 212 25,340.1
2009 160 16,400.7
2010 170 13,778.9
2011 181 18,767.6
2012 42 4,876.9
1Q'10 47 4,268.2
2Q'10 48 2,099.9
3Q'10 55 3,677.6
4Q'10 49 3,733.2
1Q'11 46 7,556.5
2Q'11 46 2,814.4
3Q'11 65 2,140.5
4Q'11 52 6,256.2
1Q'12 42 4,876.9


Source: Thomson Reuters and National Venture Capital Association


"While the first quarter fundraising numbers represent a slower start than last year, venture firms appear to be more optimistic about the fundraising environment in 2012, especially those who have benefitted from the improving exit environment of late which has also been encouraging to our investors," said Mark Heesen, president of the NVCA. "Many venture firms are either now officially in the market to raise a fund or will enter in 2012. For these firms, it will be 'do or die' - and the collective outcome of their fundraising efforts will lay the groundwork for the amount of venture capital available for investment in entrepreneurial companies the next decade."

There were 31 follow-on funds and 11 new funds raised in the first quarter of 2012, a ratio of 2.8-to-1 of follow-on to new funds. The largest new fund reporting commitments during the first quarter of 2012 was from Boulder, Colorado-based Fraser McCombs Ventures, L.P. which raised $16.9 million for the firm's inaugural fund. A "new" fund is defined as the first fund at a newly established firm, although the general partners of that firm may have previous experience investing in venture capital.

VC Funds: New vs. Follow-On

New Follow-on Total
2008 51 161 212
2009 40 120 160
2010 55 115 170
2011 56 125 181
2012 11 30 41
1Q'10 14 33 47
2Q'10 18 30 48
3Q'10 20 35 55
4Q'10 17 32 49
1Q'11 13 33 46
2Q'11 15 31 46
3Q'11 22 43 65
4Q'11 14 38 52
1Q'12 11 31 42

Source: Thomson Reuters and National Venture Capital Association


First quarter 2012 venture capital fundraising was lead by Menlo Park, California-based Andreessen Horowitz Fund III, L.P. which raised $1.5 billion, the firm's largest fund to date. Canaan Partners and Bain Capital Ventures each raised $600 million during the first quarter of 2012.

Methodology
The Thomson Reuters/National Venture Capital Association sample includes U.S.-based venture capital funds. Classifications are based on the headquarter location of the fund, not the location of venture capital firm. The sample excludes fund of funds.

Wednesday, April 4, 2012

Venture Capital Investments Sector to 'Go Global' by 2015

Majority of VC firms plan to boost investment outside home borders by 2015

Venture capital investment trends will make a major shift by 2015 as investors are looking outside their home borders-increasing their focus on ventures in China and India, according to Ernst & Young's Global Venture Capital insights and trends report 2011.

The global venture capital industry will experience a number of major changes in that time -- ranging from global fundraising and cross-border investment, to exits on foreign stock exchanges or by foreign acquirer, to opening offices in more overseas locations and helping their portfolio companies access markets in new regions.

"Attracted by exceptional growth opportunities that require substantial funding, VC and PE investors are currently shifting their focus from 'traditional' VC and PE countries towards emerging markets," said Maria Pinelli, Ernst & Young's Global Vice Chair for Strategic Growth Markets. "As limited partners consider where to allocate their capital, and PE and VC funds look to make the right investments themselves, the investing landscape is evolving towards China and India."

Currently, only about 20% of VC firms in Brazil, India, Israel and the UK invest outside their home countries. However, a majority of VC firms in Canada (69%), France (82%), Germany (92%), and the U.S. (49%) invest internationally. Of those VC firms investing outside their home countries, 57% plan to increase this activity during the next five years, while 35% plan to maintain their level of international investment, according to a June 2011 survey by the National Venture Capital Association (NVCA).

U.S. Fundraising Stays Challenging

Despite strong deal flow, market volatility has had an impact on the ability of even the best VC firms to raise new funds. In 2011, total capital raised by U.S. venture firms reached $16.2 billion, a 4.5% rise from the same period last year ($15.5 billion in 2011). The size of the US VC industry in terms of active funds continues to contract - to just over 300 firms in 2011 compared to over 700 in 2000.

As in past years, the top four regions in the world with the most VC investment activity were all in the United States: Silicon Valley retains the lead by ($12.6 billion, 977 rounds), followed by Boston ($3.9 billion, 369 rounds), the New York City metropolitan area ($3 billion, 367 rounds) and then Southern California ($3.3 billion, 286 rounds).

"While the amount raised in the United States continues to inch forward, LPs and VC firms alike still require a more robust exit market for portfolio companies" said Bryan Pearce, Americas head of Ernst & Young's Venture Capital Advisory Group. "2011 saw a decline in the number of M&A exits from 560 in 2010 to 477 in 2011 and the number of VC-backed IPOs were flat. The good news is that size of the exits are larger and the median length of time to exit – both for M&A and IPO has declined to 5.3 and 6.4 years respectively, suggesting that many of the very old portfolio companies have been worked out of the system".

China and India Are the Places to Be

China's VC industry set record highs in 2011 based on both: 1) value, and 2) number of investments. Due to its late-stage investment focus and new fundraising record, China is likely to surpass Europe as the No. 2 venture hub globally by the end of 2012 based upon dollars invested. Given the favorable exit environment, the investment pace will likely continue.

"The Chinese government recently set new policies to stimulate the continued growth of the VC industry, and more investment is planned to increase VC investors' appetite in energy conservation, environmental protection, next generation IT, biotech, advanced manufacturing, alternative energy, innovative materials and new-energy-powered vehicles. The IT and cleantech sectors are likely, however, to predominate VC activity in the years to come," explains Pinelli.

The VC industry has seen strong growth in both 2010 and 2011. In 2011, $5.9 billion was raised in 323 rounds, while 2010 saw $5.5 billion in 315 rounds, besting the record peak of $4.9 billion in 338 rounds in 2008. Currently, Beijing is the leading Chinese VC investment hotbed, investing $2.9 billion, followed by Shanghai, which saw $1.3 billion of investment.

India's venture capital industry has also been particularly active – and has been since 2006. In 2011, $1.5 billion was raised in 155 rounds, while in 2010 $1.1 billion was raised in 103 rounds. Over the next two years, India will see further VC investment coming from e-commerce, mobile applications, healthcare delivery, medical devices, financial inclusion, clean technology and IT.

European VC trends analysis

The European VC industry showed signs of a tentative recovery after a particularly challenging 2009, though activity remains significantly below pre-crisis levels.

"In the next five years, equity will remain the principal source of capital, with more companies looking to VC to finance growth," Pinelli said. "European VC and PE firms hold a staggering $138 billion of "dry powder" and seek opportunities before their investment period end."

In 2011, the industry suffered through some of the worst volume since 2004, as European fundraising fell 13% year-on-year, to $3.0 billion for 41 funds (compared to $3.4 billion for 51 funds in 2010). $6.1 billion was invested in 1,012 rounds (compared to $6.7 billion invested in 1,253 rounds in 2010).

The UK and Ireland continued to invest the most venture capital in Europe, with $1.7 billion invested in 274 deals (down from $2.6 billion invested in 2010), while France invested $1 billion in 217 deals in 2011 (down from $1.1 billion invested in 266 deals in 2010).

"Limited partners will continue to have a strong interest in funds that focus on rapidly developing and largely underserved markets. Although the U.S. will maintain its leading position as 'the' VC nation for a long time to come, the emerging growth markets will play an increasing role, with less risky, later-stage deals generally favored at first," Ernst & Young's Pinelli said. "Over 50% of VC funds in mature VC hotbeds are investing outside their home countries, with most of them maintaining or increasing their allocations abroad. New funding will come from experienced angel investors as well as increasingly active local corporate investors. These trends are part of the unprecedented paradigm shift under way in the global venture industry."

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com.

This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

Monday, April 2, 2012

VENTURE-BACKED IPOS HAVE STRONGEST OPENING QUARTER IN FIVE YEARS

Market Stability and Favorable Legislation Positions Emerging Growth Companies Well for 2012 Exits


New York, New York, April 2, 2012 - Venture-backed initial public offering (IPO) activity marked its strongest opening quarter, by number of issues and dollars raised, since the first quarter of 2007. Bolstered by increased stability in the broader U.S. stock market indices, 19 venture-backed companies went public in the United States during the first quarter of 2012, raising $1.5 billion, according to the Exit Poll report by Thomson Reuters and the National Venture Capital Association (NVCA). By dollars, the quarter registered a 10 percent increase compared to the first quarter of 2011, when 14 venture backed companies raised $1.4 billion. For the first quarter of 2012, 86 venture-backed M&A deals were reported, 24 of which had an aggregate deal value of $2.7 billion.

"As we close the first quarter of 2012, venture-backed companies are extremely well positioned to consider an initial public offering on a U.S. exchange," said Mark Heesen, president of the NVCA. "The recently passed JOBS Act will grant emerging growth companies temporary but significant regulatory relief during the IPO process, allowing them to focus on accessing capital to grow their businesses. We have two vibrant exchanges that are eager for venture-backed company listings and we have a strong list of companies in registration poised to enter, what appears for the time being, to be a relatively stable market. This environment can only help the M&A market as well, as companies now have two viable exit paths from which to choose."


Venture-Backed Liquidity Events by Year/Quarter, 2006-2012


Quarter/Year

Total M&A Deals

M&A Deals with Disclosed Values


*Total Disclosed M&A Value ($M)

*Average M&A Deal Size ($M)

**Number of IPO's


Total Offer Amount ($M)

Average IPO Offer Amount ($M)

2006

378


167

19,141.8

114.6


57

5,117.1

89.8

2007


382

170

29,556.6


173.9

87

10,960.6

126.0


2008-1
109 42 4,983.2 118.7 5 282.7 56.6


2008-2
85 26 3,267.9 125.7 0 0.0 0.0


2008-3
89 33 3,235.2 98.0 1 187.5 187.5


2008-4
65 18 2,390.9 132.8 0 0.0 0.0


2008

348

119

13,877.2


116.6

6

470.2


78.4

2009-1
65 15 666.0 44.4 0 0.0 0.0


2009-2
65 13 2,550.1 196.2 6 827.4 137.9


2009-3
69 23 1,362.4 59.2 2 465.4 232.7


2009-4
74 41 8,614.7 210.1 4 349.3 87.3


2009

273

92

12,525.6


136.2

12

1,642.1


136.8

2010-1
121 32 5,426.6 169.6 9 936.3 104.0


2010-2
99 23 2,924.6 127.2 18 1,382.7 76.8


2010-3
117 31 3,729.1 120.3 15 1,558.0 103.9


2010-4
108 43 6,324.2 147.1 32 3,555.6 111.1


2010

445

129

18,404.5


142.7

74

7,432.5


100.4

2011-1
133 51 6,127.2 120.1 14 1,375.8 98.3


2011-2
92 39 6,406.7 164.3 22 5,454.2 247.9


2011-3
125 39 6,611.3 169.5 5 442.9 88.6


2011-4
117 37 4,936.6 133.4 12 2,648.9 220.7


2011

467

166

24,081.8


145.1

53

9,921.9


187.2

2012-1
86 24 2,730.1 113.8 19 1,517.9 79.9



Source: Thomson Reuters & National Venture Capital Association
*Only accounts for deals with disclosed values
**Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile.

IPO Activity Overview


There were 19 venture-backed IPOs valued at $1.5 billion in the first quarter of 2012, which represented a 10 percent increase in dollar value and a 36 percent increase in volume compared to the first quarter of 2011. Eleven of the 19 IPOs of the quarter were IT-related IPOs representing 58 percent of the total issues for in the quarter.

By location, 18 of the quarter's 19 IPOs were by U.S.-based companies with six coming from the state of California. Guanghzhou, China-based online retailer, Vipshop Holdings (VIPS), was the lone initial public offering from a non-U.S. company. The company raised $71.5 million on the New York Stock Exchange in March.

In the largest IPO of the quarter, ExactTarget (ET), an interactive marketing company based in Indianapolis, raised $161.5 million and began trading on the New York Stock Exchange on March 22nd.


Venture-Backed IPO Industry Breakdown



Q1 2012

Industry

*Number of Venture-Backed IPO's in the U.S.


Total Venture-Backed Offering Size ($M)

Information Technology
Internet Specific 8 671.8
Computer Software and Services 2 181.7
Communications and Media 1 93.6



11

947.1

Life Sciences
Biotechnology 4 265.1
Medical/Health 1 50.4



5

315.5

Industrial/Energy 2 122.6


Other Products 1 132.6


3

255.2


TOTAL

19

1,517.9


Source: Thomson Reuters & National Venture Capital Association
*Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile

For the first quarter of 2012, 10 companies listed on the NASDAQ stock exchange and nine companies listed on the New York Stock Exchange.

Seventeen of the 19 companies brought to market this quarter are currently trading above their offering price. There are 50 venture-backed companies currently filed for an initial public offering with the SEC.


Mergers and Acquisitions Overview

As of March 30th, 86 venture-backed M&A deals were reported for the first quarter of 2012, 24 of which had an aggregate deal value of $2.7 billion. The average disclosed deal value was $113.8 million, down 5 percent from the first quarter of 2012.

The information technology sector led the venture-backed M&A landscape with 68 of the 83 deals of the quarter and had a disclosed total dollar value of $1.9 billion. This was an increase of 37 percent from the first quarter of 2011. Within this sector, Computer Software and Services and Internet Specific deals accounted for the bulk of the targets with 28 and 23 transactions, respectively, across these sector subsets.


Venture-Backed M&A Industry Breakdown



Q1 2012

Industry

Number of Venture- Backed M&A deals


Number of Venture- Backed M&A deals with a disclosed value

Total Disclosed Venture- Backed Deal Value ($M)

Information Technology
Computer Software and Services 28 6 447.7
Internet Specific 24 2 285.1
Communications and Media 10 6 519.9
Semiconductors/Other Elect. 5 3 628.0
Computer Hardware 1 0 0.0



68

17

1,880.7


Medical/Health 7 1 325.0

Life Sciences
Biotechnology 3 2 350.2



10

3

675.2


Non-High Technology
Industrial/Energy 4 3 147.3
Other Products 3 1 27.0
Consumer Related 1 - 0.0



8

4

174.3


TOTAL

86

24

2,730.1


Source: Thomson Reuters & National Venture Capital Association

The two largest venture-backed M&A deals of the first quarter were in the Life Sciences sectors as Celgene Corp acquired Avila Therapeutics, a Waltham, Massachusetts-based developer of small molecule therapeutics, for $350 million and Covidien PLC acquired Sunnyvale, California-based BARRX Medical for $325 million.

Deals bringing in the top returns, those with disclosed values greater than four times the venture investment, accounted for 54 percent of the total disclosed transactions during first quarter of 2012, up from 42 percent in the third quarter. Venture-backed M&A deals returning less than the amount invested accounted for 21 percent of the quarterly total.



Analysis of Transaction Values versus Amount Invested



Relationship between transaction value and investment


Q4 11 M&A **

Q1 12 M&A **

Deals where transaction value is less than total venture investment
12 5


Deals where transaction value is 1-4x total venture investment
7 6

Deals where transaction value is 4x-10x total venture investment
5 11


Deals where transaction value is greater than 10x venture investment
9 2

Total Disclosed Deals

33


24

Source: Thomson Reuters & National Venture Capital Association



** Disclosed deals that do not have a disclosed total investment amount are not included

About Thomson Reuters

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.

About National Venture Capital Association


Venture capitalists are committed to funding America's most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. According to a 2011 Global Insight study, venture-backed companies accounted for 12 million jobs and $3.1 trillion in revenue in the United States in 2010. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community's preeminent trade association, NVCA serves as the definitive resource for venture capital data and unites its more than 400 members through a full range of professional services. For more information about the NVCA, please visit www.nvca.org.