A leading provider of web-based cash management and business banking solutions for financial institutions, venture capital firms and major banks own the company.
A Special Committee of the Board of Directors of Magnet Communications was charged with evaluating a prospective sale.
Engagement Process and Outcomes
The Assignment – Brookwood was hired by the Special Committee of the Board of Directors to advise the Committee regarding a potential acquisition.
Brookwood’s Role – In this transaction, Brookwood advised the Special Committee regarding the decision to sell at that time, plus the process for finding a buyer. Brookwood issued a fairness opinion that was included in the proxy materials.
The Result – Magnet entered into a cash and stock merger agreement with a publicly-traded financial technology firm.