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AM Best Comments on Massachusetts Mutual Life Insurance Company’s Acquisition of American Financial Group Inc.’s Life Insurance Subsidiaries

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AM Best has commented that the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of aa+ of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) remain unchanged following its announcement that it plans to purchase the life insurance subsidiaries of American Financial Group, Inc. (AFG). In addition, the FSR of A++ (Superior) and the Long-Term ICRs of aa+ of MassMutuals operating insurance subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT), also are unchanged following the announcement. The Long-Term Issue Credit Ratings on MassMutuals surplus notes of aa- and its notes issued under funding agreement-backed securities in MassMutual Global Funding, LLC and MassMutual Global Funding II of aa+ also remain unchanged. The outlook of these Credit Ratings (ratings) are stable. The Short-Term Issuer Credit Rating of AMB-1+ also remains unchanged.

The $3.5 billion transaction will be paid in cash and include the following AFG subsidiaries; Great American Life Insurance Company, Annuity Investors Life Insurance Company, Manhattan National Holding Corporation, Manhattan National Life Insurance Company, Great American Advisors, which is a broker-dealer, and AAG Insurance Agency, Inc. The transaction is subject to customary regulatory approvals and is expected to close in the second quarter of 2021. Upon close of the transaction, Great American Life group will continue to operate as an independent subsidiary of MassMutual. AM Best notes that the transaction enhances MassMutuals business profile, which AM Best has evaluated as very favorable, the highest descriptor in its credit rating methodology for the business profile assessment. Specifically, the acquisition will help foster MassMutuals strategy to grow its independent channels in the banking, independent broker-dealer and independent agent channels where MassMutual currently has little presence, and expand its lifetime income product suite. The combined annuity sales from the transaction will improve MassMutuals market share to a top-three ranking in the fixed annuity marketplace, and offers MassMutual the opportunity to cross-sell its existing products in the newly acquired channels. The transaction will be accretive to earnings, and while it is increasing MassMutuals interest rate risk, it is expected to be manageable as the block has reasonable minimum interest rate guarantees with the potential to lower crediting rates to meet targeted spreads if needed.

This press release relates to Credit Ratings that have been published on AM Bests website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Frank Walko

Financial Analyst

+1 908 439 2200, ext. 5072

[email protected]

Rosemarie Mirabella

Director

+1 908 439 2200, ext. 5892

[email protected]

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Jim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

[email protected]

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Digital Turbine Announces Definitive Purchase Agreement to Acquire AdColony

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AUSTIN, Texas, Feb. 26, 2021 /PRNewswire/ — Digital Turbine, Inc. (Nasdaq: APPS) announced today that it has entered into a definitive purchase agreement to acquire AdColony Holding AS (“AdColony”) from Otello Corporation ASA (“Otello”), a Norway company and sole shareholder of AdColony. AdColony is a leading mobile advertising platform servicing advertisers and publishers with a reach of more than 1.5 billion monthly global users.  The Company's proprietary video technologies and rich media formats are widely viewed as best-in-class technology delivering industry-leading third-party verified viewability rates for well-known global brands, such as Disney, Amazon and BMW.

The acquisition of AdColony is fully consistent with Digital Turbine's expressed strategy to provide a comprehensive media and advertising solution for our operator and OEM partners while enriching the mobile experience for end users by delivering highly relevant content to their fingertips.  The acquisition is subject to approval of the Otello shareholders and is expected to close in the Company's fiscal fourth quarter.

Total estimated consideration for the AdColony acquisition is in the range of $350 million to $375 million, paid as follows: (1) $100 million in cash to be paid at closing, subject to purchase price adjustments, (2) $100 million in cash to be paid six months after closing, and (3) an estimated expected earn-out payment in the range of $150 million to $175 million, to be paid in cash, based on AdColony achieving certain future target net revenues, less associated cost of goods sold, over the twelve-month period ending on December 31, 2021. The Company intends to pay the purchase price with a combination of available cash on hand and borrowings under its existing senior credit facility along with future capital financing.

“We are extremely excited to announce the acquisition of AdColony today,” said Bill Stone, CEO of Digital Turbine.  “We look forward to welcoming the AdColony team to the Digital Turbine family and believe that this strategic transaction will accelerate our growth and is a positive for our partners, advertisers, employees and shareholders. AdColony saw the secular tailwinds toward mobile, video and high-speed networks like 5G before most and has been able to capitalize on its vision.  The ability for Digital Turbine to utilize AdColony's unique mobile advertising solutions across our vast device distribution footprint will unlock significant new monetization opportunities for the combined company's platform offerings.  With the addition of AdColony, we will expand our collective experience, reach and suite of capabilities to benefit mobile advertisers and publishers around the globe.  Performance-based spending trends by large, established brand advertisers present material upside opportunities for platforms with unique technology deployable across exclusive access to inventory.”   

Mr. Stone concluded, “We look forward to providing more specific details regarding our forward financial projections for AdColony after the transaction has closed.  Considering the current run-rate of recurring business at AdColony, along with expected realized synergies and the terms of consideration, we anticipate that the AdColony transaction will be substantially accretive to our expected profitability in the first full year following the transaction.”

“AdColony is excited to join the successful team at Digital Turbine,” said Lars Boilesen, CEO of Otello. “The underlying strategic rationale for the combination is very promising.  We believe that Digital Turbine, with its extensive global relationships and distribution, will be uniquely positioned to benefit via the seamless integration of AdColony's mobile video advertising expertise and global brand advertiser awareness.  The combination will yield a highly-differentiated and more vertically-integrated solution for the mobile advertising industry.  We look forward to joining Digital Turbine to help navigate this innovation.”

About Digital Turbine, Inc.

Digital Turbine simplifies content discovery and delivers relevant content directly to consumer devices. The Company's on-demand media platform powers frictionless app and content discovery, user acquisition and engagement, operational efficiency and monetization opportunities. Digital Turbine's technology platform has been adopted by more than 40 mobile operators and OEMs worldwide, and has delivered more than three billion app preloads for tens of thousands of advertising campaigns. The Company is headquartered in Austin, Texas, with global offices in Arlington, Durham, Mumbai, San Francisco, Singapore and Tel Aviv. For additional information visit www.digitalturbine.com.

Follow Digital Turbine:
Twitter: https://twitter.com/DigitalTurbine  
Facebook: https://www.facebook.com/DigitalTurbineInc 
LinkedIn: https://www.linkedin.com/company/digital-turbine?trk=tyah&trkInfo=tas:digital+tur   

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:

  • a decline in general economic conditions nationally and internationally
  • decreased market demand for our products and services
  • market acceptance and brand awareness of our products
  • risks associated with indebtedness
  • the ability to comply with financial covenants in outstanding indebtedness
  • the ability to protect our intellectual property rights
  • risks associated with adoption of our platform among existing customers (including the impact of possible delays with major carrier and OEM partners in the roll out for mobile phones deploying our platform)
  • actual mobile device sales and sell-through where our platform is deployed is out of our control
  • risks associated with our ability to manage the business amid the COVID-19 pandemic
  • the impact of COVID-19 on our partners, digital advertising spend and consumer purchase behavior
  • the impact of COVID-19 on our results of operations
  • risks associated with new privacy laws, such as the European Union's GDPR and similar laws which may require changes to our development and user interface for certain functionality of our mobile platform
  • risks associated with the timing of our platform software pushes to the embedded bases of carrier and OEM partners
  • risks associated with end user take rates of carrier and OEM software pushes which include our platform
  • new customer adoption and time to revenue with new carrier and OEM partners is subject to delays and factors out of our control
  • risks associated with fluctuations in the number of our platform slots across US carrier partners
  • required customization and technical integration which may slow down time to revenue notwithstanding the existence of a distribution agreement
  • risks associated with delays in major mobile phone launches, or the failure of such launches to achieve the scale
  • customer adoption that either we or the market may expect
  • the difficulty of extrapolating monthly demand to quarterly demand
  • the challenges, given the Company's comparatively small size, to expand the combined Company's global reach, accelerate growth and create a scalable, low-capex business model that drives EBITDA (as well as adjusted EBITDA)
  • ability as a smaller company to manage international operations
  • varying and often unpredictable levels of orders; the challenges inherent in technology development necessary to maintain the Company's competitive advantage such as adherence to release schedules and the costs and time required for finalization and gaining market acceptance of new products
  • changes in economic conditions and market demand
  • rapid and complex changes occurring in the mobile marketplace
  • pricing and other activities by competitors
  • technology management risk as the Company needs to adapt to complex specifications of different carriers and the management of a complex technology platform given the Company's relatively limited resources
  • risks and uncertainties associated with the completion and integration of the acquisition of AdColony, including the satisfaction of closing conditions
  • the impact on our operations and stock price if the acquisition of AdColony is not completed
  • risks and uncertainties associated with the integration of the acquisition of AdColony, including our ability to realize the anticipated benefits of the acquisition and the satisfaction of related earn-out provisions
  • other risks including those described from time to time in Digital Turbine's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.  

You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contacts:

Brian Bartholomew
Digital Turbine
[email protected]

Digital Turbine - Right App. Right Person. Right Time. (PRNewsFoto/Digital Turbine, Inc.) (PRNewsfoto/Digital Turbine, Inc.)

 

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SOURCE Digital Turbine, Inc.

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Xcoins receives In-Principle Approval for a VFA License

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One of the first crypto-platforms to achieve these regulatory milestones

SANTA VENERA, Malta, Feb. 26, 2021 /PRNewswire/ — Xcoins, a leading cryptocurrency exchange, has announced that they have just received their In-Principle Approval for their Class 3 VFA License issued by Malta Financial Services Authority (MFSA), making them one of the very few cryptocurrency exchanges to obtain these permissions.

Xcoins receives In-Principle Approval for a VFA License

Xcoins has, again, proven that their internal policies and processes are in line with the highest standards in the industry, recognized by the MSFA. With a business strategy that focuses on global expansion, receiving an in-principal approval from the VFA was a natural next step.

CEO and Founder at Xcoins, Rob Frye stated, “As the digital asset space explodes globally, the need for clear and meaningful regulation is more important than ever. Our commitment to building a fully regulated business is now one step closer to realization. Being one of the first cryptocurrency platforms to receive In-Principle approval by the MFSA, for a Class 3 VFA license, is a historic milestone for Xcoins. We look forward to serving customers globally and securing additional licenses throughout 2021.

This outstanding milestone means customers can feel secure that they are trading cryptocurrencies on a platform that has been licensed by renowned authorities who are driving industry standards.

Xcoins had fabulous growth since their first time contacting DWP VFA Agent Ltd. After a lot of hard work, they are now a step closer to being licensed by the Malta Financial Services Authority. I am incredibly proud to have been part of their application process and also very excited to see what the future holds.” – Dr Rebecca Misfud, VFA Agent at DWP

Fulfilling the conditions and the on-going obligations of the international laws and regulations is proof of Xcoins' commitment to providing secure and compliant crypto services, protecting users' fiat and crypto funds, across the world.

About Xcoins

Xcoins is a leading cryptocurrency platform, that provides quick and secure Bitcoin and Altcoin trading services.

Photo: https://mma.prnewswire.com/media/1445466/Xcoins_MFSA.jpg

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Sandler Welcomes New Hires Jamie Bernier, Katie Williams, And Lisa Ellis

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OWINGS MILLS, Md., Feb. 26, 2021 /PRNewswire/ — Sandler (www.sandler.com) is pleased to announce several new hires to the corporate team.

Jamie Bernier has been named Head of Global Brand & Marketing at Sandler. A versatile marketing leader with demonstrated success in developing and implementing strategic multi-channel lead generation strategies to drive bottom-line profitability, she is focused on Sandler's enterprise side of the business working closely with Damon Jones, Head of Global Growth and Strategy and Colum Lundt, Chief Revenue Officer of Global Strategy and Growth. Bernier was previous Director of Direct Marketing at ArmadaGlobal.

Lisa Ellis was named Senior Product Manager at Sandler. A results-oriented leader who manages aggressive product development timelines and complex delivery matrices, Ellis is bringing her skill and expertise from Korn Ferry and Miller Heiman Group where she was Resource Manager and Senior Product Manager, respectively. She will be working on launching new offerings to support the growth of Sandler's enterprise business.

Katie Williams has been named Sales Operations and Enablement Manager at Sandler. With a dedicated focus to optimizing sales performance, she will be accountable for all sales materials, analytics, and reporting within the enterprise division. Williams was previously a Sales Effectiveness Trainer in Learning & Development at Addison Group.

Sandler is one of the largest training organizations in the world, providing innovative customer-focused content, tools, and resources designed to increase performance and stature of those involved in revenue generation. Delivery modalities include Virtual Instructor-Led Training (livestream & on-demand), Online Courses (SandlerOnline LMS), and in-person ILT via 270 local offices as well as the Corporate Development Division which serves enterprise organizations.

Programs focused on Prospecting, Social Selling, Enterprise Selling, Customer Success, Sales Management, Selling Into the C-Suite, and Coaching result in common processes, culture, and sales language within client organizations, translating to increased revenue and more accurate forecasting.

For more information visit www.Sandler.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/sandler-welcomes-new-hires-jamie-bernier-katie-williams-and-lisa-ellis-301236224.html

SOURCE Sandler

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

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