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Thrive Completes Recapitalization with Court Square Capital to Accelerate Growth

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FOXBORO, Mass., Jan. 28, 2021 /PRNewswire/ — Thrive, a leading provider of technology managed services, is pleased to announce that it has finalized a majority recapitalization with Court Square Capital Partners to reinforce its prominent market position. In addition to Court Square, Thrive's existing financial sponsor, M/C Partners is continuing to participate alongside a substantial ownership stake by the company's senior management team.

With their new partners, Thrive will accelerate its formidable investments in its Next Generation Technology including ServiceNow, Automation and AI.  In addition, the Company intends to expand its customer success, sales and marketing teams, technical talent, Cybersecurity, and other product offerings, in addition to continued geographic expansion, both organically and via acquisition.   

“Thrive is proud to have built a company whose business model has been validated by a sophisticated technology services investor with a strong track record like Court Square.” said Rob Stephenson, Thrive CEO. “Our goal has always been to be viewed as a leader in the managed services space and this partnership will greatly benefit our existing customers, as well as provide an opportunity to expand our Cloud, Cybersecurity and ServiceNow-Powered Next Generation Managed Services Platform to new clientele.”

“Court Square is excited about the opportunity to partner with Thrive's management team to continue to grow their managed services practice.” said Jeff Vogel, Managing Partner at Court Square. 

“We've been actively pursuing an investment in this space for a long time and believe Thrive's NextGen Platform provides a differentiated competitive edge in the marketplace,” added Matt Dennett, Principal at Court Square.

“M/C remains a strong advocate of Thrive, its management team, business model and continued trajectory of success.” said Gillis Cashman, Managing Partner at M/C Partners. “We're thrilled for the opportunity to carry on as investors and partner with Court Square Capital Partners in this next phase of growth.”

Drake Star Partners served as financial advisor and Choate, Hall & Stewart LLP and the BRL Law Group served as legal counsel to the Company on this transaction.  Raymond James and 7Mile Advisors served as financial advisors and Dechert LLP served as legal counsel to Court Square Capital.  Alliance Bernstein provided financing for the transaction.

For more information about Thrive, click here.

About Thrive

Thrive is a leading provider of NextGen managed services designed to drive business outcomes through application enablement and optimization. The company's Thrive5 Methodology utilizes a unique combination of its Application Performance Platform and strategic services to ensure each business application takes advantage of technology that enables peak performance, scale, and the highest level of security. For more information, visit thrivenextgen.com

Thrive: LinkedIn, Twitter, Facebook, YouTube and Instagram

MEDIA CONTACT:

Stephanie Farrell, Director of Corporate Marketing

617-952-0289 | [email protected]

About Court Square

Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 235 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $7.0 billion of assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.

ABOUT M/C PARTNERS

M/C Partners is a private equity firm focused on small and mid-size businesses in the communications and technology services sectors. For more than three decades M/C Partners has invested $2.2 billion of capital in over 130 companies, leveraging its deep industry expertise to understand long-term secular trends and identify growth opportunities. The firm is currently investing its eighth fund, partnering with promising companies and empowering strong leaders to accelerate growth, optimize operations, and build long-term value. For more information, visit www.mcpartners.com.

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SOURCE Thrive

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Trace Labs, the OriginTrail core team, receives support from the World Economic Forum to ensure safer buying of COVID-19 protective equipment using blockchain

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HONG KONG, Feb. 25, 2021 /PRNewswire/ — The COVID-19 crisis has revealed several key issues in the procurement of medical equipment. As the number of suppliers drastically increased, many that had no track record in the sector were attempting to profit at the expense of public budgets and national healthcare systems. Trace Labs – the core developers of blockchain-based OriginTrail protocol – set out to create a decentralized Trusted COVID-19 Essential Supplies Repository to address these challenges. The project recently received important support from the World Economic Forum (WEF). In the newly released article “This is how blockchain can help fight pandemics”, the WEF describes OriginTrail's admittance to UpLink, the WEFs crowdsourcing platform for innovations which is run together with COVID-19 Challenge partners like the World Health Organization and the Goldman Sachs Foundation. Trace Labs seeks to deliver this product globally together with their strategic partner, the leading global assurance organization, the British Standards Institution.

Trusted COVID-19 Essential Supplies Repository demo video: http://bit.ly/TCESR-demo

The vast scale of the effects of broken procurement of essential protective equipment was clearly visible in a single Interpol action fighting counterfeit products that spanned over 90 countries. Fraudulent products without proper certification were not only targeting consumers, they were very visibly targeting governmental procurement as well. Moreover, a recent report published by the Organized Crime and Corruption Reporting Project (OCCRP) — a consortium of investigative centers, media, and journalists operating in Eastern Europe, the Caucasus, Central Asia, and Central America — showed how substandard protective equipment for COVID-19 is being sold in over a dozen countries, using misleading certificates produced by businesses in the heart of Europe.

“Since the start of the coronavirus pandemic, countries across Europe have been inundated with fake, substandard, and unverified personal protective equipment (PPE), endangering the lives of those who use it,” the report stated. Many European countries have been deceived by misleading documentation issued by long-lasting European standards certification businesses. One such example was a company from Italy, which was quick to provide suppliers of non-conformant products with a document that alluded to certain verifications. Post-festum testing of the protective equipment performed in an independent laboratory in Sweden showed that over 50% of masks failed to meet minimum requirements. Additionally, there were also plenty of cases of pure falsification of CE certificates and the copying of logo images of standards certification companies (like BSI) to mislead governments, businesses, and individuals alike.

Trusted COVID-19 Essential Supplies Repository

To tackle these challenges, Trace Labs leverages the novel OriginTrail Decentralized Knowledge Graph (DKG) — a paradigm-shifting approach to address supply-chain-specific issues based on multiple blockchain networks (Ethereum, xDai, and Polkadot).

The OriginTrail DKG is already being used in several industries and global organizations, including the British Standards Institution and Supplier Compliance Audit Network (SCAN) which is comprised of some of the largest US importers like Walmart, Target, The Home Depot, and Costco for regulatory assurance and traceability purposes. Querying the OriginTrail DKG enables the finding of all available (connected) information on a particular product or location in a matter of seconds, spanning any number of datasets with any structure originating from different sources, easily verifying data provenance and integrity.

Due to the innovative approach, the Trusted COVID-19 Essential Supplies Repository was admitted into the UpLink accelerator, which is the World Economic Forum's crowdsourcing platform for innovations. Trace Labs was able to benefit from numerous events and activities organised by WEF and COVID-19 Challenge partners such as the World Health Organization, Goldman Sachs Foundation, 500 Startups, Top Tier Impact, Impact Africa Network, Village Capital, and the Global Education & Leadership Foundation.

As a first step, a crowdsourcing campaign was held to collect available open data on COVID-19 essential supplies, which resulted in data on over 16,000 essential supplies products being submitted to the repository. Following the successful crowdsourcing campaign, Trace Labs aims to enable procurers to access the data and is already eyeing additional functionalities to bring to market together with the British Standards Institution to continue building global resilience in pandemics.

Building resilience for the future

The work on building greater resilience against the negative impacts of pandemics does not stop here for Trace Labs. Leveraging data privacy, security, and integrity will drive many future updates to the trusted repository, ensuring resilience for the current and possible future pandemics.

About Trace Labs

Trace Labs is a blockchain company developing enterprise solutions for trusted data exchange across the supply chain. Their solutions enable forward-thinking organizations to gain the most knowledge possible and make better decisions based on interconnected data from their supply chains. Trace Labs is also the core development company of the open-source OriginTrail protocol for blockchain-based data exchange.

Founded in 2013, Trace Labs has built award-winning enterprise solutions for supply chains, including those for traceability and verifiable claims. In 2017, Trace Labs received an award from the Walmart Food Safety Collaboration Center. Trace Labs believes sustainable supply chains are only possible when all organizations, big or small, are allowed to benefit from trusted data exchanges.

For more information about Trace Labs, please visit: tracelabs.io.
For more information about OriginTrail, please visit: origintrail.io.

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SOURCE Trace Labs Ltd.

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Zoomlion Delivers CNY1.1 Billion Worth of New Generation Intelligent Construction and Agricultural Flagship Products

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CHANGSHA, China, Feb. 25, 2021 /PRNewswire/ — Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) (1157.HK) on February 18 delivered a massive array of flagship products from its various industrial parks including construction machinery and agricultural machinery, totaling CNY1.1 billion ($US154.79 million), to clients across China and the globe.

The delivery featuring 12 units of large-tonnage ZCC9800W and ZCC850V crawler cranes set off from Zoomlion Lugu Industrial Park. The new generation of large-tonnage crawler cranes caters to the wind power market's growing demand for equipment that perform outstandingly in high installation weight and height operations.

“Zoomlion's crawler cranes can meet the installation requirements of wind power products at up to 170 meters, with the maximum lifting capacity reaching 3,600 tons and offer intelligent solutions such as remote monitoring and big data application to support intelligent construction,” explained Liu Jianhua, Manager of Zoomlion Crawler Crane Subsidiary.

Zoomlion's market share for crawler crane ranks number one in both domestic and international markets. The company introduced eleven new crawler crane models in 2020 and set a new sales record of 5.3 billion yuan ($US820.33 million).

Liu noted that the orders for Zoomlion crawler cranes have been scheduled up to September in 2021, and the annual sales target is sprinting to reach 10 billion yuan ($US1.55 billion). Zoomlion will ensure production capacity by adding several new production lines as well as recruiting and training skilled workers.

Additionally, units of tower and truck cranes, concrete machinery, excavators, bulldozers, aerial work platforms, piling and mining machinery, emergency equipment, dry-mixed mortar and agricultural machinery are being transported to various destinations from Zoomlion's large industrial parks.

Last year, Zoomlion achieved its best operating performance and quality in history through accelerating the development of advantageous industries, expanding quickly in emerging industries, empowering strategic industries and breaking new ground in the core parts and components sector. In 2021, Zoomlion is starting a new chapter of high-quality development to continue building an advanced manufacturing enterprise worth 100 billion yuan.

About Zoomlion

Founded in 1992, Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) is a high-end equipment manufacturing enterprise that integrates engineering machinery, agricultural machinery, and financial services. The company now sells more than 600 cutting-edge products from 56 product lines covering ten significant categories.

Related Links
www.zoomlion.com

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From the Tax Law Offices of David W. Klasing – What Happens if You Accidentally Fail to Report a Foreign Bank Account?

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IRVINE, Calif., Feb. 25, 2021 /PRNewswire/ — When a person accidentally does not report their foreign bank account, they could face several legal problems. It is important to resolve these issues quickly to avoid being subject to hefty civil penalties or possibly even criminal penalties. The Tax Law Offices of David W. Klasing is here to present you with options for how to handle the accidental (and even willful) failure to report a foreign bank account and related offshore taxable income.

Any taxpayer who opens a foreign financial account need to know that the United States taxes citizens and other U.S. persons on worldwide income. This means that income that is earned offshore and deposited in a foreign account will be subject to U.S. income taxes and various foreign information reporting requirements.

A taxpayer may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) (FinCen form 114). It is common for taxpayers to miss an FBAR filing if they are unfamiliar with FBAR regulations. However, note that failing to make an FBAR report may not excuse a taxpayer from penalties because they were mistaken.

There are two categories for FBAR penalties based on the mindset of the offender: willful penalties and non-willful penalties.

The IRS may ask a taxpayer the following to determine their intent when they violated FBAR rules:

  • The aggregate value of the unreported accounts.
  • The amount of income earned across all the accounts.
  • Whether the taxpayer received assistance from a CPA or other professional when filing their taxes.
  • Whether the tax professional inquired about your foreign income.
  • The length of time the taxpayer was considered a U.S. person.
  • The first time the taxpayer had to file a return.

To be held responsible for willfully violating FBAR regulations, the defendant must have had access to information that would have increased the chance that they made an accurate and timely FBAR report willfully remained ignorant to or ignored it.

To arrange a confidential consultation about your FBAR reporting requirements, call our law offices at (800) 681-1295 or schedule a reduced rate initial consultation on the contact us page of our website.

See the full version of this article here.

Public Contact:
Dave Klasing Esq. M.S.-Tax CPA 
[email protected] 

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SOURCE Tax Law Offices of David W. Klasing, PC

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