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AM Best downgrades Issuer Credit Rating of The Order of United Commercial Travelers of America

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Fair) from “bb+” (Fair) and affirmed the Financial Strength Rating of B (Fair) of The Order of United Commercial Travelers of America (UCT) (Columbus, OH). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect UCT’s balance sheet strength, which AM Best assesses as adequate, as well as its weak operating performance, limited business profile and marginal enterprise risk management.

 

The ratings also reflect UCT’s declining level of risk-adjusted capitalization in support of its insurance and investment risks (despite a conservative investment portfolio and the extensive use of reinsurance), a decline in direct premiums written, and negatively trending net income. The company also maintains an overall small absolute level of capital, which together with its limited financial flexibility and lack of diversification has the potential to magnify the impact of unfavorable operating trends on risk-adjusted capitalization.

 

UCT’s operating performance has been weak during the past couple of years due to headwinds from the COVID-19 pandemic and higher-than-expected claims. The company maintains modest market positions in a highly competitive accident and health segment in which many of its competitors enjoy significant scale advantages, which limits UCT’s business profile.

 

However, AM Best notes that UCT implemented an Insurance Oversight Board in April 2019 to help manage its strategic planning, mitigate risks and provide insurance industry expertise. AM Best will continue to monitor UCT’s capital level and operating performance over the near term as the oversight board works with the company. AM Best also notes that UCT has been refocusing its dental, vision and hearing line of business as its primary product line to have it represent a smaller proportion of its written premiums, and provide better diversification between the products in its portfolio While the company has made strategic business shifts in products and distribution, the full impact has yet to be realized.

 

The stable Long-Term ICR outlook reflects AM Best’s expectation that the company will maintain an overall balance sheet assessment in the adequate range over the intermediate term and continue to focus on improving its weak operating performance.

 

This press release relates to Credit Ratings that have been published on AM Best’s 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 Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Stratos Laskarides
Senior Financial Analyst
+1 908 439 2200, ext. 5613
Stratos.laskarides@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Edward Kohlberg
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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Amazon helps disrupt three major counterfeit networks, protecting customers worldwide from fake goods

Joint operations with law enforcement led to the seizure of more than 240,000 counterfeit items in China, including fake luxury products, sports apparel, and automotive accessories infringing on BMW, Hugo Boss, Lacoste, Under Armour, and other brands.

 

SEATTLE — (BUSINESS WIRE) — Amazon.com, Inc. (NASDAQ: AMZN) today announced the identification and disruption of three counterfeiting operations in China thanks to local Public Security Bureaus (PSB) and intel provided by Amazon’s Counterfeit Crimes Unit (CCU).

 

Law enforcement seized more than 240,000 counterfeit items in the Guangdong and Jiangxi provinces. The items were imitations of luxury, sports, and automotive brands. The seizure prevented the fake products from reaching Amazon customers or being sold elsewhere in the supply chain. These seizures of counterfeit goods based on intelligence from Amazon follow similar actions by law enforcement in England and the U.S. that took place in California and New Jersey.


“Our efforts to identify and dismantle counterfeit organizations are working,” said Kebharu Smith, associate general counsel and director of the Amazon Counterfeit Crimes Unit. “We appreciate law enforcement acting on our referrals and thoroughly pursuing these cases. These outcomes protect Amazon customers, disrupt the counterfeit supply chain, and halt their illicit proceeds.”

 

Information and intelligence provided by Amazon’s CCU to local authorities, including the locations of warehouses and manufacturing facilities, led to the successful identification and disruption of three major counterfeit operations and their upstream suppliers. The main suspects have been detained by local PSBs for further investigation. Any infringing listings connected to these cases have been eliminated.

 

Upon searching the facilities, law enforcement seized more than 130,000 counterfeit car accessories and fake brand labels that infringed on many brands’ intellectual property including BMW, Porsche, and General Motors; nearly 80,000 counterfeit luxury products; and more than 30,000 pieces of counterfeit clothing and fake brand labels that infringed on Hugo Boss, Puma and Under Armour’s intellectual property among others. This latest effort adds to the more than 3 million counterfeit products Amazon identified, seized, and appropriately disposed of last year, which included counterfeits sent to Amazon’s fulfillment centers in an unsuccessful attempt to sell to Amazon customers.

 

Amazon has also cooperated with local PSBs in China on operations involving bad actors that illegally purchased government-issued personal identities and business licenses in an attempt to register fraudulent Amazon seller accounts. As a result, 84 individuals were detained. Last year, Amazon stopped more than 2.5 million attempts by bad actors around the world to create new selling accounts, preventing them from listing a single product for sale.

 

Amazon works across the globe to fight counterfeiters, recently filing joint lawsuits with well-known brands, including Cartier, GE Appliances, WWE, Salvatore Ferragamo, and FELCO. Through its partnership with brands of all sizes, Amazon’s CCU constantly uncovers new approaches counterfeiters take to try to deceive customers and evade the law. The CCU uses that intelligence to equip law enforcement to pursue bad actors. In 2021, the CCU sued or referred for investigation over 600 criminals in the U.S., UK, EU, and China.

 

“There is no place for fraud on Amazon,” said Dharmesh Mehta, vice president of Amazon’s Worldwide Selling Partner Services. “The production and sale of counterfeit goods poses serious harm to the intellectual property rights of the brands involved, as well as to the legitimate interests of honest sellers—and the customers who place their trust in our stores. While we are proud of the progress we have made, we will not stop until we drive counterfeits to zero, and we will continue to invest and innovate until we get there.”

 

To learn more information about how Amazon’s tools protect brands and fight counterfeiters, click here.

 

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

Contacts

Amazon.com, Inc.

Media Hotline

Amazon-pr@amazon.com
www.amazon.com/pr

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State of New Jersey expands use of Everbridge platform to enhance citizen safety

New Jersey State Police will broaden use of Everbridge population alerting software to communicate life-saving information to nine million residents

 

BURLINGTON, Mass. — (BUSINESS WIRE) — Everbridge, the global leader in critical event management (CEM) and national public warning software solutions, today announced that the State of New Jersey expanded its use of the company’s Public Safety solutions to communicate with residents across the state in times of emergency. The New Jersey State Police added Everbridge’s Resident Connection and Integrated Public Alert & Warning System IPAWS solutions to maximize the reach of their critical citizen alerts, allowing public safety officials to reach the state’s nine million residents in the event of a crisis such as hurricanes, tornadoes, and flooding.


This year marks the tenth anniversary of Hurricane Sandy, the costliest and most devastating storm to impact New Jersey. As learned during Sandy, and subsequent severe weather events that affected the Garden State, a critical part of any crisis response is the ability to share accurate information in a timely manner to the right population.

 

Resident Connection enables Everbridge customers to target potentially life-saving communications to impacted areas by simply drawing geo-fenced shapes on a map, allowing local, county, and state government leaders to quickly and accurately reach the largest number of people in those zones. Recipients may include the most vulnerable and often underserved populations, such as residents with special needs; dependence on supplemental oxygen or medications; cognitive, visual, or hearing impairment; and those lacking Internet access.

 

Additionally, through Everbridge, New Jersey State Police is now able to access FEMA’s Integrated Public Alert & Warning System (IPAWS), which utilizes several communication pathways to reach the public, including: the Emergency Alert System (EAS) to deliver alerts via AM, FM and satellite radio, as well as broadcast, cable and satellite TV; Wireless Emergency Alerts (WEA) to deliver notifications to cell phones and mobile devices based on location, even if cellular networks are overloaded and can no longer support calls, text and emails; and integration with voice sirens, digital road signs, and emergency telephone networks.

 

“First responders work around the clock to protect citizens from critical events like wildfires, hurricanes and the pandemic,” said Francis Willett, Principal Product Manager for Everbridge Public Safety. “New Jersey is ahead of the curve when it comes to ensuring that the public receives potentially life-saving information, while at the same time improving message timeliness and accuracy when a crisis demands their full attention.”

 

Everbridge serves more than 300 organizations throughout the state of New Jersey, including local and county governments, hospitals, schools, retailers, corporations, and financial services providers. Everbridge also supports the states of Connecticut, Florida, Massachusetts, New York, Vermont, Oregon, and West Virginia; the 18 local jurisdictions comprising the National Capital Region (NCR); and thousands of municipal, territorial, and tribal governments, including 22 of the 25 largest U.S. cities.

 

About Everbridge

Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Organizations Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks, product recalls or supply-chain interruptions, over 6,300 customers in 76 countries rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication modalities, and track progress on executing response plans. For more information, visit www.everbridge.com, read the company blog, and follow on Twitter and Facebook.

 

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Contacts

Everbridge Contacts:
Jim Gatta

Media Relations

jim.gatta@everbridge.com
215-290-3799

Jeff Young

Media Relations

jeff.young@everbridge.com
781-859-4116

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IEEE publishes 2023 National Electrical Safety Code® (NESC®)

Latest Edition of the NESC Will Go into Effect in February 2023 to Help Deliver a Safer and More Sustainable Electric Power Supply

 

PISCATAWAY, N.J. — (BUSINESS WIRE) — #IEEESA–IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Standards Association (IEEE SA) today announced the release of the 2023 National Electrical Safety Code® (NESC®).

 

Published by IEEE SA and typically updated every five years to stay current with changes in the industry and technology, the NESC specifies best practices for the safety of electric supply and communication utility systems at both public and private utilities. The NESC sets the ground rules and guidelines for practical safeguarding of workers and the public during the installation, operation, or maintenance of power, telephone, cable TV, and railroad signal systems.


Just as it has done for more than a century, the NESC is continuously evolving and being refined to embrace new technologies for a more sustainable future. The potential impacts of recent and emerging technologies are reflected in the new Code.

 

Notable changes to the 2023 NESC include:

  • Significant revisions were made in Section 14 covering batteries, addressing new battery technologies, energy storage, and backup power.
  • A new Section 19 for photovoltaic generating stations addresses general codes, location, grounding configurations, vegetation management, DC overcurrent protection, and DC conductors. These new rules accommodate large-scale solar power projects.
  • All stand-alone tables for metric measurements have been removed from the main code body and moved to Annex 1. For tables that include both English and metric values, the revised Code presents numerical values in the customary “inch-foot-pound” system first and the corresponding metric values following in parentheses to help prevent misreading errors.
  • In the Clearances section, as well as in the specification of the Grade of Construction, the Code further clarifies the use of non-hazardous fiber optic cables.

 

“The 2023 NESC includes updates throughout, many of which address emerging technologies such as solar and wind energy, distributed energy/microgrids, batteries and energy storage, and wireless small cell networks,” said Nelson Bingel, chair of the NESC Committee. “We’re grateful to the many participants who contributed to the 2023 edition, and we welcome new contributors to join our NESC team.”

 

Like previous versions, the 2023 edition will be available in digital, printed, e-learning, and mobile-app formats. This edition consists of initial sections covering scope, purpose, and grounding methods, followed by sections that include specific rules for electric supply stations, overhead lines, underground lines, and safety-related work practices.

 

A companion document, the 2023 NESC Handbook, is available with the Code. The Handbook includes all of the rules of the Code but also provides insights and commentary on the rules and how to apply them from the experts who helped develop the Code, including historical notes to provide context for Code revisions and additions.

 

Information on updates to the code can be found on the NESC homepage. The 2023 NESC and handbook are available for purchase at the IEEE Standards store and available for subscription at the IEEE Xplore® Digital Library.

 

About IEEE SA

IEEE Standards Association (IEEE SA) is a collaborative organization where innovators raise the world’s standards for technology. IEEE SA provides a globally open, consensus-building environment and platform that empowers people to work together in the development of leading-edge, market-relevant technology standards, and industry solutions shaping a better, safer and sustainable world. Learn more about IEEE SA.

 

About IEEE

IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice in a wide variety of areas ranging from aerospace systems, computers, and telecommunications to biomedical engineering, electric power, and consumer electronics. Learn more about IEEE.

 

Contacts

Media
Tania Olabi-Colon, Brand Marketing & Communications Director

Olivia Wang, Marketing & Communications Manager

standards-pr@ieee.org

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Paysafe wins ‘Payment Innovation’ Award at 2022 SBC Awards North America

Company recognized for tech upgrade of Skrill USA digital wallet to support instant funding of deposits and payouts plus VIP player program 

LONDON — (BUSINESS WIRE) — Paysafe (NYSE: PSFE), a leading specialized payments platform, has won in the ‘Payment Innovation of the Year’ award category at the 2022 SBC Awards North America, held Thursday, July 14th, at Pier Sixty in New York City. The award recognizes the product revamp of Paysafe’s Skrill USA digital wallet to enable players to instantly fund iGaming deposits and receive payouts, while also tailoring the wallet for high-stakes bettors with a VIP player program.

 

Held on the final evening of this year’s SBC Summit North America gaming industry conference in New Jersey, the 2022 SBC Awards North America honored the U.S. and Canadian iGaming operators and service providers like Paysafe that have excelled and innovated in their business areas over the last 12 months. Last October for the NFL season, Paysafe unveiled the revamped Skrill USA wallet, which now allows players to log-in and fund their player accounts within seconds through instant online bank transfer.

 

Boasting a state-of-the-art ‘look and feel’ and all-new user experience (UX), the upgraded Skrill USA wallet enables players to access their winnings in their Skrill account in real-time. Payouts can then be transferred into players’ linked bank accounts.

 

Paysafe continued to bolster the Skrill USA wallet into 2022 with the launch of a VIP player program in May. The program caters to high-stakes U.S. sports bettors and iGaming players, a customer segment that prefers digital wallets over all other payment methods, according to Paysafe’s 2021 iGaming research. Through the program, operators can set single transaction limits for players that are as much as several hundred times the Skrill USA wallet’s standard limit, depending on individual KYC verification.

 

Zak Cutler, EVP and President of Global Gaming at Paysafe, said: “We’re honored to receive the ‘Payment Innovation’ Award at this year’s SBC Awards North America for our all-new Skrill USA digital wallet. The award recognizes Skrill USA as a game-changer for U.S. iGaming brands and their players, especially their VIP customers, and it reflects the incredible dedication and passion of our entire team, who continue to knock it out the park.”

 

About Paysafe Limited

Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over U.S. $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

 

About Paysafe iGaming

Paysafe brings over two decades of specialized payments experience supporting the global iGaming and sports-betting sectors and provides operators with a comprehensive suite of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technology and services for iGaming operators through its Income Access business unit.

 

Since the opening-up of the U.S. iGaming market in May 2018, Paysafe has consistently stated its ambitions to be the payments leader in the fast-growing sector, building on its leadership in Canada and Europe. As of July 18th, 2022, the company supports 75% of operators in the country with payments or marketing solutions across 22 jurisdictions. In Canada, Paysafe also has a leading position and partners with the majority of regulated iLottery and gaming brands.

 

Contacts

For further information, please contact:
Nick Say, Senior Manager, Corporate Communications, North America, Paysafe

E: Nick.Say@Paysafe.com

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Edison Partners promotes Robert Dickey to principal

PRINCETON, N.J. — (BUSINESS WIRE) — Edison Partners, a leading growth equity investment firm, has promoted Robert “Bobby” Dickey to principal. This promotion recognizes Dickey’s contributions as a key member of Edison Partners’ investing team and his work alongside its portfolio.

In 2018, Dickey first joined the firm as a summer associate while completing his MBA at the Kellogg School of Management at Northwestern University. In June 2019, he rejoined the firm as a senior associate, with a focus on investments in fintech and enterprise solutions. During his tenure, he has been involved in both diligence and post-deal support of portfolio companies including Solutions By Text, Overhaul, Health Recovery Solutions, PurpleLab, GoHenry, Budderfly, Kaiyo, and Lawnstarter, to name a few. His contributions to these investments pre- and post-closing have helped create significant value, including partnering with management teams to develop inorganic growth plans; driving alignment on strategic priorities; market mapping; M&A pipeline development and strategic exit opportunities.

 

David Baxter, CEO of Solutions By Text added, “Bobby’s experience in the fintech sector as an investor has helped SBT in its growth trajectory. His direct value-add to SBT’s corporate development priorities, particularly M&A, exemplifies the Edison ‘pull, not push’ model – a supportive investor and partner to our business.”

 

In addition to Dickey’s success on the deal side, he has been an active member and supporter of Edison Partners’ recruiting efforts, both on the personnel side and the investment candidate sourcing end. As a guest speaker at various industry conferences and events for the entrepreneurial community, he provides insight and guidance to companies at various stages in their growth trajectory.

 

“Bobby’s well-deserved promotion to principal is the culmination of his strengths as an investment professional and the value he brings to both the firm and our companies,” said Jennifer Lee, partner, Edison Partners. “We know Bobby’s accomplishments to date are only the beginning of his contributions at Edison and we look forward to seeing his continued success.”

 

“It’s rewarding to be part of a firm where the convergence of operational expertise and investor knowledge exists alongside a thriving value-add lever,” said Dickey. “Working with my colleagues to support, partner with and unlock value in our portfolio makes the day-to-day exciting. I am extremely grateful for the opportunity ahead at Edison Partners.”

 

Dickey’s full biography, portfolio of investments, and thought leadership are available here.

 

About Edison Partners

For 36 years, Edison Partners has been helping CEOs and their executive teams grow and scale their companies. The firm’s investment team brings more than 275 years of combined investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, executive education programs, and the Edison Director Network, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. With experts in enterprise solutions, financial technology and healthcare IT, Edison targets high-growth companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.

Contacts

Katie Morales

PRforEdison@bospar.com

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Edison Partners successfully exits energy industry disruptor, Budderfly

Partners Group acquires a majority stake in Budderfly and commits $500 million to fund the company’s next stage of growth as the most comprehensive Energy-as-a-Service provider in North America

PRINCETON, N.J. — (BUSINESS WIRE) — Edison Partners, a leading growth equity firm, announced today that it will exit portfolio company Budderfly, in which Partners Group (SIX: PGHN) acquired a majority stake. Upon closing, the transaction will deliver a strong cash return.

 

Edison first invested in the company in June 2017, when it led an initial $22 million financing round. Later, they participated in follow-on rounds where Budderfly raised an additional $55 million in June 2019, bringing the total funding to date to $84.5 million. Since 2017, Budderfly has grown its revenue ~250% CAGR.

 

With more than 2,750 customer sites across 49 states, Budderfly leads the digital transformation of the energy conservation sector. The Connecticut-based company provides a holistic, outsourced solution for energy management, and infrastructure upgrades, for underserved commercial and industrial businesses with repeatable footprints, such as restaurant chains, assisted living facilities and retail franchises. Budderfly works with household names such as Dunkin, Subway, Wendy’s, YMCA and IHOP, among others. Its proprietary energy software and technology upgrades provide immediate, guaranteed efficiency improvements and usage reductions with zero project risk or out-of-pocket costs. The company’s solutions support more than 400 utility companies in North America.

 

“Edison has been an incredible, long-term partner, as we honed in on how to offer energy and bill savings through intelligent software for no capital outlay,” said Albert Subbloie, founder and chief executive officer of Budderfly. “We were then able to reach national scale with Edison Partners’ support. The team at Edison provided us with a consistent edge, and we’re thrilled to provide such a successful exit as we enter our next phase of growth with Partners Group.”

 

The Budderfly exit closes Edison Partners’ fourth deal alongside Subbloie. The firm previously invested in Operative, Tangoe, and Information Management Associates (IMA), backing two of these companies at the Series A stage with spectacular results, before Subbloie revolutionized corporate spend in energy-efficiency-as-a-service and scaled Budderfly to a mid-10 digit run rate.

 

“Budderfly exceeded our expectations as an industry disruptor. Al has a history of building transformative businesses, and Edison has stood firmly behind him. Having invested in two of Al’s prior companies, one of which returned tenfold to Edison, this was another great outcome. His vision for the energy services market and leadership skills have taken Budderfly’s success to great heights,” said Gary Golding, general partner at Edison Partners, who served on Budderfly’s board of directors.

 

“Exit opportunities still exist in this economic climate,” said Chris Sugden, managing partner at Edison Partners. “An advantage of having 36 years of objective data combined with the subjective, day-to-day experience of working with high-growth companies, is that we know whom we can support to a successful exit, no matter the market climate. And, of course, these outcomes are simply not possible without CEOs like Al who have both vision and strong execution. Market-disrupting technology combined with consistent leadership, like Budderfly, will win every time.”

 

About Edison Partners

For 36 years, Edison Partners has been helping CEOs and their executive teams grow and scale their companies. The firm’s investment team brings more than 275 years of combined investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, executive education programs, and the Edison Director Network, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. With experts in enterprise solutions, financial technology and healthcare IT, Edison targets high-growth companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.

 

About Budderfly

Budderfly, ranked as one of the fastest-growing Energy Efficiency as a Service (EEaaS) companies in the United States, is the premier sustainability partner for businesses with repeatable footprints, such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit with lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked #2 in energy companies and #10 overall on the 2021 Inc. 5000 America’s Fastest-Growing Private Companies list. For more information visit www.budderfly.com.

Contacts

Iris Tomczyk

VP, Marketing

itomczyk@edisonpartners.com

Antenna Group for Budderfly

Annika Harper, PR Director

Budderfly@antennagroup.com

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Utah Transit Authority selects Xpan Interactive to drive workforce development via rail apprenticeship training programs

CALGARY, Alberta — (BUSINESS WIRE) — With over two decades of experience supporting competency development in the global mobility industry, Xpan Interactive (Xpan) was the logical partner for the Utah Transit Authority’s (UTA) expansion of their successful apprenticeship training programs.

 

The program expansion will focus on UTA rail assets and includes three unique program offerings: Light Rail Vehicle Maintenance, Maintenance of Way, and Commuter Rail Vehicle Maintenance.


“Our bus maintenance apprenticeship program has been an incredible success for UTA, so it was a logical decision to expand our offering to support skill development in our rail division,” says Cherryl Beveridge, UTA’s Acting Chief Operating Officer. “We train approximately 40 apprentices in our bus maintenance apprentice program and see 10 graduates from our program annually creating lifetime careers at UTA. “

 

Apprenticeship training programs are recognized by the United States Department of Labor and their successful completion conveys occupational proficiency aligned with national standards. There are more than 1,200 occupations currently recognized as apprenticeable and more are continuously being added. Registered Apprenticeship Programs (RAPs) can be customized for specific needs with time-based, competency-based, and hybrid models. RAPs are a proven model of apprenticeship that are great options for individuals looking to acquire in-demand skills while earning a wage throughout their education.

 

“Creating blended learning solutions for the transportation industry has been the core of Xpan’s 20-year history,” says Xpan Founder and President Ron Thiele. “We’re incredibly grateful to shape the future of UTA’s workforce with Xpan digital knowledge experiences, and love that our solution will create accessible career opportunities for individuals without the financial burden typically associated with education.”

 

Each comprehensive program is three years in length and will harness the power of the multi-modality approach Xpan is known for. Leveraging the latest methods in adult education, the high-quality content will be a mix of eLearning, interactive simulations, Instructor-Led Training, labs, and on-the-job training to meet learner needs while incorporating safety and regulatory requirements. To host ILT and lab-based training activities UTA is constructing a facility called the Transit Technical Education Center (TTEC) where learners will be able to perform exercises in a safe, controlled environment.

 

The program development is scheduled for completion in January 2023, and following the successful construction of training facilities, UTA’s first classes of aspiring apprentices will begin their career journeys shortly after.

 

About Xpan Interactive Ltd.: Since 2001, Xpan has helped organizations around the world build people-centric learning cultures with frictionless technical solutions that transfer knowledge to create fulfilled learners. It has a proven track record of creating high-quality learning experiences in various fields and has built programs for dozens of major transportation authorities. Its clients include Amtrack, New Jersey Transit, Chicago Transit Authority, Metro Atlanta Rapid Transit Authority, DC Metro, Denver Regional Transportation District, and Calgary Transit, among others.

 

About Utah Transit Authority: The Utah Transit Authority’s (UTA) mission is to provide mobility solutions to service life’s connections, improve public health and enhance the quality of life. As part of this mission, the UTA has developed a culture of employee development, currently with two apprenticeship programs to enhance employees in its bus maintenance and body shop repair fields. These programs have been successful in helping UTA maintain its fleet, create a culture where employees are valued and create a sustainable employee pipeline. It is due to these successes that UTA is partnering with Xpan to expand its apprenticeship programs into its rail technical fields.

 

Contacts

Media:

Xpan Interactive USA Inc.
Tim Heinrichs

Senior Account Executive

1-587-891-8144

tim@xpan.ca

Utah Transit Authority
Carl Arky

Sr. Media Relations Specialist

carky@rideuta.com
(801) 859-6095 (cell)

(801) 287-2070 (desk)

Categories
Culture Local News News Now!

Mercer County executives offer July 4 fireworks safety reminders

Summer is synonymous with barbecues and outdoor parties, parades, and fireworks. As warmer weather leads to more outdoor gatherings and as Independence Day and its celebrations approach, it is vital to remember how dangerous fireworks can be. They can cause serious burns, eye injuries, and fires.

The National Fire Protection Association offers these tips on ways to celebrate without using fireworks.

If you choose to use fireworks, please remember that only certain kinds are legal in New Jersey. Permissible fireworks are limited to hand-held or ground-based sparklers, snakes, and glow worms; smoke devices; and trick noisemakers, including party poppers, snappers and drop pops. The sale, possession and use of all other fireworks requires a valid permit.

If you plan on using fireworks, please follow these tips:

  • Ensure that you only use fireworks that are legal in New Jersey.
  • Never allow young children to handle fireworks.
  • Older children should use them only under close adult supervision.
  • Never use fireworks while impaired by drugs or alcohol.
  • Wear protective eye gear if you are using fireworks or are standing nearby when someone else is.
  • Never hold lit fireworks in your hand.
  • Never light fireworks indoors.
  • Only use fireworks away from people, houses and flammable material.
  • Never point or throw fireworks at another person.
  • Never ignite devices in a container.
  • Do not try to relight or handle malfunctioning fireworks.
  • Soak both spent and unused fireworks in water for a few hours before discarding.
  • Keep a bucket of water nearby to fully extinguish fireworks that don’t go off or in case of a fire.

Also, please remember that sparklers, which many kids love, are dangerous. They burn at temperatures high enough to melt some metals. Sparklers can quickly ignite clothing and account for more than 25 percent of emergency room visits for fireworks injuries.

For more information on fireworks safety, please contact the Mercer County Youth Fire Setter Advisory Committee at 609-278-4845 or rtaylor@mercercounty.org.

The Mercer County Department of Human Services fosters a comprehensive human service delivery system that enhances the health, safety, and quality of life for all residents of Mercer County. The department’s goal is to create an environment of public trust by empowering and strengthening individuals and families, advocating for sound policy, mobilizing resources, and acting as champions for those citizens who are most vulnerable and in need of services.

Through its offices and divisions, the Department of Human Services provides funding to community-based organizations for those organizations to provide direct services to Mercer County residents. The department does not provide direct services to Mercer County residents but directs Mercer County residents to where they can access services. With this funding, the Department of Human Services complies with procurement practices in accordance with the New Jersey Public Contracts Law 40:A:11-1 et seq.

— Mercer County offices

Categories
Business News Now!

AM Best comments on credit ratings of BF&M Limited following strategic review announcement

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has commented that the Credit Ratings of BF&M Limited (BF&M) and its insurance subsidiaries BF&M Life Insurance Company Limited (BF&M Life), BF&M General Insurance Company Limited (BF&M General) and Island Heritage Insurance Company, Ltd. (Island Heritage) (Cayman Islands) remain unchanged following BF&M’s announcement of a strategic review. All companies are domiciled in Hamilton, Bermuda, unless otherwise stated.

On June 29, 2022, BF&M announced that it has initiated “a review of strategic alternatives to maximize shareholder value, which may include the sale of the Company,” following discussions with its principal shareholder, which has a 37.4% ownership position. AM Best expects BF&M to continue in its normal course of business operations and its financial position to remain unaffected during this time.

 

AM Best will maintain a dialog with management during the strategic review process. Upon completion of the strategic review and any associated announcement, AM Best will evaluate the potential impact to BF&M’s rating fundamentals.

 

This press release relates to Credit Ratings that have been published on AM Best’s 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 Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

John McGlynn, CFA
Financial Analyst
+1 908 439 2200, ext. 5730
john.mcglynn@ambest.com

Bridget Maehr
Associate Director
+1 908 439 2200, ext. 5321
bridget.maehr@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com