Categories
Business

AM Best assigns Issue Credit Rating to Sammons Financial Group, Inc.’s senior unsecured notes

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $850 million 3.35% 10-year senior unsecured notes issued by Sammons Financial Group, Inc. (SFG, Inc.) (Delaware), an intermediate holding company indirectly owned by Sammons Enterprises, Inc. (SEI). The outlook assigned to this Credit Rating (rating) is stable. All other ratings of SEI and its subsidiaries are unchanged.

The proceeds from this debt issuance are expected to be used for general corporate purposes, including financing business growth at SFG, Inc.’s two insurance operating subsidiaries—Midland National Life Insurance Company and North American Company for Life and Health Insurance. AM Best notes that SFG’s financial leverage will increase to approximately 17%, which is well within AM Best’s guidelines for its current rating. AM Best views SFG Inc.’s debt-servicing capabilities favorably, with sufficient liquidity to service its debt, a well-laddered debt maturity structure and strong interest coverage.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s 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 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.

Contacts

Michael Adams

Associate Director
+1 908 439 2200, ext. 5133
michael.adams@ambest.com

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

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

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Technology

Buckle leverages Guidewire to deliver service excellence and drive process improvements

Rideshare insurer taps state-of-the-art Guidewire ClaimCenter to enable adjusters to more easily manage claims

JERSEY CITY, N.J. & SAN MATEO, Calif.  — (BUSINESS WIRE) — $GWRE #claimsBuckle, a tech-enabled financial service company, and Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced that Buckle is leveraging ClaimCenter to deliver service excellence and drive process improvements. The company is also leveraging SmartCOMM™ from Smart Communications for customer communications management. Guidewire is a reseller of Smart Communications, a Guidewire PartnerConnect Solution member.

Buckle launched in 2017 as a managing general agency (MGA) start-up to offer insurance to rideshare drivers first in the state of Georgia. In June 2020, the company acquired Gateway Insurance Company, formerly an indirect subsidiary of Guidewire customer Atlas Financial Holdings, Inc. Buckle examined ClaimCenter’s capabilities and saw that it addressed many of the company’s needs as it looks to grow and expand into other states, including Buckle’s recent launch in Tennessee in January.

 

“Claims is an important element in Buckle’s auto insurance product offering as today’s customers expect fast and accurate service,” said George Rosen, Vice President, Buckle TPA. “Using a state-of-the-art claims system like Guidewire will enable us to serve our members and customers as quickly as possible, and accurately every time. As the foremost leader in the industry, Guidewire is the best choice as Buckle continues to roll out its rideshare only insurance throughout the U.S.”

 

“We welcome Buckle to the Guidewire customer community with its use of ClaimCenter,” said Frank O’Dowd, chief sales officer, Guidewire Software. “We admire and look forward to seeing Buckle achieve its mission of building products to support the insurance and financial services needs of drivers in the shared economy.”

 

About Buckle

 

Buckle provides a financial services platform that focuses on insurance, credit and advocacy for the gig economy. The company is reinventing the insurance model to more efficiently manage risk, supporting the entire ecosystem of drivers, fleets and transportation network platforms to help everyone achieve economic freedom. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

 

About Guidewire Software

 

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

 

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

 

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

 

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

Contacts

Diana Stott

Director, Communications

Guidewire Software, Inc.

+1.650.356.4941

dstott@guidewire.com

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com

Categories
Business Technology

Visual Lease reports Q1 milestones in product, brand, thought leadership and industry recognitions

Company continues to make strategic investments to help organizations manage, account for and maximize every asset within their lease portfolio

WOODBRIDGE, N.J. — (BUSINESS WIRE) — #leasemanagementVisual Lease, the #1 lease optimization software, today announced results from the first quarter of 2021, which included new product features, resources and branding, as well as recognition for its high level of performance and customer satisfaction. Following its third consecutive year of double-digit revenue growth, Visual Lease is poised for another successful year ahead.

“Lease accounting standards ASC 842, IFRS 16 and GASB 87, have opened financial leaders’ eyes to the risks within their lease portfolios. We’ve anticipated this awakening, and we’ve been planning for it,” said Visual Lease’s founder and CEO, Marc Betesh. “In Q1, we continued to enhance our platform, create and distribute resources and expand our bench of industry experts to provide companies with what they need to not only minimize risk, but to also find opportunities across their lease portfolios.”

In Q1 2021, Visual Lease:

Product

  • Enhanced its most frequently used reports (Ad Hoc, Roll-Forward and Disclosure & Lease Accounting Standard Reports), which resulted in a 50% reduction in time for full-year report generation and greater overall performance.
  • Released a new Standards Options Report, providing an easy-to-read summary of critical options information, and empowering users to take action based on key details within their portfolio.
  • Announced a new Schedule Upload Feature, enabling users to quickly generate abandonment schedules with itemized interest and amortization entries.
  • Expanded GASB support, empowering clients to perform a sale-leaseback within the platform, accounting for the sale and subsequent leasing of a previously owned asset.

Brand

  • Unveiled its new branding,elevating its look and feel to mirror its ingenuity, passion and commitment to helping companies achieve confident lease accounting compliance with ease and unlock business opportunities within their lease portfolios.

Thought Leadership

  • Launched its Lease Accounting Solution Transition (LAST) PlannerTM, an interactive and easy-to-use tool that provides organizations with a custom plan to facilitate their move from one lease accounting platform to another.
  • Introduced its Lease Accounting Milestone Planner (LAMP)TM webinar series, providing companies with unique insight and resources to help them successfully plan out and schedule the steps needed to transition to ASC 842 and GASB 87.
  • Welcomed a new Senior Technical Accountant, Rosemary Courtney, CPA. Having served as a financial leader for public, private and not-for-profit companies, Rosemary brings deep expertise to the team, which she will use to help Visual Lease continue to innovate and expand its offerings.
  • Announced its Consult an Expert program,providing organizations with direct access to Visual Lease’s deep bench of accounting professionals and lease specialists.

Industry Recognitions

  • Continued to grow its Partner Alliance network, joining forces with industry-leading organizations to deliver increased value to shared customers:
  • Expanded existing relationship with RSM US LLP to now include a managed services offering.
  • Welcomed CFGI, the nation’s largest non-audit accounting advisory firm, to its Partner Alliance network.
  • Solidified its partnership with Solomon Edwards Group (SEG), a national professional services firm focused on strategy execution.
  • Named High Performer and Momentum Leader for Spring 2021 by G2:

“Visual Lease has been identified as a High Performer based on its high levels of customer satisfaction and quality of support ratings from real software users on G2, the world’s leading B2B software review platform. These reviews largely come from enterprise customers that Visual Lease serves,” said Dominick Duda, G2 Research Analyst. “Visual Lease’s high performance on the Spring 2021 Grid® Report for Lease Administration is a testament to both their product’s performance and the team behind their product. This position is powered by the authentic voice of the customer, captured in the verified user reviews of solutions in G2’s Lease Administration Software category.”

To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom.

To register for the next ASC 842 Lease Accounting Milestone Planner webinar, visit here.

About Visual Lease

Visual Lease is the #1 lease optimization software for managing, analyzing, streamlining and reporting on lease portfolios. Developed by industry-leading lease professionals and CPAs, it combines GAAP, IFRS and GASB-compliant lease accounting controls with easy, flexible and automated lease management processes. More than 700 of the world’s largest publicly traded and privately-owned corporations rely on Visual Lease to control their lease portfolios, integrate with their existing business systems and maintain regulatory compliance. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.

Contacts

Erica Bonavitacola

Visual Lease

T+1 732 860 4838

ebonavitacola@visuallease.com

Geena Pickering

Affect

T+1 212 398 9680

gpickering@affect.com

Categories
Business

AM BestTV presents ‘The greening of insurance asset management: Asset manager perspective’

OLDWICK, N.J. — (BUSINESS WIRE) — In AM Best’s four-part series, “The Greening of Insurance Asset Management,” top industry leaders discuss how the insurance asset management sector is adapting to meet emerging standards and expectations for climate risk and social responsibility.

During the panel discussion, asset management experts will examine the new regulatory and social environment for investments, and address viewer questions. Watch now: www.ambest.com/review/greening.

Panelists include:

  • Matthew Daly, managing director and head of corporate credit research, Conning; and
  • Vincent J. DeLucia, chief investment officer, New England Asset Management (NEAM).

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 © 2021 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication & News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Categories
Local News Technology

Supply chain delays negatively impact civil contractors in Q1

Latest findings from The Civil Quarterly show despite general optimism, the vast majority of civil contractors are challenged with getting materials to projects; concerned with increasing material costs

HAMILTON, N.J. — (BUSINESS WIRE) — In Q4 2020, Dodge Data & Analytics’ The Civil Quarterly (TCQ) reported that fewer than half (43%) of civil contractors believed fluctuations in the cost of construction materials had impacted their projects at the time. Today’s Q1 report, however, revealed a stark contrast to those findings. The vast majority have negatively felt these impacts, with 71% of civil contractors experiencing serious issues getting materials to projects and 76% now are concerned with cost increases for construction materials over the next six months.

With reports of moderate drops in backlog levels, revenues and profit margins in 2020, civil construction has faired the pandemic reasonably well. In fact, concerns about these three factors leveled off for most respondents by Q1 2021. In addition, 65% of civil contractors are optimistic about the ability of the market to provide new work, up from 58% from last quarter.

However, the positive outlook about new work is counterbalanced by the increased concern about the cost of materials. Over two-thirds (69%) of those who reported some concerns about material costs expect the price of steel to increase, and many also expect increases in the cost of pavement/concrete and aggregates. Lumber and piping were also frequently mentioned by the contractors surveyed. In addition, concerns about the cost and availability of construction equipment have grown, and Q1’s TCQ found that 34% of civil contractors reported impacts from the previous six months due to the cost of equipment, and 43% are concerned that prices are going to continue to rise.

The delay in these direct experiences of supply chain challenges may suggest long-term effects that are harder to rectify. While it is unclear whether this would impact the large infrastructure investments currently recommended by the Biden administration, they may impact the degree to which the civil construction sector can successfully bounce back in the first half of 2021.

In addition to supply chain insights, TCQ also featured an in-depth look and benchmark regarding the ways in which contractors gather and analyze data. The findings reveal an industry that is already seeing the advantages of their use of data but is also still reliant on manual processes. For instance, many still use paper forms for collecting data, especially for safety (38%) and material project delivery (31%). And of those collecting data, 32% manually conduct the actual analysis of it on paper as well, especially around safety.

Despite these limitations, about half of civil contractors report that their data gathering and analysis efforts result in:

  • More accurate estimations during the bidding process (56%)
  • Reduced rework (52%)
  • Better productivity (52%)
  • Increased budget performance (51%)
  • Improved safety (48%)

TCQ provides a quarterly snapshot of the current business health of contractors operating in this dynamic environment and explores trends in the industry: The report is the result of a partnership with Founding partner Infotech®, Platinum partner Hexagon and Gold partners Command Alkon and Digital Construction Works, and is based on original research collected from civil contractors and engineers. It is available for free download to help all those who have a stake in the U.S. civil construction industry. Future editions will continue to address a wide range of related topics providing a comprehensive view of this complex and ever-changing segment of the construction economy. Click here to download a copy: https://www.infotechinc.com/thecivilquarterly/.

About Dodge Data & Analytics: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.construction.com.

About Infotech®:

Info Tech, Inc., DBA Infotech (Infotech) is a leading SaaS solutions provider for the infrastructure construction industry. Informed by DOT relationships and decades of experience, Infotech develops software solutions that bridge the gaps between owners, consultants, contractors, and other project stakeholders. Whether it be tools for construction administration and inspection or secure online bidding, all of Infotech’s solutions are built to increase transparency, productivity and the availability of data. Infotech is the developer of Appia®, Bid Express®, and Doc Express®, as well as the official contractor for AASHTOWare Project™. For more information, visit infotechinc.com.

About Hexagon:

Hexagon is a global leader in sensor, software and autonomous solutions. We are putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications.

Our technologies are shaping urban and production ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon (Nasdaq Stockholm: HEXA B) has approximately 20,000 employees in 50 countries and net sales of approximately 3.9bn EUR. Learn more at hexagon.com and follow us @HexagonAB.

About Command Alkon: As the provider of the leading Supplier Collaboration Platform for Heavy Work, Command Alkon solutions deliver supply chain digital collaboration across the heavy construction community. CONNEX, a technology platform built for the industry, enables business partners to automate and integrate business process, capture real-time visibility into heavy material orders and deliveries, and share knowledge to promote certainty of outcomes. Command Alkon is headquartered in Birmingham, Alabama and has offices in locations around the globe. For more information, visit commandalkon.com.

About Digital Construction Works: Digital Construction Works (DCW) is a leading industry application and technology integration services and solution company. We help owner-operators and constructors accelerate the adoption and use of digital workflows, incorporate digital twins of assets, implement best practices, and, if needed, include the right combination of fit-for-purpose third-party technology to improve construction planning, design-build, operations, and project outcomes. We take current disparate applications and integrate them so they all work together, and they can be managed in a single, secure, integrated platform with project insights. DCW has highly skilled subject matter experts from many professional engineering backgrounds who are available for three types of engagements, including advisory services, resident engineer or consultant, or virtual consultant. http://www.digitalconstructionworks.com/

Contacts

Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, nsullivan@affectstrategies.com

Categories
Business Technology

TransUnion joins Provenir Marketplace to help businesses accelerate credit risk decisions

Industry-Leading One-Stop Data Hub Provides Access to Hundreds of Data Sources

PARSIPPANY, N.J. — (BUSINESS WIRE) —   #banking–Provenir, a global leader in risk decisioning and data analytics software, recently announced that TransUnion (NYSE: TRU) has joined the Provenir Marketplace.

The Provenir Marketplace platform provides organizations with a one-stop data hub for easy access to data covering open banking, KYC/KYB, fraud prevention, credit risk, verifications, social media, collections, affordability and more.

To meet consumer and business demands for instant approvals, organizations need immediate access to a wide range of data sources to make informed, accurate risk decisions. TransUnion, a global information and insights company, will provide Provenir Marketplace users with access to industry leading data, analytics and solutions for real-time credit decisioning and consumer or device authentication, ensuring consumers and organizations can transact with confidence.

“This unique Marketplace brings together the leading stewards of data from around the globe to accelerate risk decisioning,” said Kathy Stares, Executive Vice President, Provenir Americas. “The wealth of data TransUnion brings will be extremely valuable to organizations seeking to make more informed decisions across the customer lifecycle.”

The Marketplace provides users with access to a wide variety of traditional and alternative global data, enabling them to make smarter risk decisions faster. By leveraging distinctive identifiers, information and insights available from TransUnion alternative and trended data innovations, organizations can gain a deeper and more diversified view of consumers and stay ahead of evolving risk strategies.

“The access to data provided by the Provenir Marketplace aligns with our company’s intent to provide information that can help people around the world access the opportunities that lead to a higher quality of life,” said Aaron Smith, Vice President – Global Technology Alliances, TransUnion. “We are excited to provide access to our incredibly valuable data through this innovative data sharing community.”

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 33 countries and processes more than 2 billion transactions annually.

Contacts

Media Contacts:

Provenir
Erin Lutz

Lutz Public Relations (for Provenir)

Erin@lutzpr.com
949-293-1055

TransUnion
Dave Blumberg, Senior Director of Public Relations, U.S. & International

David.Blumberg@transunion.com
312-985-3059

Categories
Local News Technology

Construction starts increase in March, but rising material prices could hamper recovery

A strong pickup in nonresidential building overpowers weakness elsewhere

HAMILTON, N.J. — (BUSINESS WIRE) — Total construction starts rose 2% in March to a seasonally adjusted annual rate of $825.3 billion, according to Dodge Data & Analytics. A solid gain in nonresidential building starts fueled the March gain, while growth in residential starts was minuscule and nonbuilding starts fell outright. The Dodge Index rose 2% in March, to 175 (2000=100) from February’s 172.


“The March increase in construction starts is certainly welcome news following the past three months of decline,” said Richard Branch, Chief Economist for Dodge Data & Analytics. “Construction will continue to improve as the year moves on. However, just as the pandemic is beginning to loosen its grip on the economy, logistical problems and the rapid escalation in material prices have stepped in as the primary risk to the construction sector. These issues may restrain opportunity in the coming months, causing the sector’s recovery to lag that of the overall economy.”

Below is the full breakdown across nonbuilding, nonresidential, and residential construction:

  • Nonbuilding construction starts fell 7% in March to a seasonally adjusted annual rate of $186.7 billion, following a sizeable gain in February. Miscellaneous nonbuilding sector (-43%) and environmental public works (-11%) led the decline, whereas the utility gas plant and highway and bridge categories rose 39% and 2% respectively.

For the 12 months ending March 2021, total nonbuilding starts were 10% lower than the 12 months ending March 2020. Highway and bridge starts were 3% higher on a 12-month rolling sum basis, while environmental public works were up 8%. Miscellaneous nonbuilding fell 19% and utility/gas plant starts were down 36% for the 12 months ending March 2021.

The largest nonbuilding projects to break ground in March were the $1.2 billion (1.1 GW) Sanborn Solar Facility in Mojave CA, the $525 million Azure Sky (350 MW) wind farm in Throckmorton TX, and the $425 million Double E Pipeline, a 135-mile pipeline between Eddy County NM and Waha TX.

  • Nonresidential building starts rose 13% in March to a seasonally adjusted annual rate of $235.3 billion. Institutional building starts rose 15% during the month fueled by gains in education, recreation, and public buildings. Commercial building starts increased 11% thanks to healthy gains across all commercial sectors. Manufacturing starts, meanwhile, lost 52% in March after strong levels during the previous two months.

For the 12 months ending March 2021, nonresidential building starts dropped 28% compared to the 12 months ending March 2020. Commercial starts declined 30%, institutional starts were down 20%, and manufacturing starts slid 56% in the 12 months ending March 2021.

The largest nonresidential building projects to break ground in March were a $306 million Amazon, Inc. warehouse in Maspeth NY, the $300 million Ball Corp. Aluminum Can factory in Pittson PA, and the $288 million TCCD Northwest Campus Redevelopment in Arlington TX.

  • Residential building starts increased by less than one percent in March to a seasonally adjusted annual rate of $403.3 billion. Multifamily starts rose by a brisk 33%, while single family starts slipped 9% lower.

For the 12 months ending March 2021, total residential starts were 6% higher than the 12 months ending March 2020. Single family starts gained 14%, while multifamily starts were down 14% on a 12-month sum basis.

The largest multifamily structures to break ground in March were the $329 million 1629 Market Street mixed-use project in San Francisco CA, the $287 million Schuylkill Yards West Tower in Philadelphia PA, and the $242 million National Urban League mixed-use building in New York NY.

  • Regionally, March’s starts rose in the West, South Central, and Northeast regions, but fell in the Midwest and South Atlantic regions.

About Dodge Data & Analytics

Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.construction.com.

Contacts

Nicole Sullivan

AFFECT Public Relations & Social Media

+1-212-398-9680, nsullivan@affectstrategies.com

Categories
Business Technology

Dodge Data & Analytics announces merger with The Blue Book Building & Construction Network

Strategic merger will create the most complete and unparalleled construction industry database used to empower the $1.3T U.S. construction industry

HAMILTON, N.J. & JEFFERSON VALLEY, N.Y. — (BUSINESS WIRE) — Dodge Data & Analytics (“Dodge”) and The Blue Book Building & Construction Network (“The Blue Book”) today announced that they are combining their businesses in a merger. Dodge’s owner, Symphony Technology Group (STG) – a leading private equity firm focused exclusively on business-to-business data, software and analytics companies – facilitated the transaction.


Dodge and The Blue Book have each successfully served the construction industry for more than 100 years, and their combined expertise and capabilities will give current and prospective customers access to the industry’s leading platform for data insight, market intelligence, firm discovery and networking. The combination will result in the Dodge | Blue Book Construction Industry Database, containing more than 10 billion data elements and comprising the most complete, up-to-date and accurate information about projects, people, firms and products in the industry.

“The Blue Book is one of the most respected brands in the construction industry, providing an indispensable resource for construction professionals to find one another to facilitate the connections necessary to deliver commercial construction projects,” said William Chisholm, Managing Partner at STG. “Combining The Blue Book with our existing portfolio company Dodge, the market leader in construction project information, allows us to create an indispensable resource for every firm on a local, regional or national level seeking information, connections and unique insights to create new relationships and to grow their business.”

Dodge CEO Daniel McCarthy will lead the combined company and The Blue Book President and General Manager Brian Tonry will continue in his current role. Former Blue Book CEO Richard Johnson will be integral in the combination of the two companies and will serve as a member of the combined company’s Board of Directors.

“The construction industry is undergoing a major digital transformation across the entire business lifecycle, and uniting Dodge and The Blue Book will provide construction business leaders the data and digital connections that help fuel their growth,” said McCarthy. “We’re confident that our combined offering will be unmatched and will help our customers improve their planning, win more new business and cultivate stronger relationships with the decision-makers that are involved in specifying products and awarding contracts for billions of dollars of construction projects every year.”

The Dodge and The Blue Book combination will offer a unified approach for new business generation, business planning, research and marketing services users can leverage to find the best partners to complete projects, and to engage with customers and prospects to promote projects, products and services.

The combined entity, powered by more than 1,200 team members, will annually serve:

  • 10+ billion data elements, unique for their timeliness and accuracy
  • 14+ million project and document searches
  • 60+ million annual messages centered around bidding opportunities
  • 1.2 million+ commercial construction professionals a month seeking growth opportunities
  • 40,000+ customers

“The Blue Book and Dodge have enjoyed a decades-long partnership of working together, so officially merging our businesses is a natural evolution, not only for the two companies, but for the construction industry overall,” said Johnson. “Bringing together these two market leaders will allow us to innovate faster, develop even more advanced solutions and scale our operations to keep up with the changing demands of our customers and the industry.”

Following the merger, the company headquarters will remain at the Dodge campus in Hamilton, New Jersey, and The Blue Book headquarters in Jefferson Valley, New York, will become a primary office for the company.

Owl Rock served as administrative agent and sole lead arranger for the debt financing. Paul Hastings and Shearman & Sterling acted as legal advisors to STG.

About Dodge Data & Analytics

Dodge Data & Analytics, founded in 1891, is North America’s leading provider of analytics and software-based workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities. Whether on a local, regional or national level, Dodge empowers its clients to better understand their markets, uncover key relationships, seize growth opportunities and successfully pursue sales opportunities. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year legacy of continuous innovation to help the industry meet the building challenges of the future. To learn more, visit www.construction.com.

About The Blue Book Building & Construction Network:

The Blue Book Building & Construction Network, founded in 1913, is an employee-owned company and the largest, most active network in the U.S. commercial construction industry. Today, The Blue Book Network defines and delivers the industry through three unparalleled databases of: companies, projects and people. By integrating and understanding the relationships shared by these groups, The Blue Book Network provides an indispensable resource to connect with the industry every day. To learn more, visit www.thebluebook.com.

About STG

Symphony Technology Group (STG) is the private equity partner to market leading companies in data, software, and analytics. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 35 global companies. For more information, please visit www.stgpartners.com.

Contacts

Media Contact:
Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, nsullivan@affectstrategies.com

Categories
Art & Life Healthcare

Merck expands Safer Childbirth Cities initiative to 20th community-led project advancing Maternal Health Equity during Black Maternal Health Week

KENILWORTH, N.J. — (BUSINESS WIRE) — Merck (NYSE: MRK), known as MSD outside the United States and Canada, announced today the funding support of its 20th community-based project in the Safer Childbirth Cities initiative aimed at fostering solutions that will help U.S. cities become safer, more equitable places to give birth. The expansion of the program, launched by Merck for Mothers, Merck’s global initiative to help create a world where no woman has to die giving life, comes at an important moment during Black Maternal Health Week occurring April 11 – 17, 2021. The annual week, founded and led by the Black Mamas Matter Alliance, is centered on deepening the conversation and community-led solutions to improve Black maternal health outcomes in the U.S.

The newest Safer Childbirth Cities grant to the Austin Community Foundation as fiscal sponsor for the Black Mamas Community Collective, supports a project to directly tackle racial inequities in maternal health outcomes and increase access to quality care for Black mothers and their families in Austin, TX. The project will be implemented by the Maternal Health Equity Collaborative (MHEC), which centers Black Women and Women of Color — both in leading the collaborative and in the work they do in and with the community. The MHEC is made up of four doula organizations, Black Mamas ATX, Giving Austin Labor Support, Healing Hands Community Doula Project and Mama Sana Vibrant Woman and two parental support organizations, Hand to Hold and Partners in Parenting.

According to the Centers for Disease Control and Prevention (CDC), Black, American Indian and Alaska Native women are two to three times more likely to die from pregnancy-related causes than White women. Data from a 2020 study by the Texas Department of State Health Services shows a similar trend in Texas where Black women are disproportionately impacted by maternal mortality and 89% of all pregnancy-related deaths in the state could have been prevented. Merck for Mothers is committed to programs like Safer Childbirth Cities that bring local resources to communities such as Austin, TX in order to address the root causes of this disparity, including community factors and the social determinants of health that contribute to poor maternal health outcomes.

Elevating Black and other historically marginalized voices, community leadership and local health solutions is a fundamental part of helping to reverse the health inequity that has persisted across the U.S. and globally,” said Kenneth C. Frazier, chairman and chief executive officer, Merck. “We are proud to add a 20th community-led project through the Safer Childbirth Cities initiative as part our company’s ongoing work to catalyze a future where health care is available to all.”

The Safer Childbirth Cities initiative announced a second cohort of grantees in January 2021, expanding the impact of the program to organizations located in U.S. cities with a high burden of maternal mortality and morbidity. With the newest grant, the MHEC will add culturally-sensitive and comprehensive perinatal childcare services to compliment the wraparound community doula support of the collaborative and ensure that Black mothers and their families are able to access the holistic, whole-person care needed to alleviate maternal health complications and reduce inequities.

Black Maternal Health Week is an important reminder that to address the alarming reality of the U.S being the only developed nation with maternal mortality rates on the rise, we need to directly tackle racial disparities in all of our solutions,” said Dr. Mary-Ann Etiebet, lead and executive director, Merck for Mothers. “Through Safer Childbirth Cities and the work of the Maternal Health Equity Collaborative, we can begin to address the systemic racism that has left Black women underserved in our current health system.”

Systemic racism forms the basis upon which current inequities in the perinatal and postpartum health care system are built. This has created various gaps in care that directly impact the health and mortality of the BIPOC community,” said Kelenne Blake-Fallon, the Communications Director for the MHEC. “We have big goals for how we can further align our organizations to eliminate maternal mortality and morbidity in Central Texas. Working with the strengths of the collaborative and the broader social services ecosystem, this funding through Safer Childbirth Cities will empower us to help address inequities in maternal health through childcare for Black birthing people in Central Texas, which will have a ripple effect on the community as a whole.”

The Pritzker Children’s Initiative is a co-funder of the Austin project. They are part of a larger collective of co-funders of Safer Childbirth Cities including: The Burke Foundation, The Community Health Acceleration Partnership, Fondation CHANEL, George Kaiser Family Foundation, The Nicholson Foundation, Rhia Ventures, The W.K. Kellogg Foundation and Yellow Chair Foundation. To learn more about the initiative, selected organizations, collaborators and co-funders, please visit SaferChildbirthCities.com.

About Merck

For 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

About Merck for Mothers

Merck for Mothers is our company’s $500 million initiative to help create a world where no woman has to die giving life. Applying Merck’s business and scientific resources for nearly a decade, we collaborate with others to improve the health and well-being of women during pregnancy, childbirth and the postpartum period in support of the Sustainable Development Goals. For more information, visit www.merckformothers.com.

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media Contacts:

Patrick Ryan

(973) 275-7075

Carol Richardson

(908) 740-1526

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Courtney Ronaldo

(908) 740-6132

Categories
Business Environment

Three American Water executives honored by the National Diversity Council

Susan Hardwick, Valoria Armstrong and Pamela Richardson included on top lists

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility company, announced that three of its executives were recognized by the National Diversity Council for their professionalism, integrity and leadership qualities. American Water’s Chief Financial Officer Susan Hardwick was recognized as a Top 50 Financial Leader, while Valoria Armstrong, Chief Inclusion Officer and Vice President, External Affairs, was honored with the Leadership Excellence Award. Pamela Richardson, Vice President, Chief Labor Employment and Commercial Counsel, was recognized as a Top 50 General Counsel.

“American Water believes in investing in our people, our customers and our communities,” said Walter Lynch, President and CEO of American Water. “At American Water, we encourage, honor, and celebrate differences in our employees, including race and ethnicity. Inclusion and diversity of ideas, thoughts and experiences are vital to our culture and the way we do business. Having multiple members of our leadership team be recognized by the National Diversity Council is a true honor for us.”

Recognized as a Top 50 Financial Leader, as CFO Hardwick is responsible for all aspects of financial management and strategy, including directing finance strategy, investor relations, treasury, financial planning, accounting, internal audit, risk management, supply chain, regulatory services, and control functions. She leads a diverse organization that provides continuous opportunities for growth among her employees and challenges them to achieve their personal and professional goals. Hardwick treats her employees with respect, integrity and fairness and is committed to developing and engaging talented professionals.

Armstrong was honored with the Leadership Excellence Award, which distinguishes a select group of individuals from diverse fields. According to the National Diversity Council, the focus of the award is to give prominence to accomplishments of men and women who exceed the scope of what is expected in their organizations and communities. Armstrong has been responsible for strengthening the American Water’s inclusion and diversity strategy by creating a comprehensive and integrated focus on driving diversity, equity, mutual respect, and inclusiveness across the organization. She is also responsible for leading government and regulatory affairs across American Water’s regulated and market-based businesses. Armstrong engages with key external stakeholders like the National Association of Regulatory Utility Commissioners, the U.S. Conference of Mayors, and the National Utilities Diversity Council.

Recognized as a Top 50 General Counsel, Richardson is a key leader at American Water, providing advice and counsel on a wide variety of employment issues affecting American Water’s more than 7,000 employees. She assists the company’s labor relations team with strategy and provides legal counsel on issues unique to the company’s 3,000 union represented employees. Richardson is also responsible for organizing and overseeing the legal department’s diverse supplier strategic goals and for its Diversity Corporate Legal Summer Internship Program, which provides promising law students greater opportunities. Richardson serves as the executive sponsor to the company’s African American/Black Employee Business Resource Group, which is a forum for employee participation and business impacts in the areas of careers, culture, and community.

“Creating an inclusive and diverse work environment is not something a company can achieve by checking off a series of boxes. It requires honest self-examination and a commitment to deep fundamental change,” said Melanie Kennedy, Chief Human Resources Officer. “Over the last few years, American Water has worked hard to embed inclusion and diversity into the fabric of our culture. These recognitions highlight the efforts our company has made to hire, develop, and promote diverse talent. As a company, we understand that our diversity is our strength as reflected in the inclusivity of our employees and the communities we serve.”

The formal ceremony for these awards will take place virtually at the 17th Annual National Diversity and Leadership Conference on April 21-22 and April 28-29, 2021 hosted by DiversityFirst™. The conference will be held virtually with this year’s theme being “Be a Changemaker”. The four-day conference will honor a number of diverse talent from different industries.

About the National Diversity & Leadership Conference

With thousands of attendees, the 2021 National Diversity & Leadership Conference remains one of the largest diversity conferences in the nation. Offering extraordinary networking opportunities, professional development, and critical conversations surrounding diversity and inclusion, attendees are able to curate their experience for optimal learning and growth. This year’s conference will take place virtually on April 21-22 and 28-29. More information about the Diversity & Leadership Conference is available at their website.

About American Water

With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to help make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media:
Joseph Szafran

External Affairs Manager

856-955-4304

joseph.szafran@amwater.com