Morgan Stanley to Acquire Solium, Creating a Leading Provider of Stock Plan Administration and Workplace Wealth Solutions

Strategy complements core Financial Advisor channel as source of new clients

NEW YORK/CALGARY – Morgan Stanley (NYSE: MS) has entered into a definitive agreement to acquire Solium Capital Inc. (TSX: SUM) (“Solium”), a leading global provider of software-as-a-service (SaaS) for equity administration, financial reporting and compliance. With this acquisition, Morgan Stanley is positioned to be an industry leader in Workplace Wealth Solutions, bringing together a major stock plan administration platform with a leading Wealth Management business.

Solium’s 3,000 stock plan clients, with one million participants, include Instacart, Levi Strauss, Shopify and Stripe and a range of fast growing private companies, as well as newly public companies. Morgan Stanley has 320 stock plan clients, with 1.5 million participants, of which a quarter are in the Fortune 500. This combination will create a leading provider of stock plan administration services and Workplace Wealth. Solium has a strong business-to-business salesforce, an industry-leading cloud-based service platform and is a leader in private company equity administration, which will complement and strengthen Morgan Stanley’s offering.

Morgan Stanley has been building a comprehensive suite of digital tools that will support expansion within the Workplace Wealth marketplace. Morgan Stanley entered into a partnership with Solium in 2016 to administer equity compensation plans for Morgan Stanley’s corporate clients and their employees.

“The acquisition provides Morgan Stanley with broader access to corporate clients and a direct channel to their employees, as well as a greater opportunity to establish and develop relationships with a younger demographic and service this population early in their wealth accumulation years,” said James Gorman, Chairman and CEO.

This is expected to enhance Morgan Stanley’s client acquisition efforts in a manner that complements the Financial Advisor channel, which constitutes the core of Morgan Stanley’s strategy. As plan participants build their wealth, and their needs become more complex, there is a natural transition to an Advisor-based relationship. Younger plan participants in the earlier stages of their careers can elect to be served by the Firm’s Morgan Stanley Access Investing and Morgan Stanley Virtual Advisor channels.

Marcos Lopez, CEO of Solium, will remain with the company and be based in Calgary.

“We view this acquisition as part of our broader, longer-term strategy, leveraging our digital capabilities in the workplace,” said Andy Saperstein, Co-Head of Wealth Management. “By combining stock plan administration, 401(k), other forms of deferred compensation, employee Financial Wellness education and our core Goals-Based Planning technology, we plan to create an integrated ‘Morgan Stanley Wealth Portal,’ which will offer employers the opportunity to deliver tailored financial counseling and industry leading advice to their employees.”

Morgan Stanley will acquire all of the issued and outstanding common shares of Solium for

CAD 19.15 per share in cash, representing a total equity value of approximately CAD 1.1 billion ($0.9 billion). The transaction is expected to have a minimal impact on the Firm’s earnings and capital ratios. Morgan Stanley does not anticipate any adjustments to the share repurchases in the first or second quarter of 2019 that were included as part of the Firm’s 2018 Capital Plan. The transaction is expected to close in the second quarter of 2019, subject to court, Solium shareholder and regulatory approvals, and other customary closing conditions.

Davis Polk & Wardwell LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to Morgan Stanley in connection with the transaction.

About Solium

Solium provides cloud-enabled services for global equity administration, financial reporting and compliance. From offices in the United States, Canada, the United Kingdom, Europe and Australia, Solium’s innovative software-as-a-service (SaaS) technology powers share plan administration and equity transactions for more than 3,000 corporate clients with employee participants in more than 100 countries. For more information about Solium, please visit Solium.com.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

This press release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see “Forward-Looking Statements” immediately preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2017 and other items throughout the Form 10-K, the Firm’s Quarterly Reports on Form 10-Q and the Firm’s Current Reports on Form 8-K, including any amendments thereto.

Media Relations Contacts: David P. Walker, 914.225.1010; Susan Siering, 212.761.6030

Mid Europa Completes Acquisition of intive

Mid Europa Partners, the leading private equity investor in Central and Eastern Europe, announced today that it has completed the acquisition of intive S.A.

intive is a leading international provider of software development services with over 1,600 qualified specialists in 19 offices worldwide. Combining design and technology, intive has become the digitalisation partner of choice for many international corporations across multiple industry verticals including automotive, high-tech, industrial, media, as well as consumer and financial services.

VIRGIN MEDIA TRIALS UK’S FASTEST HOME BROADBAND SPEEDS.

Virgin Media is trialling the UK’s fastest home broadband after successfully testing a connection offering speeds of more than 8Gbps to homes in Papworth, Cambridgeshire.

The hyperfast connection uses Virgin Media’s existing fibre network to provide download speeds more than 200 times faster the UK average.

The trial, made possible through continued network investment and collaboration with Liberty Global, is delivered using an existing fibre-to-the-premises (FTTP) connection meaning that no dedicated line is required.

The connection supports simultaneous upload and download speeds of more than 8Gbps.

The six-month trial is expected to connect 50 homes in Papworth.

Richard Sinclair, Executive Director of Connectivity at Virgin Media, said: “As the UK’s fastest widely available broadband provider, we’re committed to making Britain faster and this trial pushes the boundaries of what’s possible.

“Whether it’s streaming UHD movies on Netflix, playing the latest games online or video conferencing, faster internet connections have changed our lives immeasurably over the past decade. As speed leaders, Virgin Media is not going to stand still; this trial is about looking ahead to the next decade and beyond.

“With the volume of our customers’ internet usage almost doubling every year, trials like this will ensure we have the capability to meet the demand of data-hungry services in the future – be that over cable or full fibre.”

Applied futurist, Tom Cheesewright, who has reviewed the trial said: “Each new leap in internet speeds has spurred a new round of innovation in digital services. Today we are just starting to glimpse the immersive communication and entertainment opportunities that speeds like this will enable, bringing the physical and digital worlds together into a rich, interactive environment.”

The connection speed was tested and independently

verified by Ofcom’s technical partner, SamKnows, who fast tracked the development of a brand new speed testing tool specifically designed to test multi-gigabit connections.

In this trial data is transferred along fibre optic cables using EPON (Ethernet Passive Optical Network) technology – a global point-to-point network standard.

EPON is typically used to deliver up to 1Gbps speeds to UK homes, but Virgin Media has been working with technology partner, ARRIS, to trial new equipment and software to increase the speeds that its residential fibre network is capable of delivering.

With this connection speed users can:

• download a high-definition film of 5GB in five seconds

• download an ultra-high definition 4k film of 20GB in 20 seconds

• download a video game of 99GB in less than two minutes

• upload 300 high resolution photos totalling 3GB in three seconds

Virgin Media, through backing from its parent company Liberty Global, is currently investing billions of pounds to expand its network to millions more homes and businesses as part of its Project Lightning expansion programme.

Virgin Media has the largest gigabit-capable network in the UK which currently passes more than 14 million premises. The network consists of both fibre-rich cable and fibre connected directly to premises.

Morgan Stanley Capital Partners Completes Investment in Clarity Software Solutions

NewYork — Investment funds managed by Morgan Stanley Capital Partners (“MSCP”), a Private Equity team within Morgan Stanley Investment Management, announced today that they have completed an investment in Clarity Software Solutions (“Clarity” or the “Company”). MSCP is partnering with the current management team led by founder Sean Rotermund, who will remain CEO and continue to drive organic growth and product development during the investment. Clarity marks the ninth platform investment in MSCP’s North Haven Capital Partners Fund VI (“NHCP VI”) and the first healthcare investment. 

Headquartered in Madison, CT, Clarity is a data and technology driven provider of member communication solutions for health insurance payors, third party administrators (“TPAs”), and dental insurance companies. The Company’s software collects, consolidates and cleanses its customers’ data from multiple sources to generate compliant and personalized digital member communications across the enrollment, claims and payments, and compliance functions of its customers. 

Steve Rodgers, Managing Director of Morgan Stanley Capital Partners, said, “We are excited to partner with Clarity and its talented management team. The company has developed an innovative product that addresses the complex process of member communications for today’s healthcare organizations and we look forward to working together to build on this growth.” Rodgers joined MSCP in 2018 to lead health care investing for the platform. 

Jim Howland, Managing Director and Operating Partner of Morgan Stanley Capital Partners, added, “We are delighted to work with Sean Rotermund, Steve Mongelli and the Clarity team  and partner together as they continue to provide comprehensive engagement solutions that deliver differentiated value  to their customers.” 

Sean Rotermund, Founder and Chief Executive Officer of Clarity, said, “We are excited to team up with Morgan Stanley Capital Partners as we enter a new phase of growth to broaden our market presence and drive enhanced value to our customers.  We are proud of the work we’ve accomplished and expect this new partnership to enrich our already strong foundation of operational excellence and superior customer experience.” 

This investment is a continuation of MSCP’s focus on outsourced service providers that offer best in class solutions and reduce pain points for clients. Clarity follows other NHCP VI investments in outsourced providers which include CoAdvantage, a comprehensive HR and benefits provider to small and medium sized businesses and 24 Seven, a provider of digital and creative human capital management services. 

TripleTree, LLC acted as the exclusive financial advisor to Clarity. 

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, the middle-market focused private equity business of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over two decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments in North America and seeks to create value in portfolio companies primarily through operational improvement. For further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com. 

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 663 investment professionals around the world and $463 billion in assets under management or supervision as of December 31, 2018. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com. 

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.   

CRC 2394124 01/2019

Media Relations: Lauren Bellmare, 212.761.5303

Horizon Capital hits hard cap with $200m for its third Ukraine-focused fund, the largest fund raised for Ukraine in a decade

Horizon Capital, a U.S. private-equity firm investing in high growth and export-driven companies in Ukraine and the near region, has closed its third fund, Emerging Europe Growth Fund III, L.P. (“EEGF III”, the “Fund”), at its $200 million hard cap, far surpassing the $150 million target.  In what marks the largest private equity fund raised for Ukraine in a decade, Horizon’s EEGF III received strong backing from existing and new investors, attracted by the excellent value, fast growth and abundance of opportunities that Ukraine offers. Led by Founding Partners Lenna Koszarny and Jeffrey C. Neal and Senior Partner Denis Tafintsev, Horizon manages over $850 million in assets from investors with a capital base exceeding $350 billion.  Its Ukraine-focused funds have invested over $650 million in 140 companies employing over 46,000 people.

“Our fundraising success should send a strong signal that Ukraine offers tremendous rewards for those willing to look past the headlines”, said Lenna Koszarny, Horizon Capital’s Founding Partner and CEO.  “This fund is a testament to our long-term, valued investor relationships, our strong team of talented professionals and export-focused investment strategy, and our solid track record of successful investing in this country.  Since our first close last year, the new fund has already made six compelling investments and will close many more exciting deals in the years to come”.

EEGF III was launched with an anchor commitment from Western NIS Enterprise Fund and attracted investments from the EBRD, FMO, IFC, PROPARCO, DEG, IFU with over one-third of capital raised from institutional investors, foundations, family offices and other private investors. The new fund enjoys strong backing from existing investors of Horizon Capital’s prior funds, who contributed over 55% of total commitments.  U.S. and Europe-based investors contributed roughly 35% each of total capital raised, with the remainder from other international investors.

EEGF III’s investment strategy is focused on fast-growing, export-oriented companies that leverage Ukraine’s cost competitive platform to generate global revenues primarily in IT, light manufacturing, food and agriculture. The Fund will also pursue investments in select, high-growth domestic market segments, including e-commerce, healthcare and pharma, consumer goods and financial services.  Investments will range from $5-20 million and be made over the next 2-3 years.

Jeffrey Neal, Horizon Capital Founding Partner and Chairman of the Investment Committee, said: “Under Lenna Koszarny’s leadership and with our talented deal partners Denis Tafintsev, Vasile Tofan and Konstantin Magaletskyi, Horizon Capital has reached new heights. I am confident in our team’s ability to back visionary founders and deliver solid returns to our investors.”

EEGF III has made six investments to date, five in the core sectors driving Ukraine’s export boom and best-positioned to access global markets, including IT, light manufacturing and food and agro.  The Fund has backed Genesis, global IT product company; Intellias, fast-growing large IT services company; Yarych, leading biscuits producer; MAIB, #1 bank in Moldova, and others.

Horizon’s latest fund builds on the success of its previous funds raised for Ukraine and the near region: $370m EEGF II launched in 2008 and $132m EEGF I launched in 2006, both providing buyout/expansion capital for domestic-focused businesses.  EEGF III is the first Horizon Capital growth equity fund focused primarily on IT and export-oriented companies in their market.

Horizon Capital (www.horizoncapital.com.ua) is the leading private equity firm in Ukraine, backed by over 40 institutional investors with over $850 million under management in four funds.  Horizon Capital is a value-added investor, backing visionary entrepreneurs leading transformational businesses in Ukraine and the near region.

FOR MORE INFORMATION, PLEASE CONTACT:

Tetyana Bega

Investor Relations Director

Horizon Capital

Tel. +380 44 490 5580

e-mail: tbega@horizoncapital.com.ua

For the first time in Slovenia, Telemach with the BIGGEST package represents unlimited data transfer

We are proud that today we can offer the users of the only real mobile package in the Slovenian market, which brings an unlimited amount of data transmission.

Telemach has again moved the boundaries of mobile communication and entered 2019 with the upgrade of the MOST mobile package, which now provides unlimited data transmission in Slovenia in addition to unlimited calls, SMS and UNIFI network. At Telemach, we keep our promises and improve our packages for new and existing users alike. Best Bundled User Experience MAXIMUM will now be $ 2 more favorable than before; monthly subscription is € 20 for Telemach fixed line users and € 22 for everyone else. The offer in the package is mostly applicable to business users.

Hargray Agrees to Buy USA Communications Alabama Assets

Hargray Communications has agreed to purchase the Alabama assets of USA Communications. Terms of the deal were not disclosed

The deal, expected to close in early 2019, involves USA Communications systems in Pell City, Ala. and surrounding areas.

“We look forward to building upon USA Communications’ recent network investments and will deliver the fastest Internet service in town, a very high quality residential video service, and superior communications products and solutions to the businesses in the USA Communications’ service territory,” Hargray chairman & CEO Michael Gottdenker said in a statement.

Hargray plans to dedicate additional financial resources over the next year to grow USA Communications’ network to provide next-generation products and services to its residential customers.

“We are proud of what we have accomplished with this system over the last few years, but as we look toward the future of communications and entertainment services, it is our belief that Hargray’s larger scale and unique combination of technological expertise and community focus makes them the best possible choice to provide advanced telecommunications services to our communities,” USA Communications CEO Chris Hilliard said in a statement.

Michael McHugh at B. Riley FBR, Inc. was financial advisor to USA Communications for this transaction.

Dealmakers 2019: RBC Capital Markets Recognized for Leading Total Financings

The Financial Post’s annual Dealmakers feature looks at the top storylines and table rankings across a broad range of Canadian corporate dealmaking. It unveils the big deals and the financial institutions behind them. Last year, Canadian dealmaking saw a pull back as volatility in the markets and adversity in the oilpatch combined to curb sales of shares and bonds.

RBC Capital Markets topped Financial Post's Dealmakers 2019 rankings in the All Financings, Corporate Full Credit and Corporate Debt Full Credit categories.

Milestone Communications Inc. Activities 2018

Press Releases

October 15, 2018

Castle Pines, CO – Milestone Communications, Inc., a leading brokerage firm serving the cable telecommunications industry, served as advisor to Spillway Communications, Inc. and E.T. Communications, Inc. in the sale of their cable television system serving Maringouin, Livonia, Fordoche and portions of Point Coupee and Iberville Parishes in Louisiana.  Sale represented over 1,500 RGU’s.  Michael W. Drake of Milestone Communications, Inc. represented Spillway Communications, Inc. and E.T. Communications, Inc. in the transaction.

July 1, 2018

Castle Pines, CO – Milestone Communications, Inc., a leading brokerage firm serving the cable telecommunications industry, served as advisor to East Texas Cable Co., LLC in the sale of its cable television system serving Canton and portions of Van Zandt County, Texas.  Sale represented over 2,000 RGU’s.  Michael W. Drake of Milestone Communications, Inc. represented East Texas Cable Co., LLC in the transaction.

July 1, 2018

Castle Pines, CO – Milestone Communications, Inc., a leading brokerage firm serving the cable telecommunications industry, served as advisor to Ultra Communications Group, LLC in the sale of its cable television systems serving various communities near Abilene, Texas.  Michael W. Drake of Milestone Communications, Inc. represented Ultra Communications Group, LLC in the transaction.

May 1, 2018

Castle Pines, CO – Milestone Communications, Inc., a leading brokerage firm serving the cable telecommunications industry, served as advisor to Buford Communications I. LLC in the sale of its cable television system serving various communities in Gregg, Rusk and Panola Counties in Texas.  Sale represented over 1,300 RGU’s.  Michael W. Drake of Milestone Communications, Inc. represented Buford Communications I, LLC in the transaction.

February 1, 2018

Castle Pines, CO – Milestone Communications, Inc., a leading brokerage firm serving the cable telecommunications industry, served as advisor to Reynolds Cable TV, Inc.in the sale of its cable television system serving Bolingbroke and portions of Monroe County, Georgia.  Sale represented over 900 RGU’s.  Michael W. Drake of Milestone Communications, Inc. represented Reynolds Cable Tv, Inc. in the transaction.

UBS retains lead as Institutional Investor's Top Global Equity Research Firm of the Year

For the second consecutive year, UBS has been named Institutional Investor's Top Global Equity Research Firm.

Zurich, 27 November 2018 – For the second consecutive year, UBS has been named Institutional Investor's Top Global Equity Research Firm, retaining the #1 spot in the annual ranking and having been in seventh place in 2013. The ranking, based on votes from buy-side analysts and portfolio managers, is a testament to the value that UBS analysts and its Research platform bring to clients globally.

Clients voted for their preferred research analysts and teams in each region. Together, this resulted in UBS holding 157 leading positions across the world, ranking well ahead of peers.

"We'd like to thank our clients for once again recognizing our top-rated analysts and the strength of our Equity Research offering through their votes,” said Juan Luis Perez, Group Head Research, UBS Evidence Lab and Data Analytics. “The results of the Institutional Investor survey underscores how effective our strategy and investments have been in creating a Research platform that is truly differentiated and invaluable to clients everywhere.”

“We are very proud of our analysts and grateful for our clients' continued recognition of the UBS method of question-driven, evidence-based research," said Barry Hurewitz, Global Head of UBS Evidence Lab Innovations and formerly Global Research COO. "We have the best analysts in the industry, and armed with resources such as UBS Evidence Lab, they are in the best position to identify the questions and create the research that has the greatest impact on investors."

Since its formation in 2014, UBS Research has published thousands of Evidence Lab reports. Across 45 specialized areas, UBS Evidence Lab experts harvest, cleanse and connect billions of data items each month.

The move of UBS Evidence Lab into the broader Investment Bank, from within the Research area, allows clients direct access to the same insight-ready datasets that UBS analysts use.

"We are now in prime position to take our offering to the next level,” said Perez. “With the power of our talent and UBS Evidence Lab, we’re confident in our ability to drive further momentum in Equity Research into 2019 and years to come."

About UBS
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS' strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in 52 countries, with about 34% of its employees working in the Americas, 34% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 14% in Asia Pacific. UBS Group AG employs approximately 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

Investment Bank

The Investment Bank provides corporate, institutional and wealth management clients with expert advice, innovative solutions, execution and comprehensive access to international capital markets. It offers advisory services and provides in-depth cross-asset research, along with access to equities, foreign exchange, precious metals and selected rates and credit markets, through its business units, Corporate Client Solutions and Investor Client Services. The Investment Bank is an active participant in capital markets flow activities, including sales, trading and market-making across a range of securities.

UBS AG

Media contact
UK: +44-207-567 47 14
Switzerland: +41-44-234 85 00
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00

www.ubs.com
 

UBS Evidence Lab
UBS Evidence Lab is a separate business to UBS Research. UBS Evidence Lab provides data and evidence related to specific questions; it does not provide research, investment recommendations or advice.