Mirus completes 409A valuation for Powersteering
Mirus was engaged by Cambridge-based PowerSteering Software Inc. in 2006 to provide a valuation of its common stock in connection with its ISO plan. Subsequently PowerSteering was bought in 2012 by a Texas firm, and merged with Canada’s Tenrox. According to a press release, both Steve Sharp, current CEO of PowerSteering Software, and Rudolf Melik, founder and CEO of Tenrox, will stay on with the new company as “key members of the management and advisory teams,” although their exact roles or the duration of their relationship with the new PowerSteering were not disclosed.
PowerSteering Software brings to the merged company such customers as BayCare, Johnson Controls, Merck, PolyOne, Shaw Industries, UK National Health Service, US Department of Defense, and others. Tenrox counts as customers IBM, General Electric, US Army, The Pentagon, ConocoPhillips, Hydro Quebec, Alcatel Lucent, Estee Lauder, E*TRADE Financial Corp., and others. Privately held PowerSteering raised $2 million in venture debt as part of a $3.5 million in April 2008.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions