Mirus completes valuation engagement for INSCI Series C
Boston, MA, Sep 16, 2003 – Mirus Securities, Inc. announced today that it has advised the Independent Board of Directors of INSCI Corp. on the valuation and fairness of the Company’s recent private placement of Series C Convertible Preferred Stock.
INSCI Corp. (OTCBB:INSS), a leading enterprise content management solutions provider, announced last week that it has signed an agreement with Wayne, PA-based SCP Private Equity Partners II, L.P. (SCP), a private equity fund, for the fund to invest up to $3.0 million in INSCI through the purchase of newly-issued shares of INSCI Series C Convertible Preferred Stock.
INSCI President and CEO Henry F. Nelson said in a statement that “the funds from the placement will be used to expand the Company’s presence within the Enterprise Content Management (ECM) market through improved brand awareness and expanded product development initiatives.” The transaction, effective September 5, 2003, strengthens the Company’s balance sheet, and will result in the amendment of various terms of the Series A and B Preferred and broaden expansion strategy alternatives for the company. “This funding will provide us the flexibility to implement a growth strategy that can now include expanded sales and marketing efforts, selected acquisitions and the completion of product initiatives,” Nelson said. “At the same time, it provides us resources to add infrastructure that will be needed to support expansion.”
About INSCI Corp.
INSCI Corp. is a leading provider of integrated enterprise content management (ECM) solutions with over a decade of experience providing advanced and cost effective solutions. The Company’s highly scalable ESP+ Solution Suite is designed for the capture and long-term preservation of mass volumes of wide-ranging digital assets, with Web-based presentment capability for such content as banking and financial statements, customer bills, explanation of benefits (EOBs), e-mail, digital voice, and transaction confirmations. For more information about INSCI, visit www.insci.com.
SCP Private Equity Partners (“SCP”) is a private equity firm focused on later stage companies in high growth industries, with an emphasis on technology. SCP generally invests in companies with commercially proven technologies that need capital to implement and market their business concepts. SCP targets the information technology, Internet infrastructure, financial services, wireless communications, life sciences, security, and education sectors. Selway Partners LLC, a current investor in INSCI, is an SCP portfolio company.
About Mirus Securities
Mirus Securities Inc. (Member of FINRA/SIPC) provides investment banking solutions to corporate clients in the areas of software, online media, business services, and niche manufacturing. Founded in 1987, Mirus provides corporate finance advisory services on engagements including mergers, acquisitions, divestitures, valuations, and fairness opinions. Additional information about the firm is available at www.merger.com.Back to Transactions