|FOR IMMEDIATE RELEASE||Contact:|
Michael Tharp, Cimarron Capital
Glenn McGonnigle, TechOperators
Brad Henry, ADFA
ADFA Announces New Venture Capital Firm Serving Arkansas Technology Companies
AIF Invests $4.0M in Technology Operators Fund II
The Arkansas Development Finance Authority (ADFA) through the Arkansas Institutional Fund (AIF) has committed to a $4.0 million investment in Technology Operators Fund II, managed by TechOperators, LLC, of Atlanta, Georgia. As a result, the TechOpertators team will focus a significant amount of time on both prospecting and investing in high growth technology companies in Arkansas. Aaron Burkes, President of ADFA, said, "The Arkansas Institutional Fund is one of ADFA's programs designed to help Arkansas companies access growth capital. We are pleased to partner with TechOpertators in our efforts to grow Arkansas's economy and look forward to their contributions."
TechOperators, a venture capital firm, invests in young companies in the rapidly growing sectors of cybersecurity and business services delivered over the internet. They typically invest when a company has early revenue or a plan to achieve this milestone in the near future. The firm is known for its operational support of companies when and where the need arises. Fund II will invest $2 million - $3 million of growth capital initially and have the ability to invest $5 million - $6 million over the life of any investment. Arkansas companies with an interest in this opportunity can learn more by contacting TechOperators (www.techoperators.com).
"We have discovered that firms like ours should have a presence in Arkansas," according to Glenn McGonnigle, a partner at TechOperators. "We see good opportunities and we look forward to building more relationships. We welcome the chance to talk with strong management teams that would like a dependable partner to help accelerate their business."
In addition to TechOperators, ADFA, through AIF, has created relationships with Fulcrum Equity Partners (www.fulcrumep.com), Noro-Moseley Partners (www.noro-moseley.com), Petra Capital Partners (www.petracapital.com), MB Venture Partners (www.mbventures.com), Prolog Ventures (www.prologventures.com), Meritus Ventures (www.meritusventures.com), SSM Partners (www.ssmventures.com) and the Fund for Arkansas's Future (www.arkansasfund.com). "The TechOperators commitment means more professional business builders focused on the state of Arkansas," said Mike Tharp managing director of Cimarron Capital, the fund manager of AIF.
About the Arkansas Development Finance Authority
The Arkansas Development Finance Authority is committed to responding to the changing needs of Arkansas' growing, increasingly diverse population and business community. Since its creation in 1985, ADFA has become the state's largest source of low-cost financing for low-to-moderate income housing development, small industries, government, education, agricultural business enterprises and healthcare. Through the issuance of taxable and tax-exempt bonds and notes, the administration of private and public grants and partnerships with state and federal agencies, ADFA gives Arkansans the most cost-effective financing choices possible. In 2001, bond guaranty legislation was modified to allow ADFA to utilize credit enhancement and state tax credits to finance "fund of funds" venture capital investments. At this time the $70 million Arkansas Institutional Fund was created. More information about ADFA is available at www.arkansas.gov/adfa.
About the Arkansas Institutional Fund
In an effort to strengthen the venture capital network in Arkansas and promote economic growth within the State, the Arkansas Institutional Fund is authorized to invest in professionally managed venture capital funds that in turn make risk capital more accessible to promising Arkansas firms. More information is available at arkansasinstitutionalfund.com.
About Cimarron Capital Partners
Cimarron is a leading national investment management firm specializing in regional private equity. The firm serves as fund manager for the Arkansas Institutional Fund.