“Knowing that Ansarada’s client support services people can cover you at odd hours of the day or night during a M&A deal was something we very much appreciated.” Richard Gabaldon, vvice president of tax and strategic planning at Emcore Corp.
If you do business in outer space what data room should you use?
ansarada of course.
Ten months after deciding to sell three business units, Albuquerque, New Mexico-based Emcore Corp. sold its space photovoltaics business to New York-based private equity firm Veritas Capital for $150 million in cash with ansarada providing the data room for M&A due diligence.
Emcore started the space photovoltaics business in 1998 and its products are used in space power applications including high-efficiency multi-junction solar cells, coverglass interconnected cells and complete satellite solar panels.
A little more than a month after selling the photovoltaics business, Emcore sold its tunable laser and transceiver product lines for $17.5 million to NeoPhotonics, a designer and manufacturer of photonic integrated circuits.
“I would absolutely recommend Ansarada as a data room provider,” says Richard Gabaldon, vice president of tax and strategic planning at Emcore.
“Ansarada’s 24 hour support was a big plus,” says Mr Gabaldon. “Knowing that Ansarada’s client support services people can cover you at odd hours of the day or night during a M&A deal was something we very much appreciated as many of us had never been involved in M&A before and had many questions.”
Emcore also appreciated the help it got from ansarada in uploading word documents and turning them into PDF files for the data room.
“Data room security was very good,” says Mr Gabaldon.
An Ansarada data room feature that was frequently used by EMCORE’s deal team was the ability of being to control what prospective bidders could and could not see.
“That feature we appreciated because we felt it helped improve the valuations of the businesses we were selling,” says Mr Gabaldon.
Raymond James Financial Inc. are Emcore’s investment banking advisors on the disposal of its three businesses. They were also fans of the Ansarada data room, says Mr Gabaldon.
EMCORE’s products are used in space power applications.