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Altimar Acquisition Corporation

Altimar Acquisition Corporation

Oct 16, 2020 by Roman Developer

PROPOSED BUSINESS COMBINATION: Owl Rock Capital Group and the Dyal Capital Partners 

ENTERPRISE VALUE: $12.7 billion
ANTICIPATED SYMBOL: OWL

Altimar Acquisition Corp. proposes to combine with Owl Rock Capital Group (“Owl Rock”) and the Dyal Capital Partners (“Dyal”) division of Neuberger Berman Group LLC, to form Blue Owl Capital Inc. (“Blue Owl”), an alternative asset management firm with over $45.0 billion in assets under management. The transaction is expected to be completed in the first half of 2021.

The combined entity is expected to have a post-transaction market capitalization of approximately $12.5 billion. As a result of the transaction, Blue Owl is expected to be listed on the NYSE under the new ticker “OWL”.

The new firm’s main business will focus on two of the fastest growing areas of alternative asset management: Direct Lending, where Owl Rock is one of the leading private credit providers to middle and upper middle market businesses backed by top-tier financial sponsors, and GP Capital Solutions, where Dyal has been a leader and innovator since its founding. The Owl Rock and Dyal businesses will be autonomous but complementary. By bringing together two preeminent businesses in their respective fields, Blue Owl will be positioned as a differentiated provider of holistic solutions to the alternative asset management community. Each business will be led by its current long-tenured management, and its respective investment teams will continue to employ the disciplined investment philosophies that they have delivered since inception.

Upon completion of the transaction, Blue Owl will be a stand-alone firm and Owl Rock and Dyal founders, alongside Neuberger Berman, will own meaningful equity positions in Blue Owl.

Owl Rock Direct Lending Highlights:

  • Scaled direct lending business with $23.7 billion in assets under management as of September 30, 2020
  • Focused on lending to middle- and upper-middle-market, private equity-sponsored companies
  • Technology lending strategy capitalizing on the large and growing demand for technology products and services
  • Led by an investment team dedicated to direct lending
  • Demonstrated ability to source proprietary investment opportunities with $24 billion in originations since inception
  • Industry-leading credit performance historically and throughout the COVID-19 pandemic

Dyal GP Capital Solutions Platform Highlights:

  • Industry leading GP capital solutions business with a proven track record, having completed 57 transactions with 49 GPs to date
  • Deep and extensive relationships across the alternative asset management ecosystem
  • Large permanent capital base totaling $23.3 billion in assets under management (as of November 30, 2020) promotes the formation of strong, value-added partnerships
  • Unique Business Services Platform assists GPs in the portfolio with a leading set of strategic and capital raising advisory services
  • Led by founder Michael Rees and a senior management team that has an average of 18 years of experience and more than a decade of working together in the GP Capital Solutions business

The closing of the transaction will result in a change of control of the registered investment adviser (the “Owl Rock Advisers”) to each of the Owl Rock BDCs under the Investment Company Act of 1940, as amended (“1940 Act”), and will require the assignment of each Owl Rock BDC’s current investment advisory agreement in accordance with the 1940 Act. As a result, each BDC’s shareholders will be asked to approve an amended and restated investment advisory agreement between such Owl Rock BDC and the applicable Owl Rock Adviser, which will replace its current investment advisory agreement upon the consummation of the transaction. All material terms will remain unchanged from the Owl Rock BDCs’ current investment advisory agreements, and such agreements, if approved by the applicable Owl Rock BDCs’ shareholders, will become effective upon the closing of the transaction.

SUBSEQUENT EVENT – 8/24/22 – LINK

  • Blue Owl Capital Inc. announced the results of the redemption of all of its outstanding redeemable warrants to purchase shares of the Company’s Class A common stock by and between the Company and Computershare Inc. and its wholly-owned subsidiary, Computershare Trust Company, N.A., as warrant agent, for a redemption price of $0.10 per Public Warrant (the “Redemption Price”) on August 18, 2022.
  • The redemption was triggered because the last sales price of the Class A Shares was at least $10.00 per share on each of twenty trading days within a thirty-day trading period ending on the third trading day prior to July 18, 2022.
  • Of the 14,159,048 Warrants (9,159,048 Public Warrants and 5,000,000 Private Placement Warrants) that were outstanding on July 18, 2022, approximately 14,553 were exercised for cash at an exercise price of $11.50 per Class A Share in exchange for an aggregate of 14,553 Class A Shares and 8,961,029 were exercised on a cashless basis in exchange for an aggregate of 2,141,601 Class A Shares, in each case in accordance with the terms of the Warrant Agreement.
  • Total cash proceeds generated from exercises of the Public Warrants were $171,185.
  • Immediately following the redemption, the Company expects to have zero Public Warrants, 5,000,000 Private Placement Warrants, and 442,117,260 of Class A Shares outstanding.

TRANSACTION

Pursuant to the transaction, Altimar, which currently holds $275 million in cash in trust, will combine with Blue Owl at an estimated $12.5 billion pro forma equity value at closing. Assuming no redemptions by Altimar’s existing public stockholders, the existing equityholders of Owl Rock and Dyal (including Neuberger Berman) will hold approximately 85% of Blue Owl immediately following the closing of the business combination. The founders and senior managers of Blue Owl will retain their equity stakes immediately following the transaction, promoting continued alignment with the combined company’s public investors and clients.

Cash proceeds in connection with the transaction will be funded through a combination of Altimar’s cash in trust and a $1.5 billion fully committed, oversubscribed, common stock private investment in public equity (“PIPE”) at $10.00 per share, including commitments from leading investors including ICONIQ Capital, CH Investment Partners, Koch Companies Defined Benefit Master Trust, the Federated Hermes Kaufmann Funds, and Liberty Mutual Investments.

Transactions Summarized in 8-K

At the closing of the transactions:

  • (a) Altimar will change its jurisdiction of incorporation by deregistering as an exempted company in the Cayman Islands and continuing and domesticating as a corporation under the laws of the State of Delaware (the “Domestication”), upon which Altimar will change its name to “Blue Owl Capital Inc.” (“Blue Owl”);
  • (b) Blue Owl’s wholly-owned subsidiary, Blue Owl Capital GP, LLC (“Blue Owl GP”), will serve as the general partner of two Delaware limited partnerships: Blue Owl Holdings LP (“Blue Owl Holdings”) and Blue Owl Carry LP (“Blue Owl Carry”);
  • (c) Blue Owl Holdings will acquire
    • (i) Owl Rock’s business of sponsoring, offering and managing all existing and future Owl Rock business development companies, funds and managed accounts (the “Owl Rock Funds”) and
    • (ii) the Dyal Capital Partners division of Neuberger (“Dyal”), including the business and operations related to sponsoring, offering and managing the Dyal funds and any successor fund thereof and Dyal’s business services platform; and
  • (d) Blue Owl Carry will acquire 15% (net of certain investor and other third party arrangements) of the carried interest, performance fees and/or incentive fees or allocations arising in respect of the existing and future Owl Rock Funds (other than the fees of the Owl Rock business development companies, 100% of which (net of certain investor and other third party arrangements) are being contributed to Blue Owl Holdings as described in clause (c)) and in respect of future Dyal funds (specifically excluding Dyal Funds I-V for which carried interest is not being contributed).

Upon consummation of the transactions contemplated by the Business Combination Agreement (the “Business Combination”), the combined company will be organized in an “Up-C” structure, in which substantially all of the assets and business of Blue Owl will be held by Blue Owl Holdings and Blue Owl Carry. The combined company’s business will continue to operate through the subsidiaries of Blue Owl Carry and Blue Owl Holdings (collectively, the “Blue Owl Operating Group”). Blue Owl will in turn hold its interests in Blue Owl Holdings and Blue Owl Carry through Blue Owl GP, a wholly owned subsidiary that will hold the general partner units in the Blue Owl Operating Group entities.

Consideration

The aggregate value of the consideration (prior to giving effect to the earnout shares described below) to be paid to the current equityholders of Owl Rock (the “Owl Rock Equityholders”) and Dyal (the “Dyal Equityholders”) in the Business Combination is approximately $12.15 billion, of which:

  • (a) approximately $5,467,500,000 will be paid to the existing Owl Rock Equityholders consisting of: certain cash consideration in the approximate amount of $350,000,000 (subject to adjustment as described below, the “Owl Rock Cash Consideration”) and the remainder in shares of Blue Owl common stock (as defined below) at a price of $10.00 per share, provided that at an Owl Rock Equityholder’s election, such Owl Rock Equityholder may elect, in lieu of each share of Blue Owl common stock to which such Owl Rock Equityholder is entitled, to receive one common unit in each of Blue Owl Holdings and Blue Owl Carry (together, a “Blue Owl Operating Group Unit”) and a corresponding one vote-only share of Blue Owl; and
  • (b) approximately $6,682,500,000 will be paid to the Dyal Equityholders consisting of: certain cash consideration in the approximate amount of $1,100,000,000 (subject to adjustment as described below, the “Dyal Cash Consideration”) and the remainder in Blue Owl Operating Group Units and vote-only shares of Blue Owl.

The Owl Rock Cash Consideration and Dyal Cash Consideration are subject to adjustment to the extent working capital or debt of Owl Rock or Dyal at the Closing are different than agreed upon targets.

  • The Owl Rock Cash Consideration and Dyal Cash Consideration will also be reduced to the extent that available Closing date cash (which is defined as the sum of (a) the cash in the Altimar’s Trust Account, less amounts required for the redemptions plus (b) the aggregate net proceeds received from the proposed PIPE Investment) is less than $1,775,000,000.
  • Any such reduction described in the immediately preceding sentence would result in an adjustment to the relative equity interests of the Owl Rock Equityholders and Dyal Equityholders, as applicable.

Altimar - blue owl

PIPE

  • $1.5 billion fully committed, oversubscribed, common stock private investment in public equity (“PIPE”) at $10.00 per share, including commitments from:
    • ICONIQ Capital
    • CH Investment Partners
    • Koch Companies Defined Benefit Master Trust
    • The Federated Hermes Kaufmann Funds
    • Liberty Mutual Investments.

LOCK-UP

A contractual lock-up on the sale of Blue Owl common stock and Blue Owl Operating Group Units as follows:

  • (a) in the case of Owl Rock Principals and Dyal Principals, 24 months from Closing,
  • (b) in the case of the Sponsor and Altimar Founders, 12 months from Closing, and
  • (c) in the case of all other parties thereto, six months from the Closing.

Additionally,

  • 40% of the equity issued to Owl Rock Feeder, which is attributable to a person other than Owl Rock Principals, will be released from the lock-up 6 months from Closing.
  • The Class E common stock and Seller Earnout Units received by the parties thereto are also subject to lock-up until the later of the date the holder thereof is otherwise subject to a lock-up with respect to its other equity securities and the date such shares or units have vested, as described above.

FORFEITURE AND SPONSOR SUPPORT AGREEMENT

  • Sponsor agreed to to forfeit and surrender for no additional consideration 2,289,375 of the 6,675,000 shares of Class A common stock which would be received by Sponsor upon the automatic conversion of its shares of Class F common stock upon the Closing

EARNOUT

100M share earnout structured for the benefit of existing shareholders, vesting in two equal tranches at $12.50 and $15.00 per share

  • 45,000,000 additional shares of Class E common stock and/or Seller Earnout Units  in each of Blue Owl Holdings and Blue Owl Carry are being issued to the Owl Rock Equityholders
  • 55,000,000 Seller Earnout Units in each of Blue Owl Holdings and Blue Owl Carry are being issued to the Dyal Equityholders.
  • The Class E common stock and “Seller Earnout Units” consist of two equal tranches:
    • one tranche (50% of the total) vesting if the volume-weighted average share price on Blue Owl’s Class A Common Stock is $12.50 or above for 20 consecutive days within 5 years after the Closing
    • second tranche (the remaining 50%) vesting if the volume-weighted average share price on Blue Owl’s Class A common stock is $15.00 or above for 20 consecutive days within 5 years after the Closing.
  • The vesting metrics also are achieved if there is a merger, consolidation, tender offer, exchange offer, business combination or sale at or above the relevant vesting metric.

NOTABLE CONDITIONS TO CLOSING

  • The cash proceeds from the trust account, net of any amounts paid to Altimar’s shareholders that exercise their redemption rights, plus the aggregate proceeds of the PIPE Investments equaling no less than $1,300,000,000 at the Closing (the “Minimum Proceeds Condition”)
    • provided that in the case of Altimar, the Minimum Proceeds Condition is that the PIPE Investment has been funded in an amount not less than $750,000,000

NOTABLE CONDITIONS TO TERMINATION

  • By Neuberger, Owl Rock, Owl Rock Feeder, Owl Rock Capital Partners or Altimar if the Closing has not occurred on or before September 23, 2021 (the “Outside Date”), subject to extension by mutual agreement of the parties.

ADVISORS

  • Perella Weinberg Partners LP, Goldman Sachs & Co. LLC and BofA Securities, Inc. are serving as financial advisors to Owl Rock.
  • Kirkland & Ellis LLP is serving as legal counsel to Owl Rock.
  • Ardea Partners LP is serving as financial advisor for Neuberger Berman and Dyal.
  • Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Neuberger Berman.
  • Citigroup and UBS are serving as advisors to Neuberger Berman.
  • Evercore Group LLC is serving as financial advisor to Dyal.
  • Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal counsel to Dyal.
  • J.P. Morgan Securities LLC is serving as exclusive financial advisor to Altimar Acquisition Corporation.
  • Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Altimar Acquisition Corporation.
  • Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint placement agents on the PIPE.

MANAGEMENT & BOARD

Executive Officers

Tom Wasserman, 45
Chairman and Chief Executive Officer

Mr. Wasserman also currently serves as a Managing Director at HPS Investment Partners, LLC where he heads the Growth Equity group. Since March 2019, Mr. Wasserman has served as a member of the board of directors of Trine Acquisition Corp. Mr. Wasserman has worked within TMT (including prior to his transition to HPS) since 1999. Mr. Wasserman’s current board roles include serving as a director of BT One Phone Limited, OnePhone Holding AB, Revolt Media and TV Holdings, LLC, and CAST Holdings LLC. Mr. Wasserman served as Chairman of Hibernia Networks (sold to GTT Communications). Mr. Wasserman began his career at Donaldson, Lufkin and Jenrette in the investment banking division. He has a BA in Business Administration from the University of Michigan where he graduated with distinction.

Wendy Lai, 45
Chief Financial Officer

Ms. Lai is a Managing Director at HPS Investment Partners, where she leads the corporate finance, regulatory capital compliance, and technology transformation of financial systems. Prior to joining HPS in 2016, Ms. Lai was a Senior Vice President at Blackstone, where she oversaw accounting of registered investment advisors, corporate consolidation, and financial reporting functions. Ms. Lai worked for PricewaterhouseCoopers as the Senior Manager, where she managed the audit engagements of hedge funds and Fortune 500 insurance companies. She holds MBA in Finance from Columbia University and a BA in Economics from Tufts University.

 

Board of Directors

Kevin Beebe, 61
Director

Since November 2007, Mr. Beebe has been President and Chief Executive Officer of 2BPartners, LLC, a partnership that provides strategic, financial and operational advice to private equity firms and companies in the technology and telecom industries. From 1998 to 2007 he was Group President of Operations at ALLTEL Corporation, a publicly traded telecommunications services company. From 1996 to 1998, Mr. Beebe served as Executive Vice President of Operations for 360° Communications Co., a publicly traded wireless communications company. From 1983 to 1995 Mr. Beebe served in various management roles at ATT, Southwestern Bell and United Telecom/Sprint. Currently, Mr. Beebe serves on the board of directors for, Skyworks Solutions, Inc. (currently as the chair of the Nominating and Governance Committee and previously as a member of the Audit and Compensation Committees), a publicly traded semiconductor company, SBA Communications (currently as a member of the Audit and Compensation Committees and previously as a member of the Nominating and Governance Committee), a publicly traded wireless tower and service company, Frontier Communications, a publicly traded local, long distance and broadband service provider (currently as a member of the Finance, Audit and Compensation Committees), Nextel Holdings, a private company holding the remaining Nextel International assets, Syniverse Technologies (currently as the Chair of Nominating and Governance Committee and as a member of Compensation Committee), Logix Communications, a private broadband service provider, and DartPoints Holding Company LLC, an operator of edge colocation data centers. In addition, Mr. Beebe is a founding partner of Astra Capital, a private equity firm focused on mid-market tech/telecom investment opportunities. Mr. Beebe also serves on the Board of Trustees of Caron Treatment Centers, as Chair of Caron’s Florida Advisory Board, and on the Naples Community Hospital Board of Trustees. Mr. Beebe holds a Bachelor of Arts in Economics from Kutztown University in Pennsylvania and a Master of Arts in Economics from Bowling Green University in Ohio. He also completed the Executive Business Administration Program at Columbia University in New York.

Payne Brown, 58
Director

Mr. Brown currently serves as the President of THINK450, the for-profit innovation engine of the National Basketball Players Association. Prior to becoming President of THINK450 he was the Managing Partner of Econet Media Partners. Prior to this, Mr. Brown was Managing Director at Highbridge Principal Strategies (“Highbridge”), an alternative investment management organization, where he focused on media opportunities in the private equity group. Mr. Brown joined Highbridge in 2012 and led the firm’s investment into REVOLT TV, a multimedia platform. He currently serves on REVOLT’S board and chairs the compensation committee. Mr. Brown also served as the Chief of Staff to the interim owner of the Los Angeles Clippers in 2014. Prior to joining Highbridge in 2012 Mr. Brown was Vice President of Strategic Initiatives and a corporate officer at Comcast Corporation and also served as a strategic advisor to Comcast senior leadership, crisis manager, and negotiations expert during Comcast Corporation’s acquisition of NBCUniversal from 2009 to 2011. Prior to joining Comcast in 1998, Mr. Brown spent three years practicing law at Helmke, Beams, and Boyer. He also served as an assistant prosecutor for the State of Indiana, and as the Director of Public Safety for the city of Fort Wayne, Indiana. He served on the Fort Wayne Community Schools school board for eight years, presiding as President of the board for two years. Mr. Brown has served on a number of boards, including the Philadelphia Urban League, Project Home, and on the Board of Advisors for the Philadelphia Chapter of the National Association for Multi-Ethnicity in Communications (NAMIC). He has served as an advisor to The HistoryMakers, TV One, the American Black Film Festival, and the Black Filmmaker Foundation. Mr. Brown has also served as a retained strategic advisor to Comcast Corporation. Mr. Brown received a J.D. from George Washington University and a B.S. in Management from Purdue University.

Rick Jelinek, 54
Director

Mr. Jelinek is Managing Director at Czech One Capital Partners and an active healthcare investor and executive. Previously, Mr. Jelinek was executive vice president, enterprise modernization and integration at CVS Health. He led the integration efforts related to the CVS Health and Aetna merger as well as the broad scale infrastructure modernization activities. Mr. Jelinek has held senior leadership roles within payor, provider and private equity organizations including working as an operating partner at Advent International over his 25-year career. Previously, Mr. Jelinek served as executive vice president of enterprise strategy and head of Aetna’s local markets and national accounts operations. For 19 years of his career, Mr. Jelinek served in a variety of executive leadership roles at UnitedHealth Group and a predecessor company, including CEO of OptumHealth and CEO of the company’s Medicaid, Medicare Advantage and Emerging Businesses Group. Mr. Jelinek is a member of the Young Presidents’ Organization and a founding advisory board member for the Griffith Leadership Center at the University of Michigan School of Public Health. He currently is a member of the board of directors of HealthEdge and previously served on the board of directors of Cotiviti, Sutter Health, Redbrick Health, the Minnesota Children’s Museum and The Long Term Care Group. Mr. Jelinek holds a master’s degree in health services administration and an MBA from the University of Michigan, as well as a bachelor’s degree in business administration from the University of Southern California.

Roma Khanna, 51
Director

Ms. Khanna is a content innovator, executive and entrepreneur. From 2017 to 2020 Ms. Khanna was the chief executive officer at REVOLT Media and TV, responsible for leading strategy and operations of the real-time, multi-platform brand and network, reporting directly to the Chairman, Sean Combs, and the Board. She remained on as Advisor to the Board after she chose to step down as chief executive officer. From 2011 through 2015, Ms. Khanna was President of Metro-Goldwyn-Mayer Studios (“MGM”) Television Group and Digital where she oversaw creative development and production as well as worldwide TV and digital distribution for branded channels. Under Ms. Khanna’s leadership, MGM Television developed and delivered several critically acclaimed award-winning series, including “The Handmaid’s Tale” to Hulu, “Fargo” to FX, “Vikings” to HISTORY. Prior to joining MGM, Ms. Khanna served as President, Universal Networks International & Digital Initiatives, with NBC Universal. While at NBC Universal, Ms. Khanna oversaw and grew NBC Universal’s portfolio of international television channels, including the Syfy Channel, 13th Street, Universal Channel, Hallmark Channel, Divatv and Movies24 brands, as well as the Digital Initiatives division. Ms. Khanna has also served as Senior Vice President, Content and Co-Head of Television for CHUM Limited in Canada. Ms. Khanna began her career in digital media with Snap Media and in music at Sony Music Canada. Ms. Khanna serves as a board member of the Canadian Film Centrend sits on the commercial committee of BAFTA and the advisory board for the Peabody Awards. Ms. Khanna has received The Euro 50 award from Eurodata and was the first recipient of Reed MIDEM’s “MIPCube Media Architect of the Future Award” for her pioneering work in the use of new digital platforms. Ms. Khanna earned a bachelor of science from the University of Toronto, a J.D. from the University of Detroit, a bachelor of law from the University of Windsor, and an MBA from York University-Schulich School of Business.

John Kim, 51
Director

Mr. Kim is Founder and Managing Partner of Brewer Lane Ventures. Prior to founding Brewer Lane Ventures, Mr. Kim was President and Chief Investment Officer of New York Life Insurance Company. As a career investor, Mr. Kim started New York Life Ventures in 2012, which over the subsequent 6 years. Previously, he held CEO roles in other insurance, retirement and asset management firms including Prudential Retirement, CIGNA Retirement and Investment Services, and Aeltus Investment Management, a subsidiary of VOYA. Mr. Kim is currently a board director at four insurtech startups?—?Powerlytics, Socotra, Avibra and Ladder Life Insurance. Additionally, he is on the board of trustees of Eversource, New England’s largest energy delivery company and a national leader in clean energy, and was previously on the board of FiServ, a global provider of financial services technology. Mr. Kim received a bachelor’s degree from the University of Michigan and an MBA from the University of Connecticut.

Michael Rubenstein, 46
Director

He is an entrepreneur and executive who played a key role in building AppNexus, which was acquired by AT&T in 2018, and DoubleClick, which was acquired by Google in 2008. Mr. Rubenstein specializes in marketplace strategy, win-win partnerships, developing talent, and building high-performing go-to-market organizations that create global impact. At AT&T, he served as President of AppNexus, a Xandr company, where he oversaw go-to-market for the company’s digital ad platform. Prior to AT&T, Mr. Rubenstein spent nearly a decade as President and Board member at AppNexus, and was a chief architect of the company’s growth from startup to a leader in programmatic advertising. Prior to joining AppNexus, Mr. Rubenstein founded and served as General Manager of DoubleClick Ad Exchange, a leading marketplace for programmatic advertising, after joining DoubleClick through the acquisition of Toronto-based martech startup FloNetwork, later re-branded DARTmail. Mr. Rubenstein has also served on non-profit Boards, including the Interactive Advertising Bureau and Global Cities (a Bloomberg Philanthropy). Mr. Rubenstein regularly speaks at business conferences and schools, and actively advises and invests in the next generation of entrepreneurial ventures. He holds a bachelor’s degree from McGill University and an MBA from Columbia Business School.

Vijay Sondhi, 55
Director

Mr. Sondhi is the CEO of NMI. He is an accomplished fintech executive and investor. Mr. Sondhi ran Visa’s CyberSource and Authorize.net businesses, was head of Visa corporate strategy and launched Visa’s flagship One-Market Innovation Center. He served as chief financial officer for three private equity and venture-backed companies spanning a wide variety of fintech solutions, including ERP accounting, point-of-sale systems, hospitality reservations and billing, plus financial document management, where he raised private capital, executed merger and acquisition transactions and oversaw an initial public offering. Mr. Sondhi’s executive career includes senior roles with Oracle-Micros, OpenText-IXOS and SAP. He serves on the boards of Verifone and Tangem and is a senior advisor to Token.io. Mr. Sondhi earned an MBA in finance from Columbia University and a Bachelor of Science degree in computer science from The University of British Columbia.

Michael Vorhaus, 62
Director

Mr. Vorhaus currently severs as a member of the board of directors of Perion Network (Nasdaq: PERI). Starting December of 2018, Mr. Vorhaus founded Vorhaus Advisors and is CEO of the firm. From 1994 to November 2018, he was in a variety of positions at of Frank N. Magid Associates, Inc., a research-based strategic consulting firm. From 1994 to 2008, Mr. Vorhaus served as its Senior Vice President and Managing Director and from 2008 to 2018 he served as the President of Magid Advisor, a unit of Magid Associates. From 2013 to 2014, Mr. Vorhaus served as a director of Grow Mobile. In 1987, he founded Vorhaus Investments. Mr. Vorhaus holds a B.A. in Psychology from Wesleyan University and completed the Management Development Program at the University of California, Berkeley’s Haas School of Business.

ByRoman Developer