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INDUSTRY:
Business Services
WHAT:
TripleTree led the sale of STF Services
to BNA, the foremost publisher of print and electronic
news, analysis and reference products for professionals
in business and government |
THE
ESSENTIALS:
Due to the competitive environment within the
Company's current business, the sale process was
conducted in a highly confidential manner in order
to isolate STF's ongoing operations and protect
key relationships. |
STF Services Corporation
(STF) develops, publishes and markets "smart"
electronic form services in the areas of taxes, human
resources, and legal / regulatory. Located in Syracuse,
New York, the Company has developed a superior reputation
in its core market by offering the deepest and most
comprehensive library of over 8,000 current tax-related
forms in an extremely user-friendly format. This has
allowed the Company to capture a dominant market position
in electronic tax form services sold to tax professionals,
and subsequently, a highly profitable business highlighted
by strong revenue visibility.
In an effort to take advantage of
the tremendous growth presented by the Internet and
the move to electronic forms in a number of new markets,
STF engaged TripleTree to identify a strategic acquirer
that combines greater financial, sales and marketing
resources with STF's content and technology. Commensurate
with STF's interest in expanding its position in new
markets such as HR and legal, and regulatory, TripleTree
targeted a select group of publishing and software companies
whose business provided a strategic entry point and
the resources necessary to penetrate such market opportunities.
Due to the competitive environment within the Company's
current business, the sale process was conducted in
a highly confidential manner in order to isolate STF's
ongoing operations and protect key relationships.
“TripleTree
consistently performed beyond our highest expectations.
The unique combination of perseverance and diplomacy
that TripleTree brought to the process proved
to be the key factor that produced a win-win outcome
for all parties. We would engage TripleTree again
without hesitation, and we recommend them without
reservation.”
-
Michael S. Andrew
Executive
Vice President, STF Services Corp
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As a result of a highly competitive
process, STF services, Inc. was acquired by Bureau of
National Affairs, Inc. (BNA), the foremost publisher
of print and electronic news, analysis and reference
products for professionals in business and government.
Benefiting from an established, long-term relationship,
the companies shared a strong cultural fit and common
view on the model for integration. BNA was very interested
in continuing to operate the Company as a stand-alone
business with management and other employees retaining
their key positions while providing STF access to strong
distribution channels and relationships both in its
core tax business as well as multiple new markets. The
company was sold for $27.5 million in up front cash
plus a future earn-out incentive.
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