Solve Advisors, Inc. acquired Lumesis, Inc. from Safeguard Scientifics, Inc..
September 28, 2022
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Solve Advisors, Inc. acquired Lumesis, Inc. from Safeguard Scientifics, Inc. (NYSE:SFE) on September 29, 2022. Safeguard received $5.3 million of initial cash proceeds. Additional cash proceeds may be received from the final determinations of net working capital and the resolution of various escrow contingencies. Lumesis co-founders Gregg Bienstock and Tim Stevens and Lumesis' employees will join the SOLVE team.
Solve Advisors, Inc. completed the acquisition of Lumesis, Inc. from Safeguard Scientifics, Inc. (NYSE:SFE) on September 29, 2022. Stephen W. Ranere of Latham & Watkins LLP acted as legal advisor to Lumesis.
Safeguard Scientifics, Inc. is a provider of capital and relevant expertise to technology-driven businesses. The Company offers strategic, operational and management support to certain of its ownership interests, which include defining short and long-term strategic goals; identifying and planning for the critical success factors to reach these goals; identifying and addressing the challenges and operational improvements required to achieve the critical success factors and, ultimately, the strategic goals; identifying and implementing the business measurements that the Company and others are apply to measure a companyâs success; and identifying sources of and providing capital to drive growth. It also continues to hold relatively small equity interests in other enterprises where it does not exert significant influence and do not participate in management activities. The Company's subsidiaries include Bonfield VII, Ltd., Safeguard Delaware, Inc., SFE Properties, Inc., and others.