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(July 25, 2003, Bethesda, MD) – Chessiecap, Inc., created to address the need for a major technology investment bank in the Mid-Atlantic region, announced today the commencement of full operations in Bethesda. The firm brings together a team of the Mid-Atlantic region’s leading financial, technology and business strategy executives to focus on the needs of growth and middle market technology companies. In recent months, Chessiecap has been quietly been adding clients as it rounded out its team of partners and secured initial investment capital.
Chessiecap brings a unique and new approach to investment banking that matches the needs of technology clients in today’s market with skills and services that drive value. In addition to traditional investment banking services such as mergers, acquisitions, divestitures, restructurings and private placements, Chessiecap also provides hands-on technology and strategy consulting; areas where improvements can dramatically increase company performance and potential transaction values. Key practice areas include in-depth technology assessment, product management and development, and business and marketing strategy. Chessiecap calls its total suite of services the “Value Generation Model.”
“Our approach stands the traditional investment banking model on its head. We view funding and M&A transactions as a process, not a single snapshot in time. We are welcomed into companies because we bring skills and experience that move a company forward and eventually create higher value transactions. It’s the difference between helping to make the cake and just eating the frosting,” said Doug Schmidt, Chessiecap’s CEO and Managing Director of Investment Banking.
Mr. Schmidt is well-known in the technology and financial communities for his work over the past decade with the Mid-Atlantic Venture Association (MAVA), the Northern Virginia Technology Council, the Greater Baltimore Technology Council, and other organizations.
Schmidt also noted that although the Mid-Atlantic region supports exceptional investing opportunities and new business growth, it has never had a dedicated technology-focused investment bank of size. Chessiecap’s goal is to provide the region with the highest and most comprehensive level of services to support the burgeoning technology community.
“We’ve always worked with our clients to identify and deliver on those critical product and technology issues that provide significant leverage,” said Alden Hart, Chessiecap’s CTO and Managing Director. The Chessiecap model allows us to continue to provide these services, but also allows our clients to directly realize that value.”
Chessiecap’s team includes: Schmidt, founder, who has held senior positions at Legg Mason, Grotech Capital Group, Ferris Baker Watts and Drexel Burnham Lambert and is one of the most accomplished investment bankers in the region; co-founder Alden Hart, who has developed breakthrough technology platforms and applications for the Adrenaline Group, Cybercash, NetExpress, and others and is a key advisor to numerous private equity and consulting companies; Rick Garvin, a proven technologist with expertise in product development and scalable services delivery who has held senior positions at BTG, Adrenaline Group, and Opion; and Peter Buchanan, a nationally-known strategist with extensive experience in business and operations planning who has held strategy, marketing and business development positions at GE, British Telecom, Operon Partners and Deloitte & Touche.
Avatech Solutions, a systems integrator headquartered in Owings Mills, MD, offers proof that the Chessiecap model works. “I have known Doug Schmidt for over ten years and believed his services could really benefit Avatech. We needed immediate help in strategy, distribution, and financial restructuring to make ourselves more attractive to customers, partners, and investors,” said Jim Hindman, Chairman of Avatech Solutions. “Chessiecap brought the right people, processes, and knowledge to the table to help us achieve our goals. We now have a new, revenue-generating partnership with the leader in engineering software, and we’re in a much stronger financial position. We couldn’t have done it without Chessiecap.”
Chessiecap , Inc. is an investment bank that serves growth and middle market technology companies, as well as divisions of major corporations. The firm works with clients by focusing on critical transaction, strategic, and technology objectives. The firm’s mission is to increase enterprise value for its clients by providing services that drive growth in revenues and profits and provide a path to shareholder liquidity. For more information, visit www.chessiecap.com.