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(September 14, 2004, Bethesda, MD) – Chessiecap, Inc. announced today that Ann E. Quinn, currently the Managing Director of the State of Maryland Venture Fund, will leave her position at the end of September to join the investment banking firm as Director, Strategy Services.
Chessiecap works with growth and middle market technology companies in the Mid-Atlantic region to enhance their operations and then execute successful transactions. Through the addition of Quinn, Chessiecap expects to better serve the technology communities in Northern Virginia, Suburban Maryland, and Greater Baltimore.
"Chessiecap has been around for a little over a year, and, in that time, has helped more than 25 technology companies create the right strategies, scale their products and technology, and execute high-value transactions," said Chessiecap CEO and Managing Director Doug Schmidt.
"Now, we are looking to scale and enhance our offerings to growth and middle market technology companies," Schmidt continued. "Ann has earned a significant reputation throughout this region in venture capital, marketing, and business strategy. Her leadership and knowledge in this marketplace represent a tremendous addition to our team."
At Chessiecap, Quinn will be responsible for the daily operation of the firm's strategy practice. This group helps companies to create clear, executable strategies that win in the marketplace and works with investment banking clients to prepare them for market.
Quinn said, "Based on my experience in venture capital, I believe that many technology companies in the region can greatly benefit from Chessiecap's transaction and consulting services. I am really looking forward to working with companies to create and execute strategies that lead to market leadership and high-value transactions."
As Managing Director of the State of Maryland Venture Fund, Quinn was responsible for oversight of all equity financing activities with a focus on seed and early stage investments in advancing technology and life sciences companies within the state. She managed a portfolio of 120 active technology and biotech companies, and nine venture capital partnerships, while developing and implementing an international investment strategy for the State.
Under Quinn's leadership, the Maryland Venture Fund saw its budget for FY 2005 double, based on its strong performance. The U.S. Department of Commerce awarded the Maryland Venture Fund the National Excellence in Innovation in Economic Development Award in June 2004.
Prior to joining the Maryland Venture Fund in August 2001, Quinn was Director of Operations and then Vice President of Business Development for the Corporate Technology Group, Inc., a systems integration company specializing in wide area networks, complex local area networks, and application development.
Quinn also has served as Director of Marketing for CycleShark.com, an Internet-based content provider for motorcycle enthusiasts, and for Operon Partners, a strategy services company that focused primarily on Fortune 500 and emerging companies.
Chessiecap, Inc. is an investment bank that works with companies that are interested in executing successful, high-value transactions within the next 24 months. Chessiecap provides consulting services that dramatically increase operating performance and then executes transactions that realize that value. Chessiecap's clients are growth and middle market companies, private equity backed companies, and divisions of major corporations.
Chessiecap operates three, related practices that focus on increasing corporate value: Investment Banking engages all of Chessiecap's resources to effect financing, mergers, acquisitions, divestitures and restructurings; Strategy and Operations enables a company to have a clear view of where it is going and what it needs to do to get there; and Products and Technology improves the focus and execution of a company's product strategy to drive sales, gain analyst endorsements, and increase market share.