NEW YORK, Oct. 17, 2024 /PRNewswire/ — GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce it has entered into a definitive agreement to sell its portfolio company, ITsavvy LLC (“ITsavvy” or “the Company”), a provider of end-to-end IT infrastructure solutions, to Xerox Holdings Corporation (“Xerox”). The transaction is expected to close following customary regulatory approvals.

ITsavvy is an Oak Brook, Illinois-based technology solutions and services provider that delivers frictionless IT experiences by designing, developing and delivering technology infrastructure solutions and services that accelerate business outcomes on behalf of its clients.

During GenNx360’s investment, the Company experienced impressive organic growth, completed an acquisition of a highly strategic AIOps-enabled managed services provider (“MSP”) and significantly increased overall profitability through a number of well-executed margin enhancement initiatives. A committed focus to the Company’s services strategy further fueled organic growth and strengthened the Company’s overall value proposition. Through the support of GenNx360, the Company also successfully launched an AI and Intelligent Automation strategy. This strategy included commercializing an AI offering to better serve the Company’s clients, as well as optimizing the Company’s internal operations.

“The success of our investment in ITsavvy is a testament to the  growth achieved during our partnership with management over the past two years. We are pleased with the Company’s transformation under our ownership and wish Munu and team all the best going forward,” said Ron Blaylock, GenNx360 Founder, Managing Partner, and Chairman of the ITsavvy Board of Directors.

“We appreciate GenNx360’s support and strategic insights over the past two years. They have been an outstanding partner to work with to enhance and evolve our platform,” said ITsavvy CEO, Munu Gandhi. “We are excited to join forces with a longstanding company in Xerox, one of the great global brands, and we look forward to supporting their next stage of growth.”

“As part of our Reinvention, we have created a greater organizational focus on our emerging IT Services capabilities,” said John Bruno, President and Chief Operating Officer at Xerox. “ITsavvy’s complementary offerings, combined with our reputation, position us to accelerate growth across key markets and unlock new opportunities to help clients transform the way they work.”

“It has been a privilege to work with Munu and the ITsavvy team over the past two years. We are incredibly proud of the Company’s growth and look forward to following their success in the future,” said Peter White, Principal at GenNx360 and ITsavvy Board Member.

Loeb & Loeb and Greenberg Traurig served as legal advisors to ITsavvy and GenNx360.

About ITsavvy LLC

ITsavvy is an industry-leading IT infrastructure solutions provider with comprehensive value added resell capabilities. Founded in 2004 in suburban Chicago, ITsavvy provides frictionless client experiences through the deployment of holistic solutions that deliver client business outcomes. For more information on ITsavvy, please visit www.itsavvy.com.

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About GenNx360 Capital Partners

GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. GenNx360 was founded in 2006 and is headquartered in New York City.  For more information on GenNx360, please visit www.gennx360.com.

For media inquiries about this press release, please contact:
Alicia Francis, Head of Investor Communications
[email protected]  
Phone: 929.287.6107

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• Exponential Science, a global non-profit foundation supported by leading technology companies like Hedera, drives innovation in emerging technologies to tackle complex challenges and deliver groundbreaking solutions.
• With global operations, the Foundation fosters open collaboration and co-creation between academia, industry, government, the open-source community, and startups.
• The launch details were announced on stage during the exclusive 10th annual P2P Financial Systems International Workshop, in Dubai.

DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — Dr. Paolo Tasca, Founder and Chairman, and Nikhil Vadgama, Founder and Director, have launched Exponential Science, a non-profit foundation, created to build on their legacy of leadership in the blockchain space through the DLT Science Foundation.

Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It will focus on the complementarity of blockchain with other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR and other deep tech.

Exponential Science leverages the expertise of Dr. Tasca and Nikhil Vadgama. Tasca is a renowned professor and economist with an extensive background in distributed systems and digital innovation. He has advised organizations such as the United Nations and several central banks on CBDC and Fintech. He co-founded the UCL Centre for Blockchain Technologies and also co-founded several top Web3 companies. Prof. Vadgama, has extensive experience in fintech, having launched innovative new businesses in multiple jurisdictions and worked with and advised a number of leading stakeholders, from industry participants to government officials. He is also an award-winning educator in the field of emerging technologies.

Both have witnessed the convergence of multiple emerging digital technologies, highlighting the need for interdisciplinary approaches to tackle complex societal and technological challenges. To address this, Exponential Science fosters open collaboration and co-creation among academia, industries, and government stakeholders. It also runs its cutting-edge science research department, comprised of renowned professors and visionary thinkers.

The team is made up of international academic and research experts from diverse fields and disciplines who are working on various initiatives, including the new MiCA Crypto Alliance, which helps blockchain and crypto businesses meet the EU’s incoming regulatory requirements. Other key projects include work with the UK CBT, the national research hub that drives the UK agenda for blockchain, and DLT Earth, an initiative seeking to advance climate research, sustainable finance, and ESG reporting methodologies.

The foundation’s upcoming plans include a range of initiatives aimed at expanding scientific impact and fostering collaboration across sectors.  Research and spinoff initiatives will target specific challenges, enabling the exploration of niche areas of innovation and accelerating progress in critical fields. Complementing these efforts, a robust content and event strategy will be implemented, creating a dynamic platform for knowledge sharing and collaboration.

Exponential Science is backed by Hedera, a high-performance, secure, and sustainable public DLT network governed by the world’s leading institutions. This backing enables Exponential Science to leverage extensive resources and expertise, further empowering its mission to drive interdisciplinary collaboration and deliver impactful solutions to societal challenges.

Dr Tasca said: “Our vision has always been about driving groundbreaking research and fostering collaboration across technological fields. With the launch of Exponential Science, we are expanding that vision to embrace a wider range of emerging technologies that are reshaping the digital landscape. We will navigate this fusion using a multi-disciplinary approach to explore how these technologies can work together to create solutions that address today’s most pressing challenges.”

Professor Vadgama commented: “Exponential Science represents our commitment to exploring and addressing the interconnectedness of today’s technological landscape. By broadening our focus, we can leverage the combined power of multiple technologies to deliver transformative outcomes. Our objective is to empower open source communities and industries to thrive in this rapidly evolving landscape.”

About Exponential Science

Exponential Science is a not-for-profit foundation driven to advance research, education, and innovation across emerging digital technologies and deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, Exponential Science drives interdisciplinary collaboration to deliver impactful solutions to challenges faced by society. It brings together stakeholders from academic institutions, regulators, and diverse industries to drive innovative research and collaboration. Exponential Science is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exponentialscience.org.

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MUNICH, Oct. 17, 2024 /PRNewswire/ — IFCO, a global leader in reusable packaging solutions for fresh food, has effectively reduced its interest margin by 0.25% through a successful repricing following the amendment and extension (A&E) of its €1.64 billion Term Loan B earlier this year. This strategic move provides IFCO with enhanced capacity to continue to invest in future growth and expand its market presence.

Key Financial Highlights:

• The repricing reflects IFCO’s strong performance and capacity for deleveraging.
• Loan trading levels consistently above 100 demonstrate market confidence in IFCO’s business model and stability.
• International Global Ratings agencies maintained its strong credit rating and S&P Global Ratings issued a positive outlook for IFCO, with interest coverage expected to improve already in fiscal 2025.

In February 2024, IFCO successfully refinanced the Term Loan B in an Amend and Extend transaction ahead of schedule.  The volume increased to EUR 1,640 million and the Revolving Credit Facility to EUR 310 million. The Term Loan B received a term until 2029 and was equipped with an interest margin of 4.0 percent p.a. following the recent repricing, the margin has now been reduced to 3.75%, reflecting the company’s strong performance and deleveraging capabilities. This reduction also demonstrates strong confidence from lenders in IFCO’s business model and future growth trajectory.

IFCO anticipates robust growth, meeting increased market demand for sustainable packaging solutions through customer acquisitions in Europe and North America, as well as organic expansion across Asia. Ongoing operating cost containment measures will further support IFCO’s sustainable growth strategy by delivering unrivalled value to its customers.

For more information, contact:

Inigo Canalejo
Vice President, ESG and Strategic Marketing
[email protected] 
Phone:  +49 89 74491300

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About IFCO

IFCO is a leading global provider of reusable packaging solutions for fresh foods, empowering customers to participate in the circular economy in 50+ countries. IFCO operates a pool of over 380 million Reusable Packaging Containers (RPCs) globally, which are used for 2 billion shipments of fresh fruits and vegetables, meat, poultry, seafood, eggs, bread, and other items from suppliers to grocery retailers every year. IFCO RPCs ensure a better fresh food supply chain by protecting freshness and quality and lowering costs, food waste and environmental impact compared to single-use packaging. More: www.ifco.com | Follow us on LinkedIn @IFCO SYSTEMS

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