Archive for October, 2015

Sirens are sounding for tech companies hitting the IPO market

A growing percentage of companies that filed for initial public offerings this year disclosed so-called ‘material weaknesses,’ according to research from PwC.

Just under a third of all companies that filed for an IPO through September did so. More than half of the tech companies made such a disclosure – up from 30% last year.

These material weaknesses relate to deficiencies in financial reporting that mean there is a “reasonable possibility that a material misstatement” of annual or interim financial statements will not be prevented or detected, according to the Securities and Exchange Commission.

There’s two ways to look at this. Material weaknesses are a sign of immaturity, or that companies aren’t prepared to be public – and that’s a risk for investors. On the other hand, companies are being more upfront about possible risks.

“In the past few years, more companies have reported material weaknesses in advance of their IPO. With the timing of this disclosure, companies are alerting investors but also disclosing remediation plans in their initial registration statements.”

The weaknesses range from things like insufficient accounting personnel to lack of procedures to insufficient technology systems. More than 90% of the companies disclosing weaknesses included remediation plans in the documents, with the hiring of additional personnel the most popular solution.

Tech companies are most likely to disclose material weaknesses, according to the PwC study, with more than half of all the technology companies that have filed so far this year including MW disclosures.

Material weaknessPwC

The smaller the company, the greater the likelihood it will disclose a material weakness, the PwC survey says. Companies with less than $500 million in revenues are more likely to experience a material weakness, according to the report.

The report comes at a difficult time for the IPO market. Grocery chain Albertsons was forced to pull its IPO temporarily and First Data’s initial public offering first priced beneath its anticipated range, of $18-$20 a share, then disappointed in trading for the first two days after the IPO. 

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Global Venture Capital Report – Q3 2015 KPMG and CB Insights: VC-backed Companies Haul in US$37.6 Billion Globally in Q3 2015 Due to Mega-Rounds and Continued Crossover Investor Activity- from CB Insights

An in-depth analysis into the financing trends including unicorn growth, mega-rounds, country breakdowns, the most active investors, and more.


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San Francisco – October 2015 Targeted Acqui-Hire Transaction: E-Commerce division of a globally branded Fortune 100 consumer products company is seeking to acquire a web, e-commerce and/or mobile applications development team and property. The target company should be designing and building highly scalable apps and platforms with the potential to be used by millions of people on a global scale.
Objective/Capabilities of Team

The acquirer is looking for an experienced development team with a strong background in web, e-commerce and mobile app development that wishes to collaborate under the umbrella of a global brand. The target team will include experienced practitioners with design/UX, product/project management, system architecture, development, testing/QA and consumer product experience and be capable of hitting the ground running. The target team must be able to take a concept, scope and build an MVP, and then be able to rapidly iterate to deliver innovative solutions that will transform the consumer experience centered around major premium brands for consumers from around the world.


A newly created ventures group imbedded within a larger global organization has received a mandate to build disruptive businesses and power revenue through innovative technology. This venture group’s e-commerce team is charged with building a global consumer business that combines commerce, content, and community in new ways, so as to improve the entire category experience from education and selection to purchase and consumption.

The target technology company/team will join a NYC team in order to power this innovative vision. The target team will collaborate with others from around the world to develop deployable “white label” solutions that allow for a quick pilot and phased roll-out of new ideas.

Compensation Package

Competitive, industry compensation and stock incentives will be awarded commensurate with experience and potential for success. The philosophy of this Fortune 100 enterprise is centered around the delivery of results, with upside and bonuses tied to performance. Senior management will be available to discuss this significant opportunity.

For additional information and to meet with the senior executives, please call Steven R. Gerbsman, information below.

About Gerbsman Partners
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in under-performing, under-capitalized and under-valued companies and their Intellectual Property. Since 2001, Gerbsman Partners has been involved in maximizing value for 91 Technology, Medical Device, Life Science, Solar, Fuel Cell, Cyber/Data Security and Digital Marketing companies and their Intellectual Property and has restructured/terminated over $810 million of real estate executory contracts and equipment lease/sub-debt obligations. Since inception in 1980, Gerbsman Partners has been involved in over $2.3 billion of financings, restructurings and M&A transactions.

Gerbsman Partners has offices and strategic alliances in San Francisco, Boston, New York, Washington, DC, McLean, VA, Europe and Israel.


Phone: +1.415.456.0628, Cell: +1 415 505 4991
Email: steve@gerbsmanpartners.com
Web: www.gerbsmanpartners.com
BLOG of Intellectual Capital: blog.gerbsmanpartners.com

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What happened to the first 10 Apple employees

mike markkulaDigiBarn

Apple, unlike any other company in the world, has its identity tied to one individual: Steve Jobs.

And without question, Jobs was the driving force that turned Apple into the world’s most valuable tech company.

That’s why there have been two new movies on Jobs this year — a documentary and a biopic. That’s why there was another best-selling book on Jobs released this year.

But Jobs didn’t do it alone.

He always had a team of talented people helping him build Apple. Most of them have been forgotten, which is why we’ve gathered information on the first 10 employees at the company.

Apple’s first CEO, Michael Scott, gave us a bunch of color on the early days, and Steve Wozniak helped with a list of early employees, though it was based on his memory. We got our full list from another early employee.

The Apple employee numbers aren’t the order each person joined the company. When Scott came to Apple he had to give out numbers to each employee to make life easier for the payroll department.

Go to:  http://www.businessinsider.com/the-first-10-apple-employees-and-where-they-are-now-2015-10 for the detail list.

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