SANTA MONICA, Calif., July 24, 2020 /CNW/ -- Arrowroot Capital Management, LLC ("Arrowroot"), a global growth equity firm in Santa Monica California, today announced the sale of its interest in portfolio company SocialChorus, Inc. ("SocialChorus"), the leader in end-to-end employee communications and engagement software solutions, to Sumeru Equity Partners L.P. ("Sumeru"). Arrowroot will continue to own a minority interest in the company.
Since Arrowroot's initial investment in 2018, SocialChorus has successfully evolved from an employee social advocacy solution into a mission-critical enterprise workforce communications platform for the world's largest companies with global, disparate workforces.
With Arrowroot's partnership, SocialChorus made significant investments in technology, grew its sales & marketing headcount, and expanded its global presence.
"I want to thank the team at Arrowroot for believing in us," said Gary Nakamura, CEO of SocialChorus. "We've enjoyed working with Arrowroot and their operating consultants (SRG) over the years and are excited to continue to call them friends and partners for many years to come."
"In late 2017, we met with Gary and team and were deeply impressed with their early leadership position in this increasingly crucial and urgent market," said Kareem El Sawy, Partner at Arrowroot Capital and Board Member of SocialChorus. "Since then, we have had the privilege of partnering with a top tier management team and seen them rapidly execute on their goal of becoming the global leader in employee communications and engagement software."
GCA Advisors, LLC acted as lead financial advisor to SocialChorus for this transaction.
About Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Santa Monica, CA, focused on minority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Learn more at www.arrowrootcapital.com.
SocialChorus is the leading workforce communications platform that empowers companies to work as one. We've built the only end-to-end solution that can reach, inform, and align every employee from the shop floor to home office. Employees get what they need, communicators and leaders focus on the message, and the platform takes care of the rest. Learn more at www.socialchorus.com.
View original content:https://www.prnewswire.com/news-releases/arrowroot-capital-completes-sale-of-its-interest-in-socialchorus-the-global-leader-in-workforce--employee-communications-to-sumeru-equity-partners-301099655.html
SOURCE Arrowroot Capital Management, LLC
OTTAWA, ON, July 24, 2020 /CNW/ -
Why should you take note
The Public Health Agency of Canada is collaborating with provincial public health partners, the Canadian Food Inspection Agency, and Health Canada to investigate an outbreak of Salmonella infections occurring in five provinces.
At this time, the source of the outbreak has not been identified, but health and food safety partners are investigating what is making people sick. The outbreak is ongoing, as recent illnesses continue to be reported to the Public Health Agency of Canada.
Salmonella bacteria are found naturally in the intestines of animals, reptiles and birds. The bacteria are most-often transmitted to people when they eat contaminated foods. Contaminated foods often come from animal sources, such as poultry, beef, milk or eggs, but can also include fruits, vegetables, and herbs.
In an effort to prevent further illnesses, Canadians are advised to wash their hands frequently and use safe food handling practices to prevent Salmonella infections.
This public health notice will be updated as the investigation evolves.
As of July 24, 2020, there have been 59 confirmed cases of Salmonella Newport illness linked to this outbreak in the following provinces: British Columbia (23), Alberta (31), Manitoba (3), Ontario (1), and Prince Edward Island (1). Individuals became sick between mid-June and mid-July 2020. Information is available for 28 illnesses. Out of 28 people, six individuals have been hospitalized. No deaths have been reported. Individuals who became ill are between 11 and 77 years of age. The majority of cases (54%) are female.
The United States Centers for Disease Control and Prevention (U.S. CDC) is also investigating an outbreak of SalmonellaNewport illnesses that have a similar genetic fingerprint to illnesses reported in this outbreak. Investigators in Canada and the U.S. are collaborating to exchange information to identify the source of the outbreak.
It is possible that more recent illnesses may be reported in the outbreak because there is a period of time between when a person becomes ill and when the illness is reported to public health officials. For this outbreak, the illness reporting period is between two and four weeks.
Who is most at risk
Anyone can become sick with a Salmonella infection, but children aged 5 years and under, older adults, pregnant women or people with weakened immune systems are at higher risk for contracting serious illness.
Most people who become ill from a Salmonella infection will recover fully after a few days. It is possible for some people to be infected with the bacteria and to not get sick or show any symptoms, but to still be able to spread the infection to others.
What should you do to protect your health
It is difficult to know whether a product is contaminated with Salmonella because you can't see, smell or taste it. To help prevent Salmonella infections, the Public Health Agency of Canada recommends following safe food handling tips. The following tips may help reduce your risk of getting sick, but they may not fully eliminate the risk of illness.
Wash your hands with soap and warm water for at least 20 seconds before and after handling raw meat and fresh produce.
Cook food to a safe internal temperature that has been checked using a digital thermometer.
Always read and follow cooking instructions on the package of any food items.
Keep raw food away from other food while shopping, storing, repackaging, cooking and serving food.
Wash fresh produce thoroughly under fresh, cool, running water, even if you plan to peel them. This helps prevent the spread of any bacteria that may be present.
Never rinse raw meat before using it because the bacteria can spread everywhere the water splashes, creating more of a safety hazard.
Sanitize countertops, cutting boards and utensils before and after preparing food. Use a kitchen sanitizer (following the directions on the container) or a bleach solution (5 mL household bleach to 750 mL of water), and rinse with water.
Use paper towels to wipe kitchen surfaces, or change dishcloths daily to avoid the risk of cross-contamination and the spread of bacteria, and avoid using sponges as they are harder to keep bacteria-free.
Use one cutting board for produce, and a separate one for raw meat, poultry, fish and seafood.
Place peeled or cut fruits and vegetables on a separate clean plate or in a container to prevent them from becoming cross-contaminated.
If you have been diagnosed with a Salmonella infection or any other gastrointestinal illness, do not cook food for other people.
Contact your local public health authority to report any food safety concerns at restaurants or grocery stores, or if you suspect food poisoning from a restaurant or other food establishments.
Symptoms of a Salmonella infection, called salmonellosis, typically start 6 to 72 hours after exposure to Salmonella bacteria from an infected animal, person or contaminated product.
These symptoms usually last for 4 to 7 days. In healthy people, salmonellosis often clears up without treatment, but sometimes antibiotics may be required. In some cases, severe illness may occur and hospitalization may be required. People who are infected with Salmonella bacteria can be infectious from several days to several weeks. People who experience symptoms, or who have underlying medical conditions, should contact their health care provider if they suspect they have a Salmonella infection.
What is the Government of Canada doing
The Government of Canada is committed to protecting the health of Canadians from enteric disease outbreaks.
The Public Health Agency of Canada leads the human health investigation into an outbreak and is in regular contact with its federal, provincial and territorial partners to monitor the situation and to collaborate on steps to address an outbreak.
Health Canada provides food-related health risk assessments to determine whether the presence of a certain substance or microorganism poses a health risk to consumers.
The Canadian Food Inspection Agency conducts food safety investigations into the possible food source of an outbreak.
The Government of Canada will continue to update Canadians if new information related to this investigation becomes available.
Safe food handling practices
COVID-19 and food safety
Recalls and safety alerts mobile application
SOURCE Public Health Agency of Canada
The Board of Directors of First National Bank Alaska (OTCQX:FBAK) announced the bank’s unaudited net income for second quarter 2020 was $14.6 million, or $4.60 per share. The bank’s net income for the period compares to net income of $13.1 million, or $4.12 per share, for the same period in 2019. Unaudited year-to-date net income was $28.7 million, or $9.07 per share. This compares to net income of $26.6 million, or $8.39 per share for the same period in 2019.
"Like most other banks across the nation, we are seeing rapid changes in consumer and business behaviors that will likely leave permanent marks across the financial services spectrum, such as the increasing adoption of digital services,” said Chair and CEO Betsy Lawer. "First National’s success has always reflected the success of Alaskans as they rise up to meet and adapt to quickly evolving circumstances. While it’s difficult to predict what’s yet to come, the bank’s strength lies in our experienced team’s ability not just to adapt, but also to transform our business processes and services to leverage the power of change. I think our 2020 performance to date provides the evidence to support that and I’m very proud of the hard-working team.”
Net interest and loan fee income for second quarter 2020 was $37.9 million, an increase of 13.0% from second quarter 2019. This improvement was driven by an increase in average earning assets of $223.9 million during the second quarter. Total assets increased $734.9 million year-to-date, to reach $4.59 billion at June 30, 2020. Gross loans increased $305.3 million to $2.31 billion during the quarter. The bank demonstrated its commitment to Alaskans by participating in the Small Business Administration Paycheck Protection Program (SBA PPP). The bank originated 2,156 unique SBA PPP loans totaling $329.7 million with an average weighted origination fee of 3.70%. Deposits and repurchase agreements increased $682.8 million to $3.94 billion during the quarter on unspent PPP funds and CARES Act resources to Native tribes and government entities and other deposit growth attributed to increased savings behavior.
Customers were further supported through modification of existing loan terms. Loan modifications through June 30, 2020 totaled $394.4 million, or 19.87% of total loans, excluding SBA PPP loans. Modification to interest-only payments accounted for more than 80% of the modifications, with interest-only periods ranging from three to fourteen months. Modifications were concentrated in commercial real estate loans, supporting our customers facing economic pressures in the rental and leasing sectors, and hotel and food service industries.
At June 30, 2020, delinquent loans from 30 to 89 days were $15.6 million, 0.78% of outstanding loans excluding SBA PPP loans, an increase of $9.8 million from March 31, 2020. Nonperforming loans were $13.4 million, 0.67% of outstanding loans excluding SBA PPP loans, an increase of $3.0 million from the prior quarter. In response to the economic uncertainty and elevated delinquency and loan modification activity, the allowance for loan losses was increased in second quarter by $2.0 million to $21.6 million, 0.93% of total loans (1.09% of loans excluding SBA PPP), resulting in an increased provision for loan loss expense of $1.8 million over second quarter 2019.
Noninterest income for second quarter 2020, excluding realized investment gains and losses, increased 6.1% from second quarter 2019 on elevated mortgage loan origination driven by the significant decrease in market interest rates in March. Noninterest expenses for second quarter 2020 increased 4.8% as compared to second quarter 2019 on increases in salary and benefit expenses. The efficiency ratio improved to 52.24% compared to 53.71% in 2019 on revenue growth and strong overall expense management.
The blended yield on interest-earning assets decreased to 3.87% from 4.14% for the six month periods ended June 30, 2020 and 2019, respectively, with the addition of the PPP 1% interest loans and other repricing assets. The cost to fund earning assets for the same six-month comparative periods decreased faster to 0.15% from 0.46%. As a result, the net interest margin year to date improved to 3.72% compared to 3.69% in 2019. Return on assets through June 30, 2020 was 1.43%, comparable to prior year. Return on equity of 10.06% for the first half of 2020 decreased from 10.22% in the first half of 2019 on an increase in total shareholders’ equity of $14.2 million to $590.0 million. Book value per share as of June 30, 2020 was $186.26, compared with $168.73 and $172.91 as of June 30, 2019 and December 31, 2019, respectively. The bank tier 1 leverage capital ratio remains above well capitalized at 12.72% as of June 30, 2020, as compared to 13.76% as of December 31, 2019.
Lawer added, "These are unprecedented times, but our community bank entered the pandemic well-positioned to serve the banking needs of Alaskans just as we have for nearly a century. Our strong liquidity, capital position, operating metrics and heroic statewide employee team have enabled us to effectively manage the banking risks and serve our valuable customers—friends and neighbors—during these challenging times.”
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. Our latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at www.FNBAlaska.com > Financial Reports and at www.OTCMarkets.com.
Alaskan-owned and -operated since 1922, First National proudly meets the financial needs of Alaskans with ATMs and branches in 18 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world. In 2020, Alaska Business readers voted the bank the "Best of Alaska Business” in the Best Place to Work category for the fifth year in a row. In 2019, American Banker recognized First National as a "Best Bank to Work For” for the second year in a row and Anchorage Daily News readers voted the bank one of the state’s top three financial institutions in the ADN "Best of Alaska” Awards. First National was also recognized as the most admired company in the state by MSN.com and received the Rita Sholton Large Business of the Year Award from the Alaska Chamber.
Visit FNBAlaska.com for more information about Alaska’s largest locally owned bank and access to efficient and secure online banking services. First National Bank Alaska is a Member FDIC and Equal Housing Lender.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200814005436/en/