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Early Exits: The Good, the Bad and the Ugly of Secondary Placements

Details

October 17, 2013 7:30am - 9:30am

Room 190

Please click here to register!

   

 

 

As a board member of a private company, how do you make the best decision when a stockholder or investment group requests to transact shares prior to a full IPO or liquidity event? In some cases, it may be a founder or early investor looking to capture some of the value created to date in a situation where the company may still be a good distance from a liquidity event. Or it may be a private equity group offering to purchase existing shares just prior to an IPO to reduce risks of an aborted IPO.

 

Our panel will provide distinct perspectives on the sell-side, buy-side and management team view of these types of transactions and key points you should consider as a board member. 

Discussion Points Relevant to Topic:

  • The pros/cons of these types of transactions
  • The risks created by these transactions
  • What the board should understand and be aware of 
  • The board's fiduciary responsibility 
  • The board's role in business guidance 
 
Our Panel
 
Victor Hwang photoVictor Hwang is a managing director at Industry Ventures, an investment fund focused on secondary and primary investments in leading venture-backed companies and venture capital funds. Previously Victor was the founder of Agile Capital Partners, where he focused on opportunistic investments in growth stage companies. Prior to that he was with Internet Capital Group, where he was CEO and chairman of ICG Asia and a managing director, acquisitions. He began his career as an investment banker at Goldman Sachs.
 

Ranjith Kumaran photoRanjith Kumaran is the founder and CEO of PunchTab where he is applying his previous entrepreneurial experience toward both product and business development. Ranjith also founded YouSendIt, a cloud-based file transfer solution company, where he served as chief technology officer and continues as a member of the company's board. Prior to founding YouSendIt, Ranjith held marketing positions at Verisity Design, a key provider of verification process automation (VPA) solutions, where he managed product marketing for the software tools of Axis Systems.

 

Scott Kupor photoScott Kupor is the managing partner atAndreessen Horowitz. He previously worked as general manager, customer support/SaaS at HP, which he joined following the $1.6 billion acquisition of Opsware. Scott held numerous executive management positions at Opsware, including senior VP, customer solutions and VP, financial planning/corporate development. Prior to Opsware, Scott represented software companies at Credit Suisse First Boston and Lehman Brothers.

Scott holds a bachelor's and law degree from Stanford University.
 

Yokum Taku photoYoichiro (Yokum) Taku is a corporate and securities partner at Wilson Sonsini Goodrich & Rosati. Yokum represents technology and growth companies at all stages of development, through private financings, strategic transactions, public offerings and mergers and acquisitions. He also represents investors in venture capital financings. Yokum has advised numerous entrepreneurs from initial company formation to liquidity event. At any time, Yokum typically represents start-up companies seeking venture financing, private companies that have received financing, and publicly traded companies.

  

Moderator

 

Michael Kanazawa photoMichael Kanazawa is a managing director ofBedrock Consultants, a customer experience transformation firm. His clients include executives and management teams driving growth initiatives at companies including AT&T, Cisco, Intel, Schlumberger, Symantec and Verizon as well as growth companies such as Anadigics, LiveOps and TDW. He also partners with private equity investors in deal analysis and serves on the boards of portfolio companies. His experience also includes managing sales, product management and corporate strategy teams at Pacific Bell.