Centana Growth Partners and Jumio Undergoes Asset Purchase Agreement
PALO ALTO, CA: Jumio Inc. made asset purchase agreement with Centana Growth Partners where Centana would acquire all of Jumio’s assets. The agreement was done as per the procedures specified by the United States Bankruptcy Court for the District of Delaware.
“We are pleased to have achieved an outcome that we believe is not only a terrific opportunity for Jumio going forward, but supports the interests of all our various stakeholders. With Centana’s outstanding financial services expertise and relationships, and the capital to fuel growth, it will provide Jumio with the foundation it needs to achieve scale. The transaction will be completed quickly and will enable Jumio to move past our legacy issues to become a stronger, more competitive company. Importantly, it will be seamless for both our customers and the dedicated team of employees who serve them.” said Stephen Stuut, CEO, Jumio’s.
Jumio and Centana were approved by court for the sale on May 6, 2016. The sale was also done under the supervision of the debtor-in-possession lender and Jumio Acquisition, LLC and the Official Committee of Equity Security Holders. Additionally, the subsidiaries of the company were kept away from the Court proceedings but they were included in the sales.
“Authentication is of critical importance to a broad range of online and mobile applications across industries such as financial services, e-commerce, travel, and the entire sharing economy. Jumio provides a market-leading solution, increasing conversion and reducing fraud rates for its customers, as evidenced by Jumio's strong growth rate, proven business model, and impressive customer base.” said Eric Byunn, Partner, Centana Growth Partners.
“We look forward to working with Jumio’s employees and experienced management team. We believe Centana's experience and network in the financial services ecosystem will help the company accelerate its growth.” Ben Cukier, Partner, Centana Growth Partners added.