H.I.G. Capital Completes the Acquisition of T-NETIX
March 5, 2004 – H.I.G. Capital, a Miami-based private equity firm, announced today that it has successfully completed the tender offer for all of the outstanding shares of common stock of T-Netix, Inc. (NasdaqNM: TNTX – News). The purchase price was approximately $75 million. Richard E. Cree, President and CEO of T-Netix, Inc, commented, “We are extremely excited about the relationship with H.I.G. We believe that the resources H.I.G. brings to T-Netix are an incredible asset. With this relationship, we are positioned to continue to provide a high level of customer service and an exciting product suite to our growing customer base.”
T-NETIX is a leading provider of specialized telecommunications products and services, including security enhanced call processing, call validation and billing for the corrections communications marketplace. The Company provides its products and services to more than 1,400 private, local, county and state correctional facilities throughout the United States and Canada “H.I.G. is delighted to be making an investment in T-Netix, Inc.” said Brian Schwartz, Managing Director of H.I.G. Capital. “T-Netix’s outstanding management team and compelling business model provide a solid foundation for future growth. Our capital commitment will unleash their true potential. T-Netix has consistently demonstrated its exceptional ability to satisfy its customers.”
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of well-established, profitable, and well-managed manufacturing or service businesses, and in promising early-stage technology companies. Since its founding, H.I.G. has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5 billion.