Signal Hill merges with Updata

Baltimore investment bank combines with advisory services firm

August 03, 2010|By Gus G. Sentementes, The Baltimore Sun

Signal Hill Capital Group LLC, a Baltimore-based investment banking firm, said Tuesday it had merged with Updata Advisors, an investment advisory firm with offices in New York City and Reston, Va.

Signal Hill Capital Group was founded in 2002 by former employees of Alex. Brown, a one-time Baltimore-based investment bank that is now part of Deutsche Bank AG of Germany. Signal Hill, which is based in downtown Baltimore and employs 60 people, provides investment banking services to small and mid-size companies in the technology, media, telecommunications, education, health care and insurance industries.

Updata was formed in 1987, has about 20 employees, and has been involved in 400 mergers and acquisitions in the information technology industry.

Scott A. Wieler, founder and chairman of Signal Hill, said he expects steady growth in the technology sector over the next decade and wanted to position his firm to take advantage of that trend by merging with Updata.

"We're excited about it because it allows us to continue to pursue our focused strategy," said Wieler. "It really deepens our presence in I.T. [information technology], software and security."

Financial terms of the deal were not disclosed.

The new firm will be called Signal Hill and have a combined 80 employees. All of Updata's active partners and employees will join Signal Hill. In total, the newly formed Signal Hill will have 27 equity partners.

Ira D. Cohen, co-founder and managing general partner of Updata, will manage the technology advisory practice of Signal Hill, and also will join the firm's board of directors.

Wieler will continue as chairman of the new company.

gus.sentementes@baltsun.com

twitter.com/gussent

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