New Venio Corporate Name
Press Release
SMS Vanacore Announces New Name
& Appoints CEO
Outside Investment to Expand Capabilities & Service
January 1, 2009
New York, NY - SMS Vanacore, a global leader in the field of unclaimed property and owner location services, announced today that it has changed its name to Venio, and has appointed Michael O'Donnell to the newly created position of CEO.
The changes are driven in part by a recent financial investment in the company by DFW Capital Partners, a private equity investor that seeks opportunities to develop companies demonstrating high-growth potential; in particular those that utilize technology in a proprietary or unique way.
"The investment in our company at this time is significant," notes Nick Nichols, Executive Vice President. "It reinforces the confidence we have in our business model and strategy, which remains centered on providing our clients with the best search results and compliance services."
Michael O'Donnell, a business executive with over 20 years of experience managing companies in the professional services and IT industries, has been chosen to guide Venio's strategic vision and mission during this expansion phase. Mr. O'Donnell has a proven record of successfully leading privately held companies through mergers and acquisitions, and managing investment capital for continued long-term growth. Venio's existing management team will remain unchanged.
The new name provides an opportunity to build a unified brand, as a recent merger brought together SMS Vanacore and Jaisan, the leader in owner location services for the Banking industry. Venio is taken from the Latin "invenio," which means to come upon, find, discover.
While Venio builds on its strength in the unclaimed property marketplace and further expands its vertical industry market expertise, clients will experience the same dedicated, personal level of service and support they have come to expect.
If you have questions, please contact your Venio representative, or e-mail Nick Nichols at nick.nichols@venio.com
Venio finds owners of unclaimed assets and abandoned property for banks, brokerage firms, mutual funds, insurance companies and publicly held companies. Its search/location, reporting and risk management services ensure compliance with SEC and state regulations, reduce expenses and improve customer/asset retention. With over 40 years of experience, Venio has recovered and restored hundreds of millions of dollars in unclaimed assets and abandoned property for clients.