Piper Jaffray Poaches 3i Pro
David Silverman joins the mid market investment bank, as it prepares for a software boom.
July 2, 2009
As buyout firms see little chance of the robust deal flow of recent years returning to previous levels in the near-term, 3i Group's David Silverman made the leap to investment banking.
David Silverman was hired as a managing director at Piper Jaffray & Company’s technology media and telecommunications unit. Also joining the firm was Matt Cane, who arrived from Cowen & Co. and will also serve as a managing director. The two will be based in the firm’s San Francisco office, and will develop Piper Jaffray’s software franchise.
Silverman, previously a 3i partner, was involved in venture capital and investment banking at the private equity firm. He joined 3i’s U.S. venture capital unit in 2000, then transitioned to the growth capital unit in 2008.
While at 3i, he worked on many of the firm’s investments into software and media companies, including Home Décor Products, Inc. in December 2006, Real Girls Media Network in November 2006, BlueLithium, Inc. in February 2005, the broadband services provider Speakeasy in March 2004, Forte Design Systems, Inc. in April 2003 and Chameleon Systems in February 2001.
In addition, Silverman served on the board of directors of Real Girls Media Network, Home Décor, Forte and others.
In recent months, there has been an increase in corporate transactions of software companies, including Boeing Co.’s acquisition of eXMeritus Software Federal Systems Inc., a software developer and manufacturer. Also last month, Sparxent completed its acquisition of Arbyte, a Moscow-based software conglomerate. In January, IBM completed its purchase of the business software company Cognos Inc.
Earlier this week, Sakhar Software, a translation software company, acquired Dial Directions.
As of midday Thursday, Piper Jaffray stock traded at $43.50 per share. Calls placed to Piper Jaffray were not returned by press time today.
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