HALE GLOBAL COMPLETES ACQUISITION OF QL2 SOFTWARE
SEATTLE, WA - August 27, 2010 – Hale Global and QL2 Software, Inc. today announced that they have completed the plan of reorganization previously approved by the bankruptcy court. The reorganized company is named QL2 Software, LLC.
The plan of reorganization pays allowed creditor claims in full, with consideration for equity holders and exit financing to support the growth of QL2.
“After six months of work, we are extremely excited to complete QL2’s reorganization,” said Charles Hale, President of Hale Global. “With Hale Global’s backing and the skills of its veteran executive team going forward, QL2 will continue to build on its pioneering leadership in the real-time competitive data market, while keeping customer satisfaction our number one operational priority.”
“QL2 is extremely excited about our future,” said Paul Campbell, Senior Vice President of Field Operations. “We have emerged in a strong position to continue the market-leading, innovative data services that our customers worldwide rely on to run their businesses.”
“On behalf of the committee, we are pleased that allowed creditor claims have been paid in full, with interest,” said Larry Ream of Bullivant Houser Bailey, counsel to the official committee of unsecured creditors. “Hale Global proved a reliable and experienced equity sponsor, and the creditors look forward to working with the reorganized QL2 in the future.”
About QL2 Software LLC
QL2 is the industry leader in providing services and technology for near real-time pricing and product data from unstructured sources such as the Web. With over 200 customers across more than 35 countries, “QL2data” drives better business decisions and increased revenue. QL2′s customers include 7 of the top 10 global airlines, 5 of the top global online travel agencies, and Global 100 energy, car rental, retail, pharmaceutical and life science companies.
About Hale Global
Hale Global is a technology holding company with offices in Boston and New York. Hale Global partners with leading companies and their management teams to invest in and manage businesses facing operational or strategic inflection points. For special situation investments, we believe no firm is faster and more reliable than Hale Global in structuring and closing mutually beneficial transactions. Hale Global has an 8-year track record growing technology businesses into great companies using capital and operational skills. More information about the firm can be found at www.haleglobal.com.
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