Plimus sued over bogus unlimited download sites law360. Great hill partners llc is suing another private equity firm and others that sold it plimus inc. Delaware court chancery purchase great hill partners plimus bluesnap trial reject fraudbased claims founders daniel kleinberg tomer. Ecommerce platform for retailers plimus acquired by pe firm. The troubles extended to a great hill claim that plimus. We seek to partner with rapidly growing middle market companies operating in.
West coast biz moves to boston, promises to simplify online. Justia us law case law delaware case law delaware court of chancery decisions 2020 great hill equity partners iv, lp, et al. Great hill acquired bluesnap, then known as plimus inc. It accused them of duping great hill equity partners into buying plimus by concealing its strained relationship with paypal and other payment. Ecommerce platform for retailers plimus acquired by pe. Receive free daily summaries of new opinions from the delaware court of chancery. Court rejects fraudbased and uncapped indemnification. Great hill partners announces the sale of qualifacts. In a case arising out of the purchase by great hill partners of plimus now known as bluesnap, inc. Diakos is a litigation partner in the firms new york city office.
Daniel kleinberg and tomer herzog the founders, who were also. Great hill purchased plimus based on its diligence performed on plimus management projections and representations and warranties contained in the parties. But in the suit, the great hill parties claim that there was important information plimus didnt. For years plimus was a developer favorite, with a control panel that, at the time, was ahead of its time, and solid customer service.
Flocos and joanna diakos in a case arising out of the purchase by great hill partners of plimus now known as bluesnap, inc. Evolve ip to receive majority investment from great hill. With cheerful offices in boston, somerville, braintree, chelmsford and peabody, great hill dental partners is your onestop. Great hill partners completes recapitalization of one inc. In 2001 plimus was founded by tomer herzog and danny kleinbergin in israel. Plimuss business was to facilitate transactions between online retailers of digital goods and credit card holders. Partners iv, lp, great hill investors llc, 156 fremont holdco, inc. Now dont get us wrong, we personally know a lot of great people over at plimus bluesnap, and we know a lot of great software that is still sold on the plimus system, as yes we still sell it too. Plimus possessed two significant business relationships with. May 12, 2016 evolve ip started with the development of an idea, and grew into an industryleading cloud services provider. Vice chancellor sam glasscock iii held a 10day trial in late november and early december on damage claims sought by great hill partners. Varicent to relaunch as independent sales performance management company led by founder marc altshuller growth investors great hill partners and spectrum equity to acquire leading provider of. Jonathan previously led investments in software and internet companies at brm capital. Great hill partners provides private equity to finance the expansion, recapitalization, or acquisition of midmarket growth companies.
So as of today plimus s website no longer mentions the plimus. Bluesnap inc company profile and news bloomberg markets. The company, which is about ten years old, started out in israel as plimus, but was acquired by boston private equity firm great hill partners in 2011 and rebranded as bluesnap. He also has operational experience with technology startups. Bluesnap was formed by great hill partners, a bostonbased private equity firm that bought full ownership of plimus, inc.
Plimus for communications regardin g the negotiation of the merger agreement. Commentary court rejects fraudbased and uncapped indemnification claims of great hill partners in a case arising out of the purchase by great hill partners of plimus now known as bluesnap, inc. Bluesnap provides an allinone payment platform designed to accelerate commerce for b2b and b2c businesses. Delaware chancery court finds former ceo liable for fraud. Bluesnap is a merchant account provider that helps ecommerce businesses integrate their websites with payment processing. Great hill partners seeks to partner with middlemarket companies operating in high growth sectors in the mediacommunications, internet, business services, consumer services, financial technology, healthcare technology, software, and transaction processing sectors. Sig growth equity fund i, lllp brought to you by free law project, a nonprofit dedicated to creating high quality open legal information. Bluesnap is a global payments company that looks at ecommerce a little differently. Initially, plimus allowed israeli merchants the opportunity to sell their goods globally online without the normal hassles caused by selling from one international. Great hill partners provides private capital to finance the expansion, recapitalization or acquisition of growth companies in the communications, financial technology, healthcare, information. Great hill i1 this action concerns the acquisition of a california corporation, plimus, by a private equity firm, great hill. Other selling shareholders include plums founders, key management. Company profile page for bluesnap inc including stock price, company news, press releases, executives, board members, and contact information. Great hill attributed plimus weak showing to alleged fraud, fraudulent inducement and conspiracy involving thenplimus ceo hagai tal, another plimus officer and members of the plimus board, including plimus two founders and two appointed by affiliates of sig growth equity management llc, a major plimus shareholder.
Bluesnap was previously named plimus and in 2011, it was bought by great hill partners. Private equity firm great hill equity partners won a delaware chancery court fraud claim monday against the former ceo of payment processing company plimus inc. Previously, he was on the board of plimus sold to great hill partners. All of a sudden vendors started to receive emails like this from plimus. The company was founded under the name plimus in 2001, was acquired by great hill partners in 2011, and was rebranded in 20 following some negative publicity surrounding a classaction lawsuit filed against the company. Both herzog and kleinberg are software engineers,11 and by 2007 or. Now plimus, like most ecommerce systems, accepts paypal as a means of checkout. Our platform supports online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal. We are payment experts, veteran developers, technologists, and business professionals who are globally minded, customer focused, and constantly driven to find a better way. Varicent to relaunch as independent sales performance. Great hill partners and spectrum equity signed a definitive agreement to acquire assets of ibms sales performance management business and operate it as an independent company.
Great hill partners completes recapitalization of one inc leading payments investor partners with one inc to support continued growth folsom, calif. Great hill partners and spectrum equity to acquire. Quantum health completes recapitalization with great hill. Great hill partners has acquired a majority of one inc, an insurance payments provider, via a recapitalization. Delaware chancery court rejects fraudbased and uncapped. Among those companies interested in acquiring plimus were great hill equity partners iv, lp, a delaware limited partnership headquartered in boston, and great hill investors llc, a massachusetts limited liability company also headquartered in boston collectively, great hill. Mar 06, 20 why plimus is really changing its name to bluesnap. New ownership to fuel continued growth of plimus as the leading global ecommerce, marketing and payment platform for digital goods, online services and saas business models. It accused them of duping great hill equity partners into buying plimus by concealing its strained. Things were all good, isvs were selling software, and money was being made. Evolve begins its next chapter with a significant investment from great hill partners, which is wellaligned with our vision, has a deep understanding of our business and industry, and appreciates and respects our culture.
Great hill partners acquires insurance payments startup one inc. The plaintiffs, great hill equity partners iv, lp, great hill investors llc, fremont holdco, inc. Compared with solutions that require extensive and expensive customization to implement and grow with a business, bluesnap has been designed to keep deployment costs low, and roi high. Great hills portfolio of payment processing and software companies includes mineraltree, vanco, paytronix, network merchants, inc. All content is posted anonymously by employees working at great hill partners. On february 23, 2011, raymond james sent great hill the plimus. Fka plimus collectively, the plaintiffs, filed their verified complaint against the defendants in this action, sig growth equity fund i, lllp, sig growth equity management llc, amir goldman, jonathan klahr, hagai. Evolve ip to receive majority investment from great hill partners to drive growth and expansion customers and distribution partners to benefit from broader scope of services, support and scale. Online obituaries pioneer to continue its focus on innovation. In the next five to ten years there will be a huge growth in companies. On september 27, 2012, great hill equity partners iv, lp, great hill investors llc, fremont holdco, inc.
Plimus scam class action lawsuit top class actions. Bluesnap receives growth equity from great hill, parthenon. Great hill partners other softwareenabled payment investments. In 2007, the company partnered with uniloc to develop software solutions for protection of details of digitally delivered products and later developed payment solutions.
Great hill, which bought the company from a shareholder group including. Nov 26, 2014 on september 27, 2012, great hill equity partners iv, lp, great hill investors llc, fremont holdco, inc. Great hill partners buys majority of software company one. Loucks partner jesse hertzberg operating partner derek c. Get free access to the complete judgment in great hill equity partners iv, lp v. See who you know at great hill partners, leverage your professional network, and get. Bluesnap receives growth equity from great hill, parthenon wsj. One of the first ecommerce companies to hit it big in the software space was plimus, founded back in 2001. Plimus provided software that would allow realtime chats as part of online ordering sequences.
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