Titan Machinery of Fargo, N.D., was one of three entrepreneurial leaders to receive the Ernst & Young Venture Capital Award of Excellence on Saturday, Nov. 4, at Ernst & Young LLP's 2009 Strategic Growth Forum in Palm Springs, Calif. Square 1 Bank co-sponsored the awards, which were presented at a ceremony with remarks by Mark Heesen, the president of the National Venture Capital Association.
"We're proud to honor and play a role in the maturing, growth and success of venture-backed companies throughout the US," said Bryan Pearce, head of Ernst & Young LLP's Americas Venture Capital Advisory Group. "This year's Venture Capital Award of Excellence winners demonstrate how venture capital fuels entrepreneurial success and innovation."
The Venture Capital (VC) Award of Excellence recognizes Ernst & Young LLP's Entrepreneur Of The Year regional winners whose companies have been backed by venture capital funding. Out of more than 50 regional 2009 Entrepreneur of the Year winners who have benefited from VC funding, these honorees were selected by an independent panel of judges from leading VC firms, including Bain Capital Ventures, Fidelity Ventures, MPM Capital, NewSpring Ventures, Sequoia Capital and Technology Cross Ventures.
"Square 1 Bank's commitment to the venture capital community has never wavered," said Susan Casey, founder and executive vice president, credit andbanking, of Square 1 Bank. "VC firms have played such a vital role in making entrepreneurial visions a reality that we are thrilled to be a part of Ernst & Young's VC Award of Excellence program." For this recognition, venture-backed enterprises were analyzed by the amount of VC funding on the basis of equity and revenue growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and the stories of their founding.
David Meyer, CEO of Titan Machinery, and his team, who manage a mix of agricultural, construction, and consumer products dealerships, recognized an opportunity for rapid expansion through acquisitions. The company began operating as if it were public by convening a board of directors and initiating reporting practices among other disciplines. In December 2007, with annual revenues of approximately $400 million, Titan Machinery completed an IPO. Today, it is one of the largest networks of full-service agricultural and construction equipment stores in North America. Two years later, 35 stores have grown to 68, and revenues for the latest fiscal year exceed $690 million. The company continues on a path of success and is expanding overseas.
About Ernst & Young's Strategic Growth Markets Network
Ernst & Young's worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of rapid-growth companies. For more than 30 years, we've helped many of the world's most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early stage venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business achieve its potential. It's how Ernst & Young makes a difference.
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