Corporate Report: May 31

Sebring Software buys firms, adds $16 million financing
Sarasota-based Sebring Software Inc. has closed two mergers. It has added the business of Orthodontic Specialists Management LLC, which manages 31 orthodontic dental practices across Florida, and Absolute Aesthetic & Restorative and Image Dentistry of Glendale, which operates two dental practices in Arizona.

The two companies produced a combined $18 million in revenue in 2012. Founded in 2005 by Dr. Alan Shoopak, Orthodontic Specialists Management contains 15 doctors and has a centralized management office located in Clearwater. Dr. Byron Larsen and Dr. Mitch Ellingson created Absolute Aesthetic & Restorative and Image Dentistry in 2010.

The acquisitions were part of Sebring Software's planned expansion into the dental business. The company says both of its partners offered Sebring Software a platform from which to launch its unique software applications for the health care industry.

“Owning assets in the [dental-practice management] space allows Sebring to enter the dental sector in two large, growing and profitable markets,” Leif Andersen, president and CEO of Sebring Software, says in a press release. “As we move forward with our growth strategy, we plan to integrate our software applications in all practices to provide cost efficiencies to the back office and further increase profitability.”

To fund the deals, Sebring Software closed on $16 million in financing from a lender group led by MidMarket Capital Partners LLC.

Small PC supplies computer for McKim & Creed's survey boat
Surveying/mapping and engineering firm McKim & Creed Inc. selected Small PC's Marine Touch Screen LCD computer model SDC150 for use in its catamaran hydrographic survey system.

The computer acts as the hydrographic survey system's host with data connections to the global positioning system, motion sensors, echo sounder and communication devices. The SDC150 Marine PC is mounted directly in the front of the operator and uses Small PC's waterproof keyboard model SK135.

The waterproof sunlight-readable touch-screen computer, which uses removable ruggedized solid state drives, is designed to operate in difficult marine environments.

McKim & Creed recently used the single beam survey system for a proposed gas line crossing on a Pennsylvania river and for a bridge replacement project in Florida.

Clearwater-based Small PC is a division of ICI Controls Inc.

Axiologix receives $7.5 million in financing from Ironridge Technology
Sarasota-based cloud-product company Axiologix Inc. has received a $7.5 million preferred equity investment from Ironridge Technology Co., a division of Ironridge Global.

Axiologix says it will use the funds for operational growth, including its already announced joint venture with ePath Communications, as well as new acquisitions and to pay down debt.

As part of the agreement, Axiologix will issue Ironridge restricted Series C convertible preferred shares that are convertible into restricted common stock for 0.08 of a cent per share. Ironridge will be unable to convert the preferred shares into common stock for at least a year after each issuance.

The preferred shares will also generate dividends each year based on Axiologix's stock price performance.

Vincent Browne, chairman and CEO of Axiologix, says the investment gives the company the ability to negotiate better terms with prospective lenders for pending acquisitions and allow it to avoid short-term funding options.

Jaensch firm's Karins name chair of American Immigration Lawyers Association
Victoria Jaensch Karins of Sarasota's Jaensch Immigration Law Firm has been elected chairwoman of the American Immigration Lawyers Association, Central Florida Chapter. The Central Florida Chapter includes 300 immigration attorneys and, aside from southeast Florida, covers the entire state. She is the first AILA-CFC chairperson from Sarasota.

Karins has been practicing immigration law since 1994.

“With major potential changes in immigration law on the horizon it is very important for immigration attorneys to work together for positive reform,” says Karins, referring to the Senate bipartisan immigration reform bill. “...It is also important for us to educate the public to reduce the potential for fraudulent activities from unlicensed and fly-by-night [immigration-consulting] organizations, otherwise known as notarios.”

Seven Seas Water hires new South America president
Tampa-based Seven Seas Water Corp. has hired Claudio Baldovino as president of South America and part of the company's executive committee.

Baldovino comes to Seven Seas with 21 years of experience in investment banking, corporate finance and financial asset management in Latin America. His work experience includes being a partner and director of private equity for Buena Vista Capital, a private investment firm in Santiago, Chile. In addition, he has also worked for Rothschild Group in London, Buenos Aires, Lima and New York City, and BICE Chileconsult, the joint venture between the Grupo Matte and the Rothschild group in Santiago.

He will be based out of Seven Seas' South American headquarters in Santiago.

“Claudio's strong leadership skills, executive presence and exceptional transactional skills are exactly what we need to lead our South American team,” CEO Bob Dixon says in a press release. “Adding Claudio to the Seven Seas team demonstrates our clear desire to further expand our presence in Latin America.”