September 25, 2012
DiNapoli Invests $2.5 Million From State Pension Fund in Ithaca-Based Printing Company CognitiveTPG
State Comptroller Tours Company Headquarters, Highlights Importance of In-State Private Equity Program
New York State Comptroller Thomas P. DiNapoli announced today that DeltaPoint Capital Management has acquired a majority stake in Ithaca-based CognitiveTPG, a supplier of point-of-sale transaction and barcode printers. The Common Retirement Fund (Fund) is an investor in DeltaPoint through the In-State Private Equity Program.
"In cities and towns across the state, the Common Retirement Fund is investing in New York, helping to create and keep jobs," DiNapoli said. "Partnering with DeltaPoint Capital and investing in CognitiveTPG, a company that was founded and grew right here in Ithaca, is smart business for the Fund. This investment is another example of how the In-State Private Equity Program helps businesses large and small start, stay and expand in New York."
The In-State Private Equity Program was founded in 2000 and partners the Fund with private equity managers investing in New York-based companies. The program provides the Fund with investment returns consistent with the risk of private equity while also expanding the availability of capital for New York businesses. In total, 258 investments have been made in New York State companies.
Highlights of the In-State Private Equity Program (as of June 2012) include:
Since 2007, the Fund has invested $19.1 million in four companies in Tompkins County through the In-State Private Equity Program. For more information on the program or company eligibility, visit: www.osc.state.ny.us/pension/instate/
CognitiveTPG traces its roots back to 1972 as the in-house thermal and impact printer group of NCR, an Ithaca, NY-based company. Throughout CognitiveTPG's history, the company has developed several industry firsts, including the first thermal/impact hybrid printer with integrated check reading capability, the first two-color thermal printers, and the first desktop barcode label printer.
The company has 42 employees, annual sales in excess of $20 million and will continue to be led by its President and CEO Kyle Turner. Cognitive TPG was previously owned by ATSI Holdings, Inc. which is owned by Huntington Capital Partners. Partnering in the transaction with DeltaPoint were Boston Harbor Capital, Crofton Capital, Pine Street Capital Partners and the Tompkins Trust Company.
"We recognize CognitiveTPG's unique position in its market and are eager to become an integral part of the company's continued success. We are proud to have partnered yet again with the Common Retirement Fund to help put together a solid deal that invests in New York state businesses. DeltaPoint's operational experience and access to significant capital combined with CognitiveTPG's established product platform and market position will allow us to position the company for strong growth which has positive implications for all of CognitiveTPG's constituents," said David Waterman, managing director at DeltaPoint.
"I am excited for the opportunities we have with the Common Retirement Fund, DeltaPoint and the investor group on board to exceed our goals in every aspect of the business, from products and services to customer service and support," said Kyle Turner, President and CEO of CognitiveTPG.
About DeltaPoint Capital Management