NEW YORK, July 25, 2014 /PRNewswire/ — SternAegis Ventures applauds Deem, Inc. on the completion of its recapitalization financing as well as on raising $50 million in expansion capital. Deem is a leading cloud and mobile commerce company, delivering Commerce-as-a-Service (CaaS) to a large and diverse ecosystem of customers, merchants and partners enabling them to lower costs, increase revenue and deepen customer loyalty. On July 21, 2014, Deem announced the completion of its recapitalization. The principals of as well as investors introduced by SternAegis Ventures participated in the recapitalization financing. On July 23, 2014, Deem announced it had raised $50 million in expansion capital funding.
Patrick Grady, CEO of Deem, said of SternAegis Ventures, "We needed an investment banking team who could understand the complexities of our situation and share the vision for our restructured company. Having a longstanding relationship with Adam Stern, I am fortunate that SternAegis Ventures has been providing capital and its expertise as we reposition our company for accelerated growth."
Adam Stern, CEO of SternAegis Ventures and Head of Private Equity Banking at Aegis Capital Corp., said, "Our mission is to finance passionate, world-class management teams with disruptive technology. Accordingly, we are delighted to be working with Deem and its CEO Patrick."