Affluence Corporation Announces Intent to Acquire Durham Black LLC and Appoint Leadership Team to Key Executive Roles

Rhea-AI Summary

Affluence Corporation, a leader in Smart City Software and IoT technology, has announced its strategic intent to acquire Durham Black, LLC, a strategic advisory firm. The acquisition aims to establish Affluence as a global leader in solutions for smart industries and the next generation Internet. Following the acquisition, Patrick Shutt will be named CEO and Chairman of the Board, and Mary Stanhope will become COO. This move positions Affluence to significantly grow the company in 2024 and opens new opportunities for innovation and collaboration.

OAK BROOK, IL / ACCESSWIRE / January 30, 2024 / Affluence Corporation, a leader in Smart City Software, Internet of Things (IoT) technology today announced its strategic intent to acquire Durham Black, LLC, a strategic advisory firm focused on three fundamental areas: Capital Structure, Growth Execution and Operational Excellence. The acquisition is a significant step forward in Affluence growth strategy, aimed at establishing itself as a global leader in solutions that power both smart industries and next generation Internet.

Following the close of the transaction Affluence will appoint Durham Black management to leadership. Patrick Shutt will be named CEO and Chairman of the Board and Mary Stanhope will become COO.

"This is an exciting time for Affluence, the Durham Black team is already driving value and we have a shared vision to maximize the potential of Affluence and grow from both organic and acquisition initiatives." said James E Honan, Jr., CEO of Affluence Corporation. "The addition of Patrick Shutt and his team will further drive the growth of Affluence and position us to be able to assimilate future acquisitions."

Patrick Shutt is a leader in the telecom, technology, and adjacent software sectors and brings a depth of experience and an extensive 25-year track record of success. He has been a Founder, CEO and has provided unique value for every organization he has been with. Patrick has led capital transactions in excess of $800 million, of note, Goldman Sachs underwrote the IPO of Universal Access where Mr. Shutt as CEO raised $240 million in equity and had a market cap over $5.5 billion at its peak. Mr. Shutt has a history of growing technology companies as he grew Universal Access to $144 million in revenue in four years and as CEO of Unitas Global grew that company from $2 million in revenue to $80 million in revenue.

Mary Stanhope has over 25 years of leadership experience for global technology companies. A transformational leader, Mary has held strategy and operating positions at both startup and turnaround companies including Unitas Global, Global Capacity, Sidera Networks, and Priority Call Management, with extensive global M&A work with Atos Origin and SchlumbergerSema technology business lines.

This strategic move positions us to deliver on our plan to significantly grow the company in 2024 and opens new opportunities for innovation and collaboration.

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About Affluence Corporation Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city and industry software and innovative solutions that capitalize on IoT, AI, 5G and edge technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com.

About Durham Black LLC Durham Black is a strategic advisory firm focused on empowering technology business leaders to reach their full value potential by providing customized advisory services that fill the gaps in value creation. Durham Black offers advisory services focused on three fundamental areas: Corporate Structure, Growth Execution and Operational Excellence, catering to both startups and mature Network, SaaS, and Managed Service Providers. For more information go to https://www.durham-black.com.

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For further information contact Affluence Corporation Investor Relations at 720-295-6409.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.

SOURCE: Affluence Corporation

View the original press release on accesswire.com

FAQ

What is Affluence Corporation's strategic intent as per the press release?

Affluence Corporation has announced its strategic intent to acquire Durham Black, LLC, a strategic advisory firm, to establish itself as a global leader in solutions for smart industries and the next generation Internet.

Who will be named CEO and Chairman of the Board after the acquisition?

Patrick Shutt will be named CEO and Chairman of the Board after the acquisition.

Who will become COO after the acquisition?

Mary Stanhope will become COO after the acquisition.

What are Patrick Shutt's notable achievements mentioned in the press release?

Patrick Shutt has led capital transactions in excess of $800 million and has a history of growing technology companies, such as growing Universal Access to $144 million in revenue in four years.

What are Mary Stanhope's leadership experiences mentioned in the press release?

Mary Stanhope has over 25 years of leadership experience for global technology companies and has held strategy and operating positions at both startup and turnaround companies.

What does the strategic move position Affluence Corporation to do?

The strategic move positions Affluence Corporation to significantly grow the company in 2024 and opens new opportunities for innovation and collaboration.