Convergence Technology Group, Inc. (CNVC.PK) recently announced details regarding its vision on how Bookkeeper International Equities Inc. will benefit small cap companies. Earlier this year, Convergence acquired Bookkeeper International, a private merchant banking group that specializes in corporate finance consulting services, merger and acquisition advisory services, and investor relations. Convergence believes that through the use of merchant banking and private equity, Bookkeeper International will provide a unique approach to support small cap companies trading in the U.S. capital markets.
Traditionally merchant banks have been defined as a “European Financial Institution” based upon the geographic origins of the activity. The United States actually does not have merchant banks, but entities that are engaged in the activity of merchant banking. While merchant banking is basically undefined in U.S. banking and security laws, it is understood to mean “negotiated private equity investment by institutions in the unregistered securities of either privately or publicly held companies.”
Those in merchant banking services typically counsel, advise, and provide investment banking to corporations and wealthy individuals on how to use their funds. Merchant bankers act as an agent or principal in mergers and acquisitions, project financing, and advise clients in how to structure the funding needed for projects, as well as assist clients in any negotiations needed to complete their projects. Those considered good merchant bankers are understood to be those that are able to combine experience along professional and/or political contacts in conjunction with creativity and their own capital to structure clients’ deals.
Bookkeeper International works as a principal, rather than a broker, as it commits its own funds along with its expertise and advisory skills to any given project. As a principal, Bookkeeper International is able to take a leadership role by either approving or rejecting deals based upon their strict criteria. Convergence plans to capitalize on the extensive network and skills Bookkeeper International has in place in order to offer current and future clients the unique merchant banking services now available.
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