SEATTLE--(BUSINESS WIRE)--Maven (MVEN) board member and investor John Fichthorn has been elected Chairman of the Board of Directors of Maven Inc., and will lead the Board’s finance and audit committee.
Fichthorn currently serves as Head of B. Riley Alternatives (“B. Riley”), a division of B. Riley Capital Management, LLC. In July 2018, Fichthorn and B. Riley partnered with Maven to help secure the investment that funded Maven’s previously announced acquisition of HubPages and initial debt payments as part of Maven’s acquisition of Say Media.
“John is a highly regarded financial veteran whose expertise will become especially valuable as we focus our post-merger initiatives on financial integration, compliance, structure and streamlining,” said Maven CEO James Heckman. “We believe John’s deep knowledge of the financial markets as well as his strict discipline with regard to forecasting and reporting will help elevate Maven’s equity.”
Maven President and board member, Josh Jacobs, noted that “B. Riley’s disciplined approach combined with our exciting growth creates a powerful combination.”
“My initial meetings with Maven last spring led me to believe the company has an opportunity to fill an obvious gap in the market for independent, professional publishers,” said Fichthorn. “This distinguished management team is exceeding expectations and delivering as promised. Once the restructuring and financial systems are complete, Maven could be one of those rare micro-caps positioned to reach the next level.”
As targeted last April, Maven successfully combined operations with HubPages and Say Media and is on-track to hit $30 million annualized revenue and adjusted EBITDAS positive by year-end 2018, with a combined 100 million monthly users on a pro-forma, post-closing basis, assuming the completion of Say Media acquisition closes as scheduled.
Prior to joining B. Riley in April 2017, Fichthorn served as a portfolio manager since 2003 with significant experience in accounting and financial matters, representing the interests of major stockholders for public company boards. He previously served as a Director of California Micro Devices until its sale, and as a Director at Immersion Corporation from 2011 to 2013. Prior, Fichthorn was Managing Director of the technology group at Maverick Capital and an Analyst at Alliance Capital and Quilcap Corporation. Additionally, Fichthorn serves as Director of Health Insurance Innovations, Inc. since December 2017.
About Maven: Maven is a coalition of Mavens operating on a shared digital publishing, advertising and distribution platform, unified under a single media brand. Based in Seattle, Maven is publicly traded under the ticker symbol MVEN.
Board Members: Josh Jacobs; John A Fichthorn; Peter B Mills; James C Heckman; Todd D Sims*; Rinku Sen; David Bailey
About B. Riley Alternatives:
B. Riley Alternatives creates strategic partnerships with talented investment managers seeking to launch or grow their business. The B. Riley Alternatives platform allocates capital through separately managed accounts and offers a turnkey support solution with access to comprehensive services, sophisticated technology and leading service providers.
B. Riley Alternatives is a division of B. Riley Capital Management, LLC, a Registered Investment Adviser. Built on a shared legacy of small-cap research and active investing, B. Riley Capital Management and its affiliated broker-dealer, B. Riley FBR, offer a unique breadth of services and a broad range of expertise in trading, research, corporate finance, lending, restructuring and asset management. Both companies are wholly-owned subsidiaries of B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company which operates through several wholly-owned subsidiaries. To learn more about B. Riley Financial, visit www.brileyfin.com.
*Todd Sims is also a board member of B. Riley Financial, Inc.
Maven (noun | ma·ven | ˈmā-vən): A professional, authentic authority, evangelist and recognized community leader for a specific topic, cause or organization.