AWS
Convergence Technologies, Inc. partners with a network of
TV broadcasters in more than 100 US cities and more than 8,000
schools nationwide to collect proprietary weather information.
AWS delivers local weather information over the Internet with
its WeatherBug application to millions of users. The company also
used its proprietary weather information to provide important
information to the energy industry and the U.S. government for
homeland security.
WWC has been involved with AWS since 1998 when we began advising
AWS on the conversion of its largely equipment driven strategy
into an Internet content driven strategy. WWC’s partners
also made an investment in the company and agreed to serve on
its Board. In late 1999, WWC was engaged to raise capital for
AWS to more aggressively expand operations and retire a significant
shareholder. WWC Securities privately placed $15 million of Series
A Preferred Stock with an investor group led by HarbourVest of
Boston. WWC's first private equity fund co-invested with HarbourVest.
In 2002, WWC placed $3 million of subordinated debt for AWS with
Allegiance Capital of Baltimore. The subordinated debt provided
necessary working capital for the expansion of the WeatherBug
product with a minimum of dilution. In 2004, WWC advised AWS on
the placement of $23 million of preferred equity from Sequoia
and Polaris. WWC has advised AWS exclusively on its capital structure
since 1998.
