Brent Elkins and Jeremy King Join Residential Rental Service Platform to Continue Transforming the Asset Class

NEW YORK–(BUSINESS WIRE)–Avenue One, a technology service platform and investment marketplace for institutional owners, buyers and sellers of residential rental real estate, has announced the additions of Brent Elkins and Jeremy King to expand the reach of Avenue One’s platform with investors.

Elkins was named Head of Real Estate Capital Partnerships, responsible for forming and maintaining relationships with traditional real estate investors within investment management firms and institutional plan sponsors. He will work closely with King, who joins as Head of Alternative Capital Partnerships and will focus on alternatives investors such as insurance companies, private credit investors, and other institutional allocators.

“Jeremy and Brent are the right leaders to take us to the next level as we transform the historically manual residential rental asset class,” said Ryan Stroker, Co-Founder and Chief Executive Officer of Avenue One. “The depth and breadth of their expertise, and the power of their partnership, will fuel the expansion of our institutional relationships and support our work enabling local real estate businesses across the country.”

Elkins has led global business development at prominent firms in the real estate investment industry, including most recently as Managing Director and Head of Fundraising at Beacon Capital Partners. He previously served as a Managing Director and Global Head of Real Estate Distribution at BlackRock. Earlier in his career, Elkins was a Senior Vice President at Colony Capital (now DigitalBridge) and an Executive Director at Morgan Stanley.

King previously led business development at Insight Investment, the $800 billion fixed income investor unit of BNY Mellon, where he headed a team focused on building investment solutions for life insurance companies, pension plans, and other institutions across active, hedging, and specialist credit strategies. Prior to Insight, he held senior investment structuring, origination, and sales roles at Guggenheim, Unigestion, and Man Group.

Avenue One recently announced a strategic funding round of $100 million, which is being employed to support the growth of its institutional marketplace, enhance the company’s platform, and expand its local partner network.

Avenue One simplifies institutional access to a large and complex asset class by offering a comprehensive suite of services. The solutions can be fully customized and scalable for each capital partner, in contrast to less flexible conventional formats such as commingled funds and REITs. The Avenue One service platform combines proprietary data and a network of local partners to identify, acquire, renovate, lease, and manage residential rental properties on behalf of institutional investors. Its ecosystem of independent businesses – including brokers, contractors, title professionals, and property managers – provides local expertise to create and maintain portfolios of quality rental properties across the country. To date, Avenue One has contracted more than $400 million in goods and services through a robust network of over 400 local partners.

In addition to its tech-driven service platform, Avenue One offers a marketplace of services to buyers, owners, and sellers of residential real estate. In creating a first-of-its-kind in-house brokerage, Avenue One is at the center of facilitating the buying and selling of single-family rental properties at scale. By providing exceptional access to insights and trade color, Avenue One has been able to quickly attract a wide variety of market participants. In a little over two years, the company has expanded its operational footprint to 21 U.S. markets, closed and brokered thousands of transactions and deployed billions for investors.

About Avenue One 

Avenue One is a technology service platform and investment marketplace for institutional owners, buyers and sellers of residential rental real estate. Avenue One’s platform connects local experts to institutional capital, making investing in housing debt and equity more efficient for institutions, while also supporting local businesses. For more information, visit www.avenueone.com.

Contacts

Media:

Joshua Greenwald

Stanton

(646) 504-7306

jgreenwald@stantonprm.com

Leading Canadian Construction Solutions Company Selects Vroozi to Modernize its Procure-to-Pay Process to Drive Efficiency and Cost Savings

SAN FRANCISCO–(BUSINESS WIRE)–#P2P—Vroozi, the intelligent procure-to-pay platform, is pleased to announce that Modern Niagara, a leading multi-trade contractor and building solutions company in Canada, will partner with Vroozi to simplify their procurement process while providing central procurement teams with complete control and visibility. With the initial goals of reducing manual work, price compliance, invoice matching, and tracking spend to realize cost savings opportunities, Modern Niagara soon realized the potential of modernizing the procure-to-pay process within the construction industry upon deeper understanding of Vroozi’s easy-to-use procurement platform.

“We are thrilled to partner with Modern Niagara to revolutionize procurement and accounts payable within the construction industry,” said Shaz Khan, CEO and Co-Founder at Vroozi. “With our flexible and intelligent no-code platform, Modern Niagara’s on-site personnel can easily purchase the materials they need for projects, while central procurement can maintain control and visibility over spending. This partnership will not only enhance operational efficiency but also generate substantial cost savings.”

Modern Niagara specializes in constructing state-of-the-art buildings with a unique approach. By preassembling essential components, such as pipes and sheet metal, in their expansive warehouses, Modern Niagara drastically improves construction efficiency and expedites project timelines. However, as most construction companies experience, challenges often arise when it comes to procuring essential materials for construction projects and managing on-site inventory. Recognizing this hurdle, Modern Niagara sought a forward-thinking solution that would simplify the procurement process and provide more visibility into spend across their job sites. The company found the ideal partner in Vroozi, whose intuitive platform offers a mobile interface that eliminates the need for extensive technical know-how and exposes cost savings opportunities by project.

“The world of construction is evolving rapidly, and to keep pace, it’s imperative we incorporate tools that optimize our processes end-to-end,” said Mo Abdelrahim, Senior Director of National Procurement at Modern Niagara. “Partnering with Vroozi is a strategic move in this direction. We believe this step will not only elevate our procurement and payment workflows but also set a benchmark for the industry.”

The collaboration between Vroozi and Modern Niagara signifies a leap forward in digitizing procurement and payments processes within the construction industry. With Vroozi, field employees have platform access from any device, ensuring efficient purchasing of crucial materials. By simplifying purchasing, enabling cost control, and empowering central procurement teams, both companies are poised to revolutionize how materials are acquired for construction projects.

About Modern Niagara

Modern Niagara is one of Canada’s largest national mechanical, electrical, building services, and integrated building technology contractors that delivers to its clients a broad spectrum of services and offerings including GHG reduction solutions for existing buildings as well as new construction. Modern Niagara is recognized as one of Canada’s Best Managed Companies and is committed to optimizing building performance and increasing efficiency, by helping to design, build and maintain some of the most prominent infrastructures across Canada. To learn more, visit modernniagara.com.

About Vroozi

Vroozi — the intelligent procure-to-pay platform — is the leading business spend management, marketplace, and accounts payable invoice automation platform for mid-market and enterprise organizations. Vroozi’s SpendTech® platform digitizes the procurement and vendor invoice management processes by leveraging AI and ML capabilities to intelligently orchestrate business processes while bringing powerful, enterprise-grade functionality to companies of all sizes. The digital platform reduces transaction costs, maximizes efficiency, and improves business margins while providing powerful financial insights to company stakeholders. Vroozi is designed for companies who want to manage all of their spend, drive end-user adoption with their employees, connect digitally with their suppliers, and maintain spend and payments visibility from anywhere, at any time. For more information, visit vroozi.com and connect with us on LinkedIn and Twitter.

Contacts

PRESS CONTACT:
Nicole Rodrigues

NRPR Group for Vroozi

nicole@nrprgroup.com
424-421-9610

Media Relations | Modern Niagara

media@modernniagara.com

HOUSTON & CALGARY, Alberta–(BUSINESS WIRE)–Civeo Corporation (NYSE: CVEO) today announced that it has entered into a definitive agreement to sell its McClelland Lake Lodge assets to a US-based mining project for approximately C$49 million, or US$36 million. The Company expects to close the transaction before January 31, 2024, subject to the satisfaction of customary closing conditions.

Highlights of the transaction include:

• Purchase price of approximately US$36 million with anticipated net proceeds of US$30 million after net demobilization costs;
• Anticipated gains from the McClelland Lake Lodge assets of approximately US$35 million to be recognized throughout the second half of 2023 and first quarter of 2024;
• Possible future opportunities to provide ancillary services to the buyer; and
• An expected increase in the Company’s 2023 cash flow of approximately US$20 million, with the remaining net proceeds to be received in 2024.

“We believe that this transaction maximizes the value of the McClelland Lake Lodge assets. Driven by numerous factors, including mining activity for energy transition and inflationary pressure on newbuild pricing, demand for existing accommodations assets is strong throughout North America. After years of solid returns from this asset, we are pleased that, subject to the satisfaction of customary closing conditions, we will have additional financial flexibility to fund growth opportunities and return capital to shareholders while maintaining our strong balance sheet,” said Bradley Dodson, Civeo’s President & Chief Executive Officer.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 24 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 26,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo’s website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends and liquidity needs, and expectations regarding the closing of the transaction, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the failure to satisfy closing conditions, the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, inflation, global weather conditions, natural disasters, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Regan Nielsen

Civeo Corporation

Vice President, Corporate Development & Investor Relations

713-510-2400

WATERLOO, Ontario–(BUSINESS WIRE)–eSentire, Inc., the Authority in Managed Detection and Response (MDR), and Kterio, the leading provider of smart building operating systems, today announced that they have formed an ecosystem partnership for the Healthcare, Industrial and Commercial Real Estate sectors. Companies in these sectors are seeking broader, more robust solution outcomes to reduce cybersecurity risk while maintaining optimum building performance. Together, eSentire and Kterio will evaluate customer risks across traditional threat vectors and the building infrastructures supporting sustainability initiatives, building management, and operations.

Kterio has developed a revolutionary smart building operating system, Kterio OS. By harnessing the power of integrated data, Kterio uses Machine Learning and Artificial Intelligence to deliver portfolio-level, site-level, & equipment-level reporting, benchmarking, and asset visualization. Kterio customers realize savings in reduced energy consumption, fewer maintenance calls, and AI-enabled capital-expense optimization. eSentire is the leading global provider of Exposure Management, Managed Detection and Response and Incident Response services. By combining its open XDR platform technology, 24/7 threat hunting, generative AI expertise and proven security operations leadership, eSentire helps organizations anticipate, withstand, and recover from cyberattacks. As leaders in their respective fields, eSentire and Kterio are uniquely positioned to deliver a 24/7 full-scale solution to support the teams charged with managing the multiple, vast, physical sites of critical infrastructure firms.

“Clients and ecosystem partners are seeking solutions, which coalesce cybersecurity controls with building asset controls, to form a complete risk picture,” said Bob Layton, Chief Channel Officer, eSentire. “Organizations will also see operational efficiency and cyber resilience gains through this unification. Our Healthcare and Industrial clients are solving for this now and bringing eSentire to the table to deliver the security operations expertise needed. This partnership with Kterio is integral in furthering the visibility and control we can deliver across IoT environments.”

Kterio and eSentire’s ecosystem partnership will first explore joint service offerings to mutual customers while creating new paths to enhance cyber resilience and improve attack surface visibility across operational controls.

“We are delighted to form this new ecosystem partnership with eSentire. Our clients, around the world, are solving operational controls and efficiencies utilizing Kterio OS ML/AI tools right now. They’re asking us for cybersecurity solutions that tie into the Kterio data science and enterprise-class service portfolio. eSentire’s proven leadership position in cybersecurity and their investment in AI and LLMs make for a natural ecosystem partnership,” said Larry Yogel, Chairman and CEO, Kterio. “Kterio is a disruptor in a legacy industry, and we see a shared vision with eSentire,” he added.

About eSentire

eSentire, Inc., the Authority in Managed Detection and Response (MDR), protects the critical data and applications of 2000+ organizations in 80+ countries across 35 industries from known and unknown cyber threats by providing Exposure Management, Managed Detection and Response, and Incident Response services. eSentire’s award-winning global e3 partner ecosystem, representing experience, expertise, eSentire, has been awarded a 5-Star rating in the Partner Program Guide by CRN®, a brand of The Channel Company, for five consecutive years. The e3 ecosystem focuses on mapping partner engagement, productivity and overall experience to how business leaders choose to consume best-in-class cybersecurity services through marketplaces, global Managed Services Providers (MSPs), Managed Security Services Providers (MSSPs), Value Added Resellers (VARs), and Technology Service Brokers. For more information and to become a partner, visit: www.esentire.com/partners and follow @eSentire.

About Kterio

Kterio is a technology leader bringing unprecedented intelligence to buildings through its operating system (OS) and Smart Solution Center (SSC) platform. Kterio enables building owners to visualize and manage all their building assets and IoT sensors in a single platform. The Kterio OS and solution platform harnesses the power of data to reduce energy costs, and reduce maintenance costs, significantly improving the operational efficiencies of buildings. As a result of Kterio’s unique ability to integrate data from disparate systems, building owners are no longer tied to proprietary systems and maintenance contracts. Kterio OS uses ML/AI to predict and plan for equipment maintenance proactively, make changes that will save energy, and reduce carbon, enhancing Environmental, Social, and Governance (ESG) practices. For more information, visit: Kterio.com and follow @Kterio.

Contacts

Elizabeth Clarke

eSentire

Elizabeth.Clarke@esentire.com