Cox Enterprises and Renowned Entrepreneur Tripp Rackley Create Quarter Billion
Partnership to invest exclusively in companies created and led by Rackley
ATLANTA, Jan. 16, 2013
ATLANTA, Jan. 16, 2013 /PRNewswire/ --Cox Enterprises, Inc. today announced
the company is investing $250 million with entrepreneur and technology
innovator Tripp Rackley. The investment creates an exclusive partnership with
Rackley as he further develops cutting-edge technology businesses and
leverages his proven history of success creating and growing high-value
"Cox Enterprises has a long history of growing innovative businesses and
creating new industries, and this partnership with Tripp marks an exciting way
to revolutionize innovation," said Jim Kennedy, Chairman, Cox Enterprises.
"This significant investment from Cox Enterprises creates a platform to
develop the companies and industries of the future," said Rackley. "My entire
career has been focused on building businesses one by one, but now, we will be
able to deploy our efforts simultaneously into an array of companies to drive
innovation and long-term value creation."
Kennedy continued, "For several years we've observed Tripp's success as an
entrepreneur and recruited him to our Board of Directors because of that
sterling track record. We're thrilled to partner with him on this exciting new
venture so that together we can build and grow the next generation of
successful, high-value technology companies. It is a wonderful opportunity to
work with someone we know, trust and respect."
One such growth company Rackley founded is Experience (www.findexp.com), the
partnership's first investment. With Experience, fans can easily upgrade their
seats from their mobile device at games or live events. Experience is
available today with professional and collegiate sports teams nationwide.
Headquartered in Atlanta, Rackley will continue the city's strong history of
technology innovation in mobility, security, payments and media and create
significant jobs through new businesses.
Rackley founded several Atlanta-based technology companies where he has
provided leadership, strategy, vision and direction. Combined, his ventures
nFront, Inc., now part of Intuit, Inc., and Firethorn, Inc., now part of
Qualcomm Incorporated, created more than $1 billion dollars in shareholder
value and more than 500 jobs in Georgia. Rackley is a graduate and
distinguished Alumnus of Georgia Tech, Ernst &Young Entrepreneur of the Year,
MIT Enterprise Forum Entrepreneur of the Year, and Member of the Georgia
Technology Hall of Fame.
About the Partnership
This partnership offers a new and unique approach to creating, incubating and
growing innovative businesses andis backed by a$250 million investment from
Cox Enterprises. Led by Cox Board Member and accomplished entrepreneurTripp
Rackley, the partnership is designed to invest directly and exclusively in
companies created by Rackley. Operating from Atlanta, Ga., this is a
standalone entity external from Cox Enterprises and its subsidiaries.
About Cox Enterprises
Cox Enterprises is a leading communications, media and automotive services
company. With revenues of nearly $15 billion and more than 50,000 employees,
the company's major operating subsidiaries include Cox Communications, Inc.
(cable television distribution, telephone, high-speed Internet access,
commercial telecommunications and advertising solutions); Manheim, Inc.
(vehicle auctions, repair and certification services and web-based technology
products); AutoTrader.com (online automotive advertising and Kelley Blue Book,
vAuto, HomeNet Automotive and Vin Solutions subsidiaries); and Cox Media
Group, Inc. (television and radio stations, digital media, newspapers,
advertising sales rep firms, Valpak and Cox Digital Solutions). Additionally,
Cox operates Kudzu.com.
SOURCE Cox Enterprises, Inc.
Contact: Elizabeth Olmstead, +1-678-645-0762, email@example.com,
or Ed Patterson, +1-678-645-4518, firstname.lastname@example.org
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