Lorne Abony

Lorne Abony
Born (1969-08-26) August 26, 1969
Toronto, Ontario, Canada
Nationality Canadian
Education

McGill University, (BA, 1991), University of Windsor Faculty of Law (JD/LLB, 1994),

Columbia Business School, (MBA)
Occupation CEO, FastForward Innovations, Ltd.; Owner, Orange Country Breakers

Lorne Abony (born August 26, 1969) is a Canadian technology and media entrepreneur and the CEO of FastForward Innovations, Ltd, an investment company listed on the London Stock Exchange focusing on early-stage technology investments.[1] He is also the founder of EdTech companies Vemo Education and Schoold and serves on both companies’ boards as Non Executive Chairman.[2][3] Abony currently owns the Orange County Breakers,[4] a professional sports franchise which competes in World TeamTennis.

Abony is the former CEO of Mood Media Corporation, a public company listed on the Toronto Stock Exchange and the London Stock Exchange. He co-founded FUN Technologies in 2001 and in 2004 as CEO of FUN became the youngest CEO of a listed company on the Toronto Stock Exchange (TSX).[5][6] Additionally, Abony, whose net worth is estimated at $300 million,[7] is an accomplished tennis player and is a former member of the Competition Committee of the Association of Tennis Professionals (ATP).[8]

Career and business experience

Abony was born and raised in Toronto.[9] After graduating from the University of Windsor law school in 1994, Abony practiced corporate and securities law at the Toronto firm Aird & Berlis.[10] Abony left the law profession in 1996 to embark on an entrepreneurial career. In his role as CEO and founder of a number of successful ventures, Abony has raised over C$1.3 billion through the public and private debt and equity markets, including over $100 million for Petopia.com,[11] $190 million for FUN Technologies[12] and over $820 million for Mood Media.[13][14]

FastForward Innovations, Ltd.

Abony was named CEO of FastForward Innovations, Ltd. on January 27, 2016.[15] In his role as CEO, Abony will lead an investment strategy focused on companies that are developing emerging technologies and that are in the earlier stages of development. This focus will enable FastForward to bring investment opportunities often reserved for venture capital firms to the average investor.[16] Current portfolio companies include Leap Gaming, Factom, Intensity Therapeutics, Pulse Flow, SatoshiPay, Schoold, Vemo Education and Yooya Media.[17]

Vemo Education and Schoold

Abony founded an education finance company originally called Vested Finance[18] in early 2015 to address the burgeoning student debt crisis which had grown to $1.3 trillion.[19] It became clear to Abony only a few months into the endeavor that there were two distinct arms of the company – a student financing arm and a mobile app arm – that each had the potential to become bigger on their own than together as one company.[20] So he restructured the organization into two separate companies – Vemo Education and Schoold – and currently serves as the Non Executive Chairman of both companies.

Vemo Education is focused on partnering with higher education institutions to develop and implement alternatives to traditional debt-dependent student financing options.[21] Schoold is developing a mobile app that will act as a student’s complete college admissions and career counselor by using machine learning, crowdsourcing, natural language processing and social media analytics.[22]

In addition to his board seats at Vemo and Schoold, Abony is also lead director of Glu Mobile, a leading global developer and publisher of free-to-play games for smartphone and tablet devices.[23]

Undercover Boss

In January 2013, Abony was featured in the Emmy Award –winning CBS series “Undercover Boss”. In the one-hour episode which was watched in over 11 million households,[24] Abony works hand-in-hand with Mood Media employees while disguised as Beau Sinnet an unemployed night club owner.[25]

Orange County Breakers

Abony is the owner of the Orange County Breakers.[26] The Breakers is one of six professional tennis teams in Mylan World TeamTennis, the professional tennis league co-founded by Billie Jean King in 1974. After playing two seasons as the Austin Aces, the team moved to Southern California in November and will play as the Breakers at the Newport Beach Tennis Club for the 2016 season, and nine-time Grand Slam doubles winner Rick Leach will lead the team as head coach for the third year in a row.[27] As the Aces, the team’s 2014 roster included former world #1 men's singles player Andy Roddick and 2013 Wimbledon women’s champion Marion Bartoli.[28] During the 2015 season, the team won the Western Conference Championship and played for the King Trophy in the World TeamTennis Finals, losing to the Washington Kastles.[29]

Mood Media

Abony is the former CEO of Mood Media Corporation ("Mood Media"). Mood Media provides in-store media to over 575,000 locations worldwide, including clients such as McDonald's, Gucci, H&M, Abercrombie & Fitch, Nike, Hilton Hotel and AT&T. Mood Media has offices in 48 countries employs over 2,700 employees and plays over 115 million songs and 10 million on-hold and on-premise messages daily.[30][31][32] In 2011 Mood Media was named Canada's fastest growing company by Profit.[33] Mood Media currently has a market cap value of approximately $176 million.[34]

FUN Technologies

In 2002, Abony co-founded Columbia Exchange Systems Software PLC with Andrew Rivkin after the two raised C$1.8 million from initial investors.[35] Later renamed FUN Technologies, Abony became the company's CEO and the largest individual shareholder. In 2003, FUN completed an IPO on the London Stock Exchange raising over $11 million.[35] Soon after, FUN listed its shares on the TSX raising over $56 million from a group of investors including Fidelity Investments, AGF Management and the Ontario Teachers Pension Fund. FUN became one of the fastest growing companies on the TSX and in three years raised over $160 million in five rounds of equity financing. FUN and its subsidiaries acquired seven businesses during Abony's tenure as CEO, including SkillJam Technologies Corporation, Don Best Sports, Fanball Interactive LLC, Octopi Inc., Teagames, WorldWinner Inc. and Fantasy Sports Inc.[36][37]

The Meridian, Colorado-based Liberty Media acquired a majority interest in FUN Technologies stock in 2005.[38] Liberty Media purchased the rest of FUN Technologies in late 2007.[39] The company was valued at nearly C$500 million at the time of its final sale to Liberty Media.[40]

Petopia.com

In January 1998, Abony founded and served as the initial president of the online pet-supply business Paw.net in San Francisco. The company, which was eventually renamed Petopia.com, grew to 200 full-time employees within two years and raised over $114 million in financing. Petopia.com was sold to Petco in 2001.[41]

Green Dot (German: Der Grüne Punkt) Duales System Deutschland GmbH (DSD)

The Green Dot symbol

Abony was part of the private equity syndicate that acquired Der Grüne Punkt (Green Dot) "DSD" from Kohlberg Kravis Roberts[42] in 2011. Abony sits on the board of DSD and is one of its largest shareholders.[43] DSD was founded in 1990 and was the first company to introduce a dual take-back system in Germany, in response to the Packaging Ordinance & Waste Act. The Green Dot (German: Der Grüne Punkt) is the license symbol of a European network of industry-funded systems for recycling the packaging materials of consumer goods. The logo is trademark protected worldwide. DSD employs 247 people in Germany,[44] and is considered the largest dual take-back systems provider in Europe. In 2009, DSD recovered approximately 2.75 million tons of sales packaging, saved 60 billion megajoules of energy and reduced CO2 emissions (and its equivalents) by 1.5 million tons.[44] According to Reuters, DSD a former non-profit organization, had 2009 sales of 684 million euros ($943 million).[42]

Charitable giving

Abony is a strong supporter of education-based charities and tennis-based charities.

BostonSight

In 2014, Abony gave $500,000[45] to BostonSight, a world renowned 501(c)(3) nonprofit eye health care organization founded in 1992. BostonSight's mission is to improve the quality of life for patients and their families by transforming the understanding, treatment and care of complex corneal disease.[46]

Abony Family Tennis Center

In 2012, Abony gave $250,000 to fund the Abony tennis center in Fredericton, NB.[47] The Abony Tennis Centre will be located in Fredericton, New Brunswick, and will focus on developing tennis at the grassroots level. The Community Tennis Centre will be the only six-court tennis facility in the Maritime Provinces and, as such, will be a regional center for the growth of tennis and could serve as the Eastern Canadian regional training center. Additionally, it will attract indoor international events and will be a primary venue for provincial tournaments, wheelchair events, school programs, and programs for children, adults, and seniors.

Weiss School

In April 2012, Abony gave $500,000 to The Weiss School [48] the premier school for gifted education in Florida, to fund scholarships for gifted children and to build a new kindergarten. Abony also organizes The Weiss School Tennis Pro-Am, a tennis tournament bringing professional players such as Vince Spadea, Rick Leach, Potito Starace, Guillermo Canas, Jared Palmer, Donald Johnson and others with amateur players like Abony to compete, with all proceeds going directly to The Weiss School. In 2011, Abony helped raise over $200,000 for the school.[49]

Israel Tennis Centers

In November 2010 Abony made a $250,000 donation to Israel Tennis Centers.[50]

Education, academia and awards

Abony earned an MBA from Columbia Business School,[51] an LL.B/J.D. from the International Law Center at the University of Windsor and a B.A. from McGill University. He is a recipient of Canada's Top 40 Under 40 award[52] and an Ambassador for the Province of New Brunswick[53] and in 2006 was a recipient of the University of Windsor's Odyssey award.[54]

Abony sat on the Board of Trustees of the Fraser Institute, a leading Canadian think tank from 2006 to 2007.[55]

Tennis

ATP (Association of Tennis Professionals)

In August 2012, Abony was selected as one of two Players Representatives to sit on the newly formed 6-member Competition Committee of the ATP. The Competition Committee is composed of distinguished members of the international tennis community including former Wimbledon champion Richard Krajicek. The Competition Committee was created to "explore new and creative ideas for enhancing the competition and presentation of the sport."[8]

Competitive tennis

Abony is a competitive tennis player. He was a member of the Team Canada men's tennis team [56] which competed in the 2009 Maccabiah Games in Israel. He also competes in both the ITF and USTA men's over-40 divisions in both the state and national level in both singles and doubles. Abony's doubles' partner in the men's over-40 category is Jared Palmer,[57][58] formerly the world #1-ranked doubles player and Wimbledon and Australian Open doubles champion. As of July 3, 2012, Abony, along with tennis partner Jared Palmer, is ranked #2 in the USTA's National Men's over-40 Team Doubles rankings.[59]

In March 2014, Abony and doubles partner Robert Kendrick reached the finals of the USTA National Hardcourt Championships in the men’s over 30 category .[60]

In June 2014, Abony and doubles partner Robert Kendrick won the USTA National Indoor Championship in the men's over 35 category.[61]

References

  1. ↑ http://fstfwd.co
  2. ↑ http://vemo.com/board-of-directors/
  3. ↑ http://www.schoold.co/team.html
  4. ↑ http://www.breakerstennis.com/teams/page.aspx?article_id=5060
  5. ↑ Pachner, Joanna (June 1, 2011). "Born to run — really fast". Profit Guide. Retrieved 2012-11-23.
  6. ↑ Watson, Thomas (January 9, 2006). "Fun and Games: at 35, Lorne Abony is a young, ambitious—and very accomplished—CEO". Canadian Business. Retrieved 2012-11-23.
  7. ↑ http://www.celebritynetworth.com/richest-businessmen/ceos/lorne-abony-net-worth/
  8. 1 2 (accessed 05 September 2012)
  9. ↑ Pachner, Joanna. Born to run — really fast, Profit. June 1, 2011 (accessed 1 June 2011)
  10. ↑ Lorne Abony: Executive Profile & Biography - BusinessWeek (accessed 16 February 2011)
  11. ↑ Petopia.com, Inc. (March 13, 2000). "FORM S-1 REGISTRATION STATEMENT Under THE SECURITIES ACT OF 1933" (S-1 Form). Petopia.com, Inc. Retrieved 2011-03-23.
  12. ↑ Fun Technologies plc. (December 31, 2005). "Management's Discussion and Analysis" (MD&A). Fun Technologies plc. Retrieved 2011-03-23.
  13. ↑ Mood Media Corporation (March 7, 2011). "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" (MD&A). Mood Media Corporation. Retrieved 2011-03-23.
  14. ↑ FLUID MUSIC CANADA, INC. (March 31, 2009). "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" (MD&A). FLUID MUSIC CANADA, INC. Retrieved 2011-03-23.
  15. ↑ http://fstfwd.co/uploads/documents/article/270116-ffwd-announcement-appointment-of-abony-final.pdf
  16. ↑ http://fstfwd.co/profile
  17. ↑ http://fstfwd.co/portfolio
  18. ↑ http://www.prnewswire.com/news-releases/vested-finance-raises-5-million-seed-round-launches-equity-financing-company-300081207.html
  19. ↑ Tate, Ashley. "Hacking away at student loan debt". USA Today.
  20. ↑ https://www.linkedin.com/pulse/introducing-vemo-education-schoold-app-lorne-abony?trk=prof-post
  21. ↑ http://vemo.com
  22. ↑ http://www.schoold.co
  23. ↑ http://www.glu.com/about
  24. ↑ "TV Ratings: 'Undercover Boss' Jumps, CBS Tops Another Friday". The Hollywood Reporter. 19 October 2013.
  25. ↑ List of Undercover Boss (U.S. TV series) episodes
  26. ↑ http://www.ocregister.com/articles/team-698841-breakers-world.html
  27. ↑ http://www.usatoday.com/story/sports/tennis/2016/01/27/orange-county-breakers-return-to-teamtennis-this-summer/79428878/
  28. ↑ http://www.texas.usta.com/News/roddick_and_bartoli_to_headline_aces_inaugural_season/
  29. ↑ http://www.statesman.com/news/sports/pro-sports/aces-fall-to-kastles-in-world-team-tennis-title-ma/nnBnF/
  30. ↑ http://www.newswire.ca/en/releases/archive/June2010/07/c2593.html
  31. ↑ Fluid Music Canada Inc. (March 31, 2010). "Annual Information Form Year Ended December 31, 2009" (Annual Information Form). Fluid Music Canada Inc. Retrieved 2010-08-03.
  32. ↑ Anupreeta Das (March 24, 2011). "Mood Media to Acquire Muzak for $305 Million" (Newspaper Article). Wall Street Journal. Retrieved 2011-03-24.
  33. ↑ PROFIT 200 - Canada's fastest-growing companies (accessed 1 June 2011)
  34. ↑ N/A (May 2, 2012). "Google Finance: TSE:MM" (Stock Quote). Google Finance. Retrieved 2012-05-02.
  35. 1 2 Thomas Watson (March 14, 2005). "Fun and Games: at 35, Lorne Abony is a young, ambitious—and very accomplished—CEO". Canadian Business. Archived from the original (Newspaper Article) on June 29, 2006. Retrieved 2009-06-25.
  36. ↑ FUN Technologies Inc. Backgrounder (accessed 23 February 2011
  37. ↑ FUN Technologies Acquires UK Casual Games Site, Teagames (accessed 23 February 2011
  38. ↑ FUN TECHNOLOGIES PLC - Acquisition (accessed 8 December 2010)
  39. ↑ Liberty Media Corporation to Acquire FUN Technologies Inc. for GBP 1.75 per Share (accessed 8 December 2010)
  40. ↑ The New Masters Of The Universe (accessed 9 December 2010)
  41. ↑ Petco laps up the assets of Petopia.com (accessed 16 February 2011)
  42. 1 2 Sheahan, Maria (2010-11-11). "KKR sells German recycling group DSD". Reuters.
  43. ↑ http://www.gruener-punkt.de/en/corporate/company/advisory-board.html
  44. 1 2 http://www.gruener-punkt.de/en/corporate/company/facts-figures.html
  45. ↑ http://www.bostonsight.org/Content/Editor/File/BFS-Annual-Report-2014-LR.pdf
  46. ↑ http://www.bostonsight.org/Home
  47. ↑ Capital Region Tennis (May 1, 2012). "Capital Region Tennis Association receives donation from Canadian Entrepreneur, Lorne Abony" (Press Release). Capital Region Tennis. Retrieved 2012-05-12.
  48. ↑ Christopher c. paine (April 23, 2012). "Weiss School to break ground on Abony wing" (Newspaper Article). Palm beach daily news. Retrieved 2012-05-02.
  49. ↑ Joseph luciano (Dec 21, 2011). "Lorne Abony organizes tennis event to help send gifted children to Weiss School" (Newspaper Article). Palm beach daily news. Retrieved 2012-05-02.
  50. ↑ ITC's Newest Major Donor: Lorne Abony Contributes $250,000 for Children at Risk (accessed 17 February 2011)
  51. ↑ BusinessWeek (December 11, 2008). "Executive Profile" (Executive Profile). BusinessWeek Magazine. Retrieved 2008-11-16.
  52. ↑ Kathy English (May 2, 2006). "Canada's Top 40 Under 40". Globe & Mail Report on Business. Toronto. Retrieved 2006-05-06.
  53. ↑ Ryan Donaghy, Business New Brunswick (October 19, 2007). "Ambassador program reaches 100 members". Press Release. Retrieved 2007-10-19.
  54. ↑ Odyssey award
  55. ↑ Fraser Forum February 2007 (accessed 23 February 2011)
  56. ↑ Tennis Masters Men (accessed 17 February 2011)
  57. ↑ http://norwalk.patch.com/articles/norwalk-scores-and-standings-sept-13
  58. ↑ http://www.mercurynews.com/central-coast/ci_19051844
  59. ↑
  60. ↑ http://tennislink.usta.com/Tournaments/TournamentHome/Tournament.aspx?T=140025
  61. ↑ http://tennislink.usta.com/tournaments/TournamentHome/Tournament.aspx?T=139993#&&s=7Draws4
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