Small Business Founder
Galanis co-founded The Credit Store, a consumer advocacy and credit card issuer funded by Cargill and minority owned by Electronic Data Systems (now owned by HP) that employed over 350 employees in California and South Dakota.
Galanis first started acquiring delinquent loans from banks while in college. He developed a proprietary credit-scoring algorithm used to apply a credit ranking and “collectibility” index to non-performing debt. He filed for patents on the technology.
To commercialize the patent-pending technology (filed by Galanis in 1994), he co-founded Triage Information Systems, a nationwide buyer of consumer debt, with which he closed 31 transactions representing over $2 billion in loans. Triage was an affiliate of The Credit Store.
Cargill Financial Services provided The Credit Store a $200 million credit facility. Galanis led the refinancing for The Credit Store of the $200 million Cargill credit facility with Morgans Waterfall Vintiadis & Co. Morgans Waterfall was a $2 billion hedge fund that Cargill introduced to The Credit Store.
Galanis and his partner sold The Credit Store in a $152 million transaction The Credit Store, together with the trademarks and the patent-pending financial algorithm Galanis invented, to an investment group advised by Wasserstein Perella and financed by GE Capital and Chaired by the former President of HSBC USA.
After the sale of The Credit Store in October 1996, Galanis temporarily retired and moved to London, England.
Read more about this topic: Jason Galanis
Famous quotes containing the words small, business and/or founder:
“To begin at the beginning: It is spring, moonless night in the small town, starless and bible-black, the cobblestreets silent and the hunched courters’-and-rabbits’ wood limping invisible down to the sloeblack, slow, black, crowblack, fishingboat-bobbing sea.”
—Dylan Thomas (1914–1953)
“I want to preach a new doctrine. A complete separation of business and government.”
—Franklin D. Roosevelt (1882–1945)
“Jane Addams, founder of Hull House, once asked, “How shall we respond to the dreams of youth?” It is a dazzling and elegant question, a question that demands an answer—a range of answers, really, spiraling outward in widening circles.”
—William Ayers, U.S. author. To Teach: The Journey of a Teacher, ch. 7 (1993)