Ithaca, NY (WBNG Binghamton) $2.5 million from the state-pension fund will be invested in an Ithaca-based printing company.
Thomas DiNapoli, the New York State Comptroller, made the announcement at CognitiveTPG and toured the facility on Tuesday.
"We're always excited when we have an announcement like this when we talk about ways pension fund dollars are being recycled back into our state's economy to make money for our pension fund," said DiNapoli, "It's very important to me as State Comptroller and at the same time to promote economic growth all across our state."
DeltaPoint Capital Management has acquired a majority stake in CognitiveTPG. The Common Retirement Fund is an investor in DeltaPoint through the In-State Private Equity Program.
The In-State Private Equity Program was founded in 2000. It partners the Fund with private equity managers investing in companies based in New York.
"With the recent investment from DeltaPoint Capital, we intend to increase the rate of new products coming into the market each year," said Kyle Turner, President and CEO, CognitiveTPG.
CognitiveTPG supplies high performance point of sale transaction and bar-code printers to various industries worldwide including retail, banking, health care and automotive service. They have developed several industry firsts, including the first thermal/impact hybrid printer with integrated check reading capability and the first two-colored thermal printers.
CognitiveTPG have 42 employees in Ithaca and have annual sales of more than $20 million.
Turner says with the increase in product development, more jobs could be created.
More than $1 billion has been committed to the In-State Private Equity Program since 2001. DiNapoli says $615 million has been invested in 224 companies. The program currently has a lot of capital available for investment in companies based in New York.
The investments have generated more than 3,000 new jobs.
"When we do announcements of our investments, sometimes it's a start-up company, a new product line or new technology or perhaps it's a business that's relocating from another state. In this case, we're partnering with DeltaPoint to make this investment to keep a company in business here in the state and grow this company for the future," said DiNapoli, "That's certainly what we like to see, that win-win. We're doing something good for the pension fund and doing something good for New York's economy as well."
DiNapoli says since 2007, the Comptroller's office has invested $19 million in four different investment opportunities within Tompkins County.
"If you're starting up a business or company, looking to expand or re-capitalize or if you're in another state of country, you want to come to New York, think about our In-State Private Equity Program as one of the options for financing," said DiNapoli.
The Comptroller's Office says companies in which the Fund has invested have raised nearly $4 billion in additional capital.