Stephen L. Norris is an American businessman, investor, and financier. He was one of the co-founders of The Carlyle Group, an American private equity firm. He was later owner and founder of Stephen Norris Capital Partners and the chairman of Gulf Capital Partners.
Norris received a BS (1972) and a JD (1975) from the University of Alabama. [1] He received an LLM from New York University (1976). [1]
Norris's early career was spent at Marriott Corporation, where as a tax and mergers and acquisitions specialist [2] he became a corporate vice president. [3] He was a principal strategist and advisor for Marriott's public and private financings, limited partnerships, acquisitions, and divestitures from 1981 to mid-1987. [1]
In October 1987, Norris co-founded the private-equity firm The Carlyle Group with four other Washington DC executives: David M. Rubenstein, William E. Conway, Jr., Daniel A. D'Aniello, and Greg Rosenbaum. [3]
At Carlyle, Norris was particularly connected to the Arab states of the Persian Gulf; for instance in 1991 he helped arrange a $590 million investment in Citicorp by the Saudi Prince Waleed bin Talal bin Abdulaziz Al Saud. [4] The Washington Post reported in 1995 that at Carlyle "Norris spent his time arranging one-shot, high-profile international business deals for a handful of wealthy Saudi investors, such as Prince Waleed Bin Talal Bin Abdulaziz Al Saud. He is not interested in the tedious work of managing firms, or looking after funds raised from pools of investors." [4]
Norris left the Carlyle Group in January 1995, with the intention of forming his own boutique investment organization. [4] Norris and Carlyle's other partners all said they had been moving in different directions in recent years. [4] Carlyle co-founder Rubenstein said that Norris "wants to do different types of deals from what we want to do." [4]
From 1992–1995 Norris also served as one of the five board members of the Federal Retirement Thrift Investment Board. [1]
The interest of Stephen Norris Capital Partners in the SCO Group started in February 2008, when it put forward a $100 million reorganization and debt financing plan for the failing company, which it planned to take private. [5] [6] There was also an unnamed Middle East partner in the proposed deal; the Associated Press reported that Prince Al-Waleed bin Talal of Saudi Arabia was involved. [7]
After a few months of due diligence investigation of SCO's operations, finances, and legal situation, [8] Stephen Norris Capital Partners considered a different course of action, instead proposing to purchase SCO assets outright. [9] [10] [11]
Neither of those plans went forward, [12] and instead in June 2009 a new proposal emerged from a combination of Gulf Capital Partners, of which Stephen Norris was an investor, and MerchantBridge, a London-based, Middle East-focused private equity group, to create an entity called UnXis, which would then buy SCO's software business assets for $2.4 million. [13] [14]
That plan did not move forward either. In April 2010, SCO's mobility software assets were sold to its former CEO, Darl McBride, for $100,000. [15] In September 2010 the SCO Group put up the remainder of its non-lawsuit assets for public auction. [16] Thus in February 2011, another proposal was made, this time for $600,000, with this iteration of UnXis being backed by Norris, MerchantBridge, and Gerson Global Advisors. [12]
Some industry analysts were unsure of why Norris and his partners were wanting to acquire the SCO Unix software assets. In 2008 Ryan Paul of Ars Technica noted that "UnixWare, SCO's flagship product, hasn't seen a new release in four years." [5] Veteran technology journalist Maureen O'Gara in 2011 called UnXis an "odd venture" which had "been offering to buy SCO since mid-2009 for reasons that aren't patently obvious to anybody." [17]
In early March 2011, the bankruptcy court approved the sale of the Unix computer operating system to Norris's new company UnXis, since the only other bid submitted was for $18. [18] The sale closed in April 2011, with Stephen Norris Capital Partners and MerchantBridge being the final buyers, and UnXis was formed in substance. [19] MerchantBridge had 25 percent ownership of UnXis and Gulf Capital Partners had another 25 percent. [17]
UnXis took over the product names, ownership, and maintenance of The SCO Group's flagship operating system products, OpenServer and UnixWare, [20] [21] and some 32000 service contracts for existing SCO Group customers. [22] [23] [19]
The SCO Group's litigation rights against IBM and Novell did not transfer to UnXis, and The SCO Group subsequently renamed itself to The TSG Group. [19] [21] UnXis indicated that it had no involvement or interest in any ongoing aspects of those actions, stating "There is no place for litigation in our vision or plan", [20] and UnXis was indemnified from any legal costs of ongoing litigation. [22]
UnXis was initially headquartered in Las Vegas, Nevada. [22] Its CEO was Richard Bolandz, [19] who was a former CIO of Qwest Communications. [20] Norris was chair of the board of UnXis and Eric Le Blan, a senior partner with MerchantBridge, was vice-chair. [17] Several existing SCO Group executives took on C-Suite level positions. [17]
In July 2014, Norris joined the board of the Florida-based company Global Digital Solutions. [25]
The Carlyle Group Inc. is an American multinational private equity, alternative asset management and financial services corporation based in the United States with $426 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index. In the 2024 ranking however, it had slipped to sixth place.
Darl Charles McBride is an entrepreneur and CEO of Shout TV Inc. McBride is known as the former CEO of The SCO Group. On March 7, 2003, during McBride's tenure as CEO of the company, The SCO Group initiated litigation against IBM, alleging breach of contract and copyright infringement claims connected to Unix. SCO Group lost in a series of court battles, and was eventually forced into bankruptcy.
The SCO Group was an American software company in existence from 2002 to 2012 that became known for owning Unix operating system assets that had belonged to the Santa Cruz Operation, including the UnixWare and OpenServer technologies, and then, under CEO Darl McBride, pursuing a series of high-profile legal battles known as the SCO-Linux controversies.
Neuberger Berman Group LLC is an American private, independent, employee-owned investment management firm. The firm manages equities, fixed income, private equity and hedge fund portfolios for global institutional investors, advisors and high-net-worth individuals.
UnixWare is a Unix operating system. It was originally released by Univel, a jointly owned venture of AT&T's Unix System Laboratories (USL) and Novell. It was then taken over by Novell. Via Santa Cruz Operation (SCO), it went on to Caldera Systems, Caldera International, and The SCO Group before it was sold to UnXis. UnixWare is typically deployed as a server rather than a desktop. Binary distributions of UnixWare are available for x86 architecture computers. UnixWare is primarily marketed as a server operating system.
In a series of legal disputes between SCO Group and Linux vendors and users, SCO alleged that its license agreements with IBM meant that source code IBM wrote and donated to be incorporated into Linux was added in violation of SCO's contractual rights. Members of the Linux community disagreed with SCO's claims; IBM, Novell, and Red Hat filed claims against SCO.
Beginning in 2003, The SCO Group was involved in a dispute with various Linux vendors and users. SCO initiated a series of lawsuits, the most known of which were SCO v. IBM and SCO v. Novell, that had implications upon the futures of both Linux and Unix. SCO claimed that Linux violated some of SCO's intellectual properties. Many industry observers were skeptical of SCO's claims, and they were strongly contested by SCO's opponents in the lawsuits, some of which launched counter-claims. By 2011, the lawsuits fully related to Linux had been lost by SCO or rendered moot and SCO had gone into bankruptcy. However the SCO v. IBM suit continued for another decade, as it included contractual disputes related to both companies' involvement in Project Monterey in addition Linux-related claims. Finally in 2021 a settlement was reached in which IBM paid the bankruptcy trustee representing what remained of SCO the sum of $14.25 million.
Xinuos OpenServer, previously SCO UNIX and SCO Open Desktop, is a closed source computer operating system developed by Santa Cruz Operation (SCO), later acquired by SCO Group, and now owned by Xinuos. Early versions of OpenServer were based on UNIX System V, while the later OpenServer 10 is based on FreeBSD 10. However, OpenServer 10 has not received any updates since 2018 and is no longer marketed on Xinuos's website, while OpenServer 5 Definitive and 6 Definitive are still supported.
Oaktree Capital Management, Inc. is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2024, the company managed $192 billion for its clientele.
Goldman Sachs Asset Management Private Equity is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. The group, which is based in New York City, was founded in 1986.
AlpInvest Partners is a global private equity asset manager with over $85 billion of committed capital since inception as of December 31, 2022. The firm invests on behalf of more than 450 institutional investors from North America, Asia, Europe, South America and Africa.
The history of private equity, venture capital, and the development of these asset classes has occurred through a series of boom-and-bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.
Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.
Private equity in the 1990s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital, experienced growth along parallel although interrelated tracks.
Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.
Castle Harlan is a private equity firm based in New York City. The company focuses on buyouts and growth capital investments in middle-market companies across a range of industries. Founded in 1987, Castle Harlan invests in controlling interests in middle-market companies in North America and Europe, Australia and Southeast Asia through Castle Harlan Australian Mezzanine Partners.
Xinuos is an American software company that was created in 2011. It was first called UnXis until assuming its current name in 2013. Xinuos develops and markets the Unix-based OpenServer 6, OpenServer 5, and UnixWare 7 operating systems under SCO branding. Xinuos formerly sold the FreeBSD-based OpenServer 10 operating system.
SCO Forum was a technical computer conference sponsored by the Santa Cruz Operation (SCO), briefly by Caldera International, and later The SCO Group that took place during the 1980s through 2000s. It was held annually, most often in August of each year, and typically lasted for much of a week. From 1987 through 2001 it was held in Santa Cruz, California, on the campus of the University of California, Santa Cruz. The scenic location, amongst redwood trees and overlooking Monterey Bay, was considered one of the major features of the conference. From 2002 through 2008 it was held in Las Vegas, Nevada, at one of several hotels on the Las Vegas Strip. Despite the name and location changes, the conference was considered to be the same entity, with both the company and attendees including all instances in their counts of how many ones they had been to.
MerchantBridge & Co. Ltd. was a London-based boutique private equity firm that specialized in investments in the Middle East and especially Iraq, where it was one of the largest such firms. It was in existence from 2001 to 2018.