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Jim Breen Joins William Blair & Company, Initiates Coverage of Eight Communication Services Companies

Jim BreenCHICAGO, May 27, 2010 - William Blair & Company today announced that Jim Breen has joined the firm as an analyst on the sell-side technology research team, with a focus on communication services; Mr. Breen initiated coverage of eight companies in that industry.

Mr. Breen, who will work out of the firm’s Boston office, previously spent 10 years as an analyst at Thomas Weisel Partners, LLC. He has been recognized several times in recent years by The Wall Street Journal’s “Best on the Street” and the Financial Times/StarMine “World’s Top Analysts” listing, the latter of which ranked him the No. 3 stock-picker for 2009 in diversified telecom services. Mr. Breen, a chartered financial analyst, also worked as a high-yield fixed-income analyst at BancBoston Robertson Stephens and as a civil engineer at Modern Continental Construction Company.

“Jim’s deep institutional relationships and reputation for quality coverage of small- and midcap stocks complement William Blair’s focus and will serve our clients well,” said Bob Newman, manager and director of research. “We are excited to have Jim and believe he will help us as we continue to increase the breadth and depth of our research coverage.”

Mr. Breen initiated coverage of AboveNet, Inc. (ABVT), Cbeyond, Inc. (CBEY), Cogent Communications Group, Inc. (CCOI), and Rackspace Hosting, Inc. (RAX) with Outperform ratings and Equinix, Inc. (EQIX), SAVVIS, Inc. (SVVS), Terremark Worldwide, Inc. (TMRK), and tw telecom inc. (TWTC) with Market Perform ratings.

“We believe these Internet infrastructure companies fit well with William Blair’s existing communications equipment and software coverage footprint,” Mr. Breen said. “It is our view that these service providers are building the infrastructure for what will be a dramatically different IT and communications industry in the not-so-distant future.”

William Blair & Company, L.L.C. is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company is based in Chicago, with office locations including Boston, London, New York, San Francisco, Shanghai, Tokyo, and Zurich. For more information, please visit www.williamblair.com.


William Blair & Company, L.L.C. intends to seek or expects to receive compensation for investment banking services from the companies.

William Blair & Company, L.L.C. is a market maker in the securities of these companies and may have a long or short position.

Additional information is available upon request.

Current Ratings Distribution (as of 4/30/10)

Coverage Universe
Outperform (Buy): 65%
Market Perform (Hold): 34%
Underperform (Sell): 1%

Inv. Banking Relationships*
Outperform (Buy): 6%
Market Perform (Hold): 2%
Underperform (Sell): 0%

* Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensation for investment banking services within the past 12 months.

Stock Rating: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market over the next 12 months. The assessment of expected performance is a function of near-term company fundamentals, industry outlook, confidence in earnings estimates, valuation, and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; Not Rated (NR) – the stock is currently not rated.

Company Profile: The William Blair research philosophy is focused on quality growth companies. Growth companies by their nature tend to be more volatile than the overall stock market. Company profile is a fundamental assessment, over a longer-term horizon, of the business risk of the company relative to the broader William Blair universe. Factors assessed include: 1) durability and strength of franchise (management strength and track record, market leadership, distinctive capabilities); 2) financial profile (earnings growth rate/consistency, cash flow generation, return on investment, balance sheet, accounting); 3) other factors such as sector or industry conditions, economic environment, confidence in long-term growth prospects, etc. Established Growth (E) – Fundamental risk is lower relative to the broader William Blair universe; Core Growth (C) – Fundamental risk is approximately in line with the broader William Blair universe; Aggressive Growth (A) – Fundamental risk is higher relative to the broader William Blair universe.

The ratings and company profile assessments reflect the opinion of the individual analyst and are subject to change at any time.

The compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations; contributions to all of the firm’s departments, including asset management, corporate finance, institutional sales, and retail brokerage; firm profitability; and competitive factors.

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