Piper Jaffray Companies (Piper Jaffray) is a client-focused securities firm that delivers financial advice, investment products and transaction execution within targeted sectors of the financial services marketplace. The Company provides a full range of investment products and services to individuals, institutions and businesses. Piper Jaffray has 123 offices in 23 states across the United States and is headquartered in Minneapolis, Minnesota. The Company has two main business segments: Private Client Services and Capital Markets (comprised of the Equity and Investment Banking and Fixed Income units). Separate from these segments is its Investment Research group, which supports both business segments. Piper Jaffray also has a Private Capital group and a venture capital subsidiary, Piper Jaffray Ventures.