|
|
Enron Mail |
=09=09?=09
?=09VentureWire =09Thursday, May 31, 2001=09=09? ?=09CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND=09VentureW= ire Index =09=09'VentureWire =09=09today: 686.5 ? -1.87%=09? ? =09=09 =09=09 =09=09top stories =09=09 =09=09 =01=07 Insight Capital Closes Fourth Fund With $740 Million =09=09 =01=07 Whitney & Co. to Spin Off International Offices =09=09 =01=07 Rho Ventures Closes Fund IV with $435 Million =09=09 =01=07 Fabless Semiconductor Firm Quake Raises $30M Round Two =09=09=20 =09=09 =09=09TODAY'S FEATURES=20 =09=09INVESTOR STRATEGY =09=09Millennium to Focus on New Investments =09=09By Amanda Briggs =09=09After completing two new investments this year, Millennium Technology= =20 Ventures plans to spend more time over the next couple of quarters focusing= =20 on new deals. more<< =09=09UPCOMING EVENTS =09=09July 31: New York City =09=09Financial Services Outlook =09=09 =09=09Over $750 million has been invested in private equity deals in the fi= nancial=20 services sector (source: VentureWire). In this age of liquidation preferenc= e=20 provisions and retroactive repricings, that's a very strong performance.=20 Register for Financial Services Outlook before June 19 and SAVE $100=20 =09=09 =09=09 =09=09Now more relevant than ever. RED HERRING. =09=09 =09=09Since its launch in 1993, RED HERRING has become the favored =09=09source of insider information for entrepreneurs, venture =09=09capitalists, investment bankers and senior executives =09=09redefining the new technology-driven world of business. =09=09 =09=09From MEMs to biotech to the top 100 companies that still =09=09matter, RED HERRING gives you a unique perspective =09=09you won't find in conventional business publications. =09=09Get a FREE TRIAL ISSUE of RED HERRING=20 today!http://www.redherring.com/service/circ/subs_ZP.html =09=09 =09=09 =09=09 =09=09 =09=09 =09=09 =09=09new money =09=09 =09=09 =01=07 Biotech Firm Arexis Raises $4.5 Million First Round =09=09 =01=07 SpeedGreetings Raises $3M Series A =09=09 =01=07 Tools for Health Secures $1.7 Million in First Round=20 =09=09=01=07 Vaccine Firm Remedyne Closes $3.2M First Round=20 =09=09=01=07 Antenna Tech Firm Fractus Gets 3i $4.3M Commitment=20 =09=09=01=07 Biotech Firm OmniSonics Medical Gets $21 Million Series B =09=09 =01=07 Reservations Firm Xtime Gets Additional $2.6M in Series B=20 =09=09=01=07 French Therapy Firm Neurotech Clinches $30M in Third Round=20 =09=09=01=07 Atherotech Clocks In $4.2M in Series C =09=09 =01=07 Spirian Technologies Gets Funding from Silver Young Partners =09=09 =01=07 Toppan Printing Makes $5M Strategic Investment in E Ink =09=09 =09=09 =09=09bad news =09=09 =09=09 =01=07 PaperExchange Shuts Down European Operations =09=09 =09=09 =09=09new deals =09=09 =09=09 =01=07 Softbank and Scientia Health Group Form Scientia Japan=20 =09=09=01=07 Nordic VCs Eqvitec Partners and IT Provider Form Alliance =09=09 =01=07 Incyte and Iconix to Collaborate on Chemogenomic Product =09=09 =09=09 =09=09new products =09=09 =09=09 =01=07 Managed Services Provider Cervalis Launches =09=09 =01=07 Data Downlink Changes Name to Alacra =09=09 =09=09 =09=09m&a =09=09 =09=09 =01=07 Bertelsmann Buys Ailing Digital Music Storage Firm MyPlay =09=09 =01=07 IT Factory Plans More Acquisitions After NotesHouse Deal =09=09 =01=07 TMP Worldwide Acquires Online Career Resource FlipDog.com =09=09 =01=07 UsherPro, Season Ticket Networks Merge to Form New Company =09=09 =01=07 BuildOnline Acquires iScraper Germany in Cash and Stock Deal =09=09 =01=07 Metavante Acquires Online Bill Management Firm CyberBills =09=09 =01=07 Outtask Acquires Upright Software, Terms Not Disclosed =09=09 =01=07 CableNet Acquires Assets of B2B Commerce Firm wireConnect =09=09 =01=07 Catenas Acquires Minority Stake in Endero =09=09 =09=09 =09=09new directors =09=09 =09=09 =01=07 American Fiber Systems Adds John F. Malon to Board =09=09 =01=07 Andes Networks Appoints Dataquest Founder to Board =09=09 =01=07 Supply-Chain Software Maker Mezzia Appoints Director =09=09 =01=07 Wireless Firm Commtag Appoints Phone.com Exec. to Board =09=09 =01=07 Biz Tech Management Firm Enamics Appoints New Board Member =09=09 =09=09 =09=09new people =09=09 =09=09 =01=07 Biotech Firm Enanta Names Spiros Jamas New President & CEO =09=09 =01=07 Data & Analysis Firm Polexis Names David Overskei as New CEO =09=09 =01=07 Ardent Appoints Former Glaxo WellCome Exec as Pres, CEO =09=09 =09=09 =09=09vc fund news =09=09 =09=09 =01=07 MMC Capital Closes Technology Fund II at $250M=20 =09=09 =09=09 =09=09vc personnel =09=09 =09=09 =01=07 Royal Bank Capital Partners Adds Two to Energy Fund Team =09=09 =09=09 TOP STORIES... NEW MONEY... BAD NEWS... NEW DEALS... NEW PRODUCTS...= M&A...=20 NEW DIRECTORS... NEW PEOPLE... VC FUND NEWS... VC PERSONNEL =09=09 =09=09 =09=09top =09=09 =09=09 =09=09George Davis has led the evolution of Aether Systems' =09=09technology, which now powers mobile and wireless data =09=09services for Charles Schwab, National Discount Brokers, =09=09Allegiance Health Care, the United States Postal Service, =09=09Office Depot, and Nissan (among many others). =09=09 =09=09Hear what he has to say about the latest market trends, =09=09technological advances, and investment opportunities =09=09in wireless at Mobile Outlook, June 5 & 6. =09=09 =09=09Register today:http://www.mobile2001.net/register.asp =09=09 =09=09 =09=09 =09=09 top stories=20 =09=09? =09=09Insight Capital Closes Fourth Fund With $740 Million =09=09 mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Insight Capital Partners, a venture capita= l firm=20 focused on software companies, said it closed its fourth venture capital=20 fund, Insight Capital Partners IV, with more than $740 million. Managing=20 director Scott Maxwell said the fund, originally targeted between $700=20 million and $750 million when Insight began fundraising last June, will mak= e=20 typical investments of $20 million in expansion-stage enterprise software= =20 companies over the next three years, with about 15% of the investments made= =20 internationally. According to Mr. Maxwell between 30% and 40% of the fund's= =20 capital came from new limited partners with the rest coming from returning= =20 LPs. The firm has no plans to deviate from its original model. "Software is= =20 the space we're founded on and the space that's thriving," said Mr. Maxwell= .=20 "We pick the absolute best ten or so software companies each year that will= =20 bring in the best revenues and spend an enormous amount of time on them."= =20 Insight IV has already invested in Enigma, ConnectCapital Holdings, Dorado= =20 Software, and Xchange. The firm's other managing directors include Jeff=20 Horing, Jerry Murdock, Bill Doyle, Peter Sobiloff, and Deven Parekh. Insigh= t=20 Capital Partners closed its first $15 million fund in June 1996, an $81=20 million fund in July 1997, and its third fund at $307 million in March 1999= . =20 Insight has approximately $1.5 billion under management.=20 =09=09http://www.insightpartners.com =09=09 =09=09 =09=09Whitney & Co. to Spin Off International Offices =09=09 mail? top =09=09 =09=09 STAMFORD, Conn. (VENTUREWIRE) -- Whitney & Co., a Stamford, Conn.-b= ased=20 venture capital firm, will spin off its offices in Tokyo, Hong Kong, and=20 London, VentureWire has learned. "They're closing all international offices= ,"=20 said a source close to the firm. The source said Whitney will contract with= =20 individuals in each office to oversee the existing portfolio companies.=20 Earlier this month, Whitney announced closing its fifth fund at $1.1 billio= n,=20 short of its $2 billion target. At the time, the firm said it would=20 significantly reduce overseas personnel as well as lay off an undisclosed= =20 number of employees at its headquarters. Whitney representatives did not=20 return calls for this story. According to the source the overseas offices= =20 will effectively operate independent of Whitney. "Each international office= =20 will raise its own fund and use the Whitney name, but actually have no=20 connection with Whitney, almost like a franchise," said the source. Whitney= =20 will get a portion of each fund's carry, the source said.=20 =09=09http://www.whitney.com =09=09 =09=09 =09=09Rho Ventures Closes Fund IV with $435 Million =09=09 mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Rho Ventures, a New York venture capital f= irm,=20 said it closed its fourth fund, Rho Ventures IV, with commitments of $435= =20 million. The fund will invest in companies seeking seed through=20 development-stage funding in a range of sectors including information=20 technology, telecommunications and biotech. According to general partner Ma= rk=20 Leschly, the fund will typically invest between $10 million and $15 million= =20 in each company over the course of more than one round. Rho Ventures IV is= =20 the firm's first fund opened to institutional investors, including pension= =20 funds, banks, and insurance companies. "It was a different landscape, but w= e=20 raised it fairly quickly," said Mr. Leschly. "We came out above target and= =20 we're very pleased." Rho Ventures' previous funds were backed by wealthy=20 families from the U.S. and Europe. A number of the previous limited partner= s=20 returned to invest in Rho IV. The fund, originally targeted for $400 millio= n,=20 opened last summer and made a first close in September with $225 million fr= om=20 its returning limited partners. Credit Suisse First Boston served as the=20 firm's placement agent. Mr. Leschlyl said he expects to commit the capital= =20 within two to three years. Other general partners at the firm include Habib= =20 Kairouz and Joshua Ruch. Rho's previous fund closed in May 1999 with $183= =20 million. The firm currently has $1 billion under management. Its latest fun= d=20 has invested in four companies to date including Applied Science Fiction,= =20 Archemix, Intralinks, and Xtera.=20 =09=09http://www.rhoventures.com =09=09 =09=09 =09=09Fabless Semiconductor Firm Quake Raises $30M Round Two =09=09 mail? top =09=09 =09=09 OTTAWA (VENTUREWIRE) -- Quake Technologies, a fabless semiconductor = company=20 developing chips for high-speed optical networking applications, said it ha= s=20 raised $30 million in its second round of funding, led by Bowman Capital.= =20 Bowman was joined by other new investors Cisco Systems, Emerging Alliance= =20 Fund, and Mitsubishi. Previous investor Mohr Davidow Ventures also=20 participated in this round and maintained its position as the largest=20 investor in Quake. Skypoint Capital, a previous investor in Quake, did not= =20 participate in this round. Dan Trepanier, Quake's president and CEO, said t= he=20 company will use the funding to increase production by expanding research a= nd=20 production and accelerating product delivery. Mr. Trepanier also said the= =20 latest funding will take Quake to profitability, but he declined to say whe= n=20 he expects that to happen. Quake plans to increase its workforce from 70 to= =20 about 90 before the end of the year by expanding its operations and sales= =20 force. The company has raised $48 million in venture capital to date. Chris= =20 DePuy, a general partner at Bowman Capital and newly appointed Quake=20 director, said his firm first learned about Quake from a referral from Mohr= =20 Davidow. While he declined to discuss valuation, Mr. DePuy said pricing was= =20 influenced by the current performance of fabless semiconductor companies in= =20 the stock market, other recent private transactions in the industry, and=20 Quake's progress since it closed its first round. Mr. Trepanier said Quake'= s=20 valuation increased in this round, but declined to comment further. Quake h= as=20 no plans at present to raise a third round. =09=09http://www.quaketech.com =09=09 =09=09 =09=09 new money=20 =09=09? =09=09Biotech Firm Arexis Raises $4.5 Million First Round =09=09 mail? top =09=09 =09=09 GOTHENBURG, Sweden (VENTUREWIRE) -- Arexis, a biotechnology company = focusing=20 on discovering genetic components of metabolic and inflammatory diseases,= =20 said it closed its first round of financing at SEK 48 million ($4.5 million= )=20 at the end of March. The round was funded by new investors 3i and SEB=20 Foretagsinvest, and previous investors InnovationsKapital and individuals.= =20 SEB and 3i each invested $1.9 million, while previous investors=20 InnovationsKapital and individuals invested $378,000. Arexis also said it= =20 received $472,000 in convertible debt financing from the Swedish Industrial= =20 Development Fund. Arexis said the funding would be used to build up its=20 research organization and is expected to last up to two years. The company'= s=20 post-money valuation is $9.45 million. Laurie Rostron of 3i and Johan=20 Christenson of SEB joined the board of directors, which now has six=20 directors. Arexis also announced the appointment of Lennart Hansson as CEO= =20 and Bjorn Lowendadler as chief scientific officer. Mr. Hansson is replacing= =20 acting CEO and co-founder, Vidar Wendel-Hansen, who will now be the chief= =20 business officer.=20 =09=09http://www.arexis.com =09=09 =09=09 =09=09SpeedGreetings Raises $3M Series A =09=09 mail? top =09=09 =09=09 BETHESDA, Md. (VENTUREWIRE) -- SpeedGreetings, which designs, prints= , and=20 mails customized correspondence, said it raised $3 million in its Series A= =20 round from investors including Mail2000, a subsidiary of the United States= =20 Postal Service (USPS). Private investors, including former U.S. postmaster= =20 general Paul Carlin also participated. The funds will be used for sales and= =20 marketing and the addition of sales and technology staff. The company also= =20 named four new members to the now six-member board: Mr. Carlin, who was the= =20 66th Postmaster and helped pass the Postal Reorganization Act, which create= d=20 the current USPS; John Kuiper, the COO of Mail2000 and former managing=20 director of the print/mail business at TNT Post Group; Loren E. Smith, the= =20 chairman of Perquia and the former chief marketing officer of the U.S. Post= al=20 Service; and Marvin Runyon, also a former postmaster general, who currently= =20 heads The Runyon Group. Mr. Runyon was also the founding president and CEO = of=20 Nissan Motor Manufacturing Corp. USA. SpeedGreetings is advised by Washingt= on=20 law firm Holland & Knight. It was founded in July 1999 by CEO Chris Baynes= =20 and vice president of operations, Andrew Johnson. The company held a seed= =20 round in December 1999 and raised $750,000 from Mail2000 and private=20 investors. The company is currently generating revenues and expects to brea= k=20 even in the fourth quarter. It launched its Web site in March.=20 =09=09http://www.speedgreetings.com =09=09 =09=09 =09=09Tools for Health Secures $1.7 Million in First Round=20 =09=09mail? top =09=09 =09=09 ARDSLEY, N.Y. (VENTUREWIRE) -- Tools for Health (TFH), which develop= s=20 proprietary speech recognition technology for the healthcare industry,=20 announced it has secured $1.7 million in its first round of funding from=20 Bluefish Ventures. TFH's current board member W. Bruce Lunsford, founder an= d=20 former chairman and CEO of Vencor, also invested in the round. TFH said it= =20 will use the funding to expand its marketing and to continue developing its= =20 technology and services. David Istock, founder and partner of Bluefish, wil= l=20 join TFH's board of directors. Co-founder Louis Summe is CEO of TFH. =09=09http://www.toolsforhealth.com =09=09 =09=09 =09=09Vaccine Firm Remedyne Closes $3.2M First Round=20 =09=09mail? top =09=09 =09=09 SANTA BARBARA, Calif. (VENTUREWIRE) -- Remedyne, a biotechnology fir= m=20 developing vaccines and antibiotics for treating infectious diseases,=20 announced closing its first round at $3.2 million from Sutton Ventures Grou= p,=20 Dlloyd Investments, and individuals. Remedyne said it had a post-money=20 valuation of $33 million. As a result of the round, Joe Sutton of Sutton=20 Ventures took the seventh seat on the company's board of directors. Remedyn= e=20 said the financing would be used for continued development of its human=20 vaccine technology. The company also said it is in late-stage discussions f= or=20 developing animal health products with multiple multinational pharmaceutica= l=20 companies. The discussions are expected to be finalized in the next two to= =20 three months. Remedyne also said it plans to raise a $30 million Series B= =20 round in July.=20 =09=09http://www.remedyne.com =09=09 =09=09 =09=09Antenna Tech Firm Fractus Gets 3i $4.3M Commitment=20 =09=09mail? top =09=09 =09=09 BARCELONA, Spain (VENTUREWIRE) -- Fractus, which develops multiband = antenna=20 technology for wireless communications and automotive companies, said it=20 secured a first-round commitment from new investor 3i for up to EUR 5 milli= on=20 ($4.3 million) and also received $429,000 from venture firm Barcelona Empre= n=20 in April. An unnamed 3i representative occupies the sixth seat on Fractus'= =20 board of directors as a result of the financing. Fractus said it has receiv= ed=20 $858,000 to date from 3i and will receive an additional $858,000 in four=20 months. Based on this financing 3i will hold a 20% equity stake in the=20 company. If Fractus requires the remainder of the commitment, $2.6 million,= =20 in one year's time, 3i has the option to increase its stake to 35%. Barcelo= na=20 Empren holds a 5% equity stake in Fractus. The company said the funding wou= ld=20 finance continued expansion in Europe, research and development, and=20 marketing. Fractus said it plans to be profitable before the end of the yea= r.=20 Fractus also said it had a post-money valuation of $12.9 million.=20 =09=09http://www.fractus.com =09=09 =09=09 =09=09Biotech Firm OmniSonics Medical Gets $21 Million Series B =09=09 mail? top =09=09 =09=09 WILMINGTON, Mass. (VENTUREWIRE) -- OmniSonics Medical Technologies, = a=20 provider of non-thermal ablation systems, announced that it has closed $21= =20 million in Series B financing led by Canaan Partners, with participation fr= om=20 Domain Associates and J.P. Morgan H&Q. Prism Venture Partners, an existing= =20 investor, contributed $3 million to the round. According to president and C= EO=20 Bob Rabiner, this was an up round, with a post-money valuation of $45=20 million. Although he declined to comment on OmniSonics' burn rate, Mr.=20 Rabiner said that he expects the new funds to carry the company through to= =20 profitability within the next two years. OmniSonics plans to dedicate the= =20 funding to clinical trials, product research and development, and marketing= .=20 As a result of this financing, Harry Rein, a general partner with Canaan=20 Partners, and Bob Moore, a general partner with Domain Associates, have=20 joined the seven-director board, which has one additional seat available.= =20 Also sitting on the board is John Brooks of Prism Venture Partners. In May= =20 2000, OmniSonics raised $5.7 million in a first round led by Prism Venture= =20 Partners with participatin from Johnson & Johnson Development. =09=09http://www.omnisonics.com =09=09 =09=09 =09=09Reservations Firm Xtime Gets Additional $2.6M in Series B=20 =09=09mail? top =09=09 =09=09 SAN MATEO, Calif. (VENTUREWIRE) -- Xtime, a provider of applications= that=20 enable service businesses to manage appointments and reservations online,= =20 said that it received $2.6 million in follow-on Series B financing from=20 Innovacom, the venture capital arm of France Telecom. This investment bring= s=20 the company's Series B financing to $19.6 million. The round, which had its= =20 initial close in August 2000, was led by Venrock Associates with=20 participation from Draper Fisher Jurvetson and Rosewood. The company plans = to=20 dedicate the new funds to operations. Although an Xtime spokesperson declin= ed=20 to reveal a burn rate, he said that the Series B financing would carry the= =20 company through to end of 2002. With this round there were no appointments = to=20 the company's five-member board, which includes Brian Ascher of Venrock and= =20 Steve Jurvetson of Draper Fisher Jurvetson. Both Aymerik Renard of Innovaco= m=20 and Robert Keller of Rosewood hold non-voting observer positions on the Xti= me=20 board. The company's Series A funding came from Angel Investors LP and=20 unnamed individuals.=20 =09=09http://www.xtime.com =09=09 =09=09 =09=09French Therapy Firm Neurotech Clinches $30M in Third Round=20 =09=09mail? top =09=09 =09=09 EVRY, France (VENTUREWIRE) -- Neurotech, which develops cell-based t= herapies=20 in the eye and central nervous system, said it closed a EUR 35 million ($30= =20 million) third round from new investors Apax Partners, Merlin Biosciences,= =20 Westdeutsche Landesbank Girozentrale, ABN Amro, Rothschild, and AGF=20 Innovation. Previous investors 3i, Atlas Venture, CDC Innovation, Sofinnova= ,=20 Sudinnova, Banque de Vizille, GIMV, and IMH also participated. Apax and=20 Merlin each invested $8.6 million. Laurent Ganem of Apax and Mark Clement= =20 have taken the fifth and sixth seats on Neurotech's board of directors.=20 Neurotech said the money would be used to finance future clinical trials in= =20 the U.S. and France and to license or acquire other technologies with=20 applicability to the eye. Neurotech also said it was in partnership=20 discussions with two multinational pharmaceutical companies. The company sa= id=20 the funding should last over three years, but also said it would consider a= n=20 IPO in Europe or the U.S. within the next 18 to 30 months, depending on=20 market conditions. The company expects to begin clinical trials for retinal= =20 degeneration in the U.S. in the latter half of 2002. Neurotech said it had = a=20 post-money valuation between $43 million and $69 million. Investors own=20 approximately 80% of the company. Neurotech also has an office in Lincoln,= =20 R.I.=20 =09=09http://www.neurotech.fr =09=09 =09=09 =09=09Atherotech Clocks In $4.2M in Series C =09=09 mail? top =09=09 =09=09 BIRMINGHAM, Ala. (VENTUREWIRE) -- Atherotech, a medical diagnostics = company,=20 said it closed its Series C round at $4.2 million from Compass Venture=20 Partners, J.F. Shea Co., Needham Capital Partners, and Technology Funding= =20 Group. This round brings the company's total funding to date to $9.9 millio= n.=20 J.F. Shea Co. is a new investor in the company, while Needham Capital had l= ed=20 its Series A round and the remaining two investors had co-led its Series B.= =20 Atherotech said it had a post-money valuation of $26.8 million in this roun= d=20 and that investors now own approximately 52% of the company. The funding wi= ll=20 be used for expansion of research operations, marketing, and sales. The=20 company also said it plans to announce a partnership with a publicly listed= =20 healthcare services firm in the next few days. Atherotech's Vertical Auto= =20 Profile test monitors cholesterol through direct measurements as opposed to= =20 the current calculation methods used in standard tests. The company expects= =20 to reach profitability in the fourth quarter of 2001 and is considering an= =20 IPO later this year or early next year, depending on market and other=20 conditions.=20 =09=09http://www.atherotech.com =09=09 =09=09 =09=09Spirian Technologies Gets Funding from Silver Young Partners =09=09 mail? top =09=09 =09=09 CHICAGO (VENTUREWIRE) -- Spirian Technologies, which provides=20 infrastructure management services via the Internet, said it has secured an= =20 undisclosed investment from Silver Young Partners, a Chicago-based venture= =20 capital firm, as part of its third round of funding. Earlier this year=20 Spirian announced it had secured $7 million in the third round from Citadel= =20 LP and Ravenswood Capital Venture Fund II. In two other previous rounds,=20 Spirian raised a total of $14 million from Primus Venture Partners, WR=20 Hambrecht & Co, and individual investors. Spirian said it has raised enough= =20 funding for general operating costs and to execute its growth plans. Silver= =20 Young said it invested in Spirian because of its experienced management tea= m,=20 and particularly, its long-standing customer relationships.=20 =09=09http://www.spirian.com =09=09 =09=09 =09=09Toppan Printing Makes $5M Strategic Investment in E Ink =09=09 mail? top =09=09 =09=09 TOKYO (VENTUREWIRE) -- Toppan Printing Co., which provides color fil= ter=20 arrays in the flat panel display industry, said it has invested $5 million = in=20 E Ink, a developer of electronic ink technology for paper-like displays, as= =20 part of a strategic partnership. The two companies will jointly develop col= or=20 electronic ink displays. In return for its investment, Toppan will receive= =20 exclusive international rights to manufacture and supply color filters for= =20 electronic ink displays for a certain period. To date, E Ink has received= =20 $57.7 million in financing from Applied Technology, Atlas Venture, Cabot=20 Corporation, CNI Ventures, Creavis, FleetBoston Financial, Gruppo Espresso,= =20 Havas, which is a division of the Vivendi Group in France, Investpress,=20 Lucent Technologies, Motorola, Philips Electronics, Solstice Capital, The= =20 Hearst Corp, The Interpublic Group of Companies, The McClatchy Co., and=20 Toppan Printing. =09=09http://www.eink.com =09=09http://www.toppan.co.jp =09=09 =09=09 =09=09 bad news=20 =09=09? =09=09PaperExchange Shuts Down European Operations =09=09 mail? top =09=09 =09=09 BOSTON (VENTUREWIRE) -- PaperExchange, a marketplace for the pulp an= d paper=20 industry, said that it has closed its European operations. A company=20 representative said that while PaperExchange intends to continue its=20 marketplace activities on an international level, the company is "winding u= p"=20 its physical operations in Europe. Investors in PaperExchange include Asia= =20 Pulp & Paper, International Paper, Internet Capital Group, the Kraft Group,= =20 Madison Dearborn Partners, MSD Capital, Staples, Terrapin Partners, Bowater= ,=20 and individual investors.=20 =09=09http://www.paperexchange.com =09=09 =09=09 =09=09 new deals=20 =09=09? =09=09Softbank and Scientia Health Group Form Scientia Japan=20 =09=09mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Scientia Health Group, a newly formed heal= thcare=20 holding company, said it is forming a joint venture with Softbank Investmen= t=20 to be called Scientia Japan. Financial details about Scientia Japan will be= =20 disclosed before the end of June. Softbank owns 51% of the joint venture an= d=20 Scientia Health Group owns the remaining 49%. Scientia Japan will provide= =20 support services -- among them capital, intellectual property, and=20 infrastructure -- to U.S. and Japanese biotechnology and life sciences=20 companies in the Japanese market. Scientia Japan intends to assist these=20 companies in aspects such as manufacturing, licensing, and marketing their= =20 products in Japan. The company will focus on private companies but will not= =20 rule out assistance to public companies. Scientia Japan's executive team wi= ll=20 be named by the end of June and the company will have offices in New York a= nd=20 Tokyo. Scientia Health Group was formed in the beginning of 2001. The compa= ny=20 plans on closing a first round of funding for approximately $70 million in= =20 the next two weeks. Investors in the round include Softbank and other=20 international financial institutions and individuals. Samuel D. Waksal,=20 president and CEO of publicly traded ImClone Systems, is chairman of Scient= ia=20 Health Group and James Neal, a former head of U.S. Bancorp Piper Jaffray's= =20 life sciences investment banking group, is president. Scientia Health Group= =20 employs five people and plans to be fully staffed at 15. It will also appoi= nt=20 a scientific advisory board. The company does not yet have a Web site, but= =20 may be contacted through Scientia employee Luciana Perretta. Telephone=20 212-645-1405.=20 =09=09 =09=09 =09=09Nordic VCs Eqvitec Partners and IT Provider Form Alliance =09=09 mail? top =09=09 =09=09 HELSINKI, Finland (VENTUREWIRE) -- Venture capital groups Eqvitec Pa= rtners=20 of Finland and IT Provider of Sweden announced an alliance. The two compani= es=20 will begin exchanging employees on a weekly basis, adopting each others'=20 business practices, co-sponsoring activities for portfolio companies, and= =20 working on deals together. Eqvitec and IT Provider expect to announce=20 co-investments in the near future. Combined, the two firms manage more than= =20 $428 million in six funds, with $214 million still available for new=20 investments. In February, Eqvitec announced first close of its Technology= =20 Fund II at $122 million, with final close expected at $156 million in June. =09=09http://www.eqvitec.com =09=09http://www.itprovider.com =09=09 =09=09 =09=09Incyte and Iconix to Collaborate on Chemogenomic Product =09=09 mail? top =09=09 =09=09 PALO ALTO, Calif. (VENTUREWIRE) -- Incyte, a publicly traded genomic= =20 information company, and Iconix Pharmaceuticals, a biotechnology company,= =20 will collaborate on the development and commercialization of a chemogenomic= =20 information product. As part of the deal, Incyte has bought an undisclosed = in=20 Iconix for cash. The two companies will develop a product called ChemExpres= s,=20 a large-scale information and analysis system that connects genomic and=20 biological activity data with diverse drug molecules and other chemical=20 structures and drug pharmacology and toxicology information. Iconix said it= =20 will roll out the product in the fourth quarter and expects to have a selec= t=20 amount of users by the second quarter. Under the terms of the agreement,=20 Incyte will provide exclusive marketing and sales for subscriptions of this= =20 product. Iconix is backed by Abingworth, Institutional Venture Partners, an= d=20 Kleiner Perkins Caufield & Byers. Its strategic investors are Incyte and=20 Motorola.=20 =09=09http://www.iconixpharm.com =09=09http://www.incyte.com =09=09 =09=09 =09=09 new products=20 =09=09? =09=09Managed Services Provider Cervalis Launches =09=09 mail? top =09=09 =09=09 STAMFORD, Conn. (VENTUREWIRE) -- Cervalis, a provider of Web hosting= and=20 managed services with a focus on small to midsize companies, announced its= =20 launch. The company also announced the launch of its Internet data center i= n=20 Dutchess County, N.Y. Founded by Michael Boccardi in April 2000, Cervalis= =20 currently employs 140 and expects its staff to grow to 220 by the end of th= e=20 year. Mr. Boccardi had served as senior vice president of operations and CI= O=20 at DeGeorge Home Alliance, which provided financing for new homes. The=20 company is backed by $40 million from venture capital company LPL Investmen= t=20 Group. =09=09http://www.cervalis.com =09=09 =09=09 =09=09Data Downlink Changes Name to Alacra =09=09 mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Data Downlink, a provider of Web-based bus= iness=20 and financial information tools, announced today the change of its name to= =20 Alacra. According to chief executive officer, Steven Goldstein, the company= 's=20 services will be packaged as Alacra and available under that name starting= =20 July 10. To date, Alacra has raised approximately $17 million in four round= s=20 of financing, with a post-money valuation of $60 million. Backers include= =20 Barra, J.P. Morgan Chase, Flatiron Partners, Franklin Capital, and Hicks Mu= se=20 Tate & Furst. The company is currently seeking $5 million in Series G=20 financing, to close by the third quarter of this year.=20 =09=09http://www.alacra.com =09=09 =09=09 =09=09 m&a=20 =09=09? =09=09Bertelsmann Buys Ailing Digital Music Storage Firm MyPlay =09=09 mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- The German media conglomerate Bertelsmann = has=20 agreed to acquire MyPlay, a Redwood City, Calif.-based developer of digital= =20 music storage technologies. Terms of the acquisition were not disclosed but= =20 the deal has been reported to be worth about $30 million. MyPlay, which was= =20 backed by investors including Institutional Venture Partners, Integral=20 Capital Partners, and Vulcan Ventures to the tune of about $23 million, was= =20 involved in serious acquisition talks with Yahoo! last year. The asking pri= ce=20 during those discussions was $200 million before they fell apart in July=20 2000. Bertelsmann spokesperson Alexander Adler said the acquisition by=20 Bertelsmann would enable the German media group to launch a unified music= =20 service, called BeMusic, which would combine its online and offline music= =20 subsidiaries, including its BMG Music Group, its online retailer CDNow, and= =20 MyPlay. The acquisition, according to Mr. Adler, will have no effect on=20 Bertelsmann's relationship with Napster. Bertelsmann has been alone among= =20 major record labels in supporting the embattled music-swapping service and= =20 has the option to become a major investor in Napster. Mr. Adler said the=20 acquisition of MyPlay was not a reaction to Vivendi Universal's acquisition= =20 of MP3.com for $372 million last week. According to Mr. Adler, Bertelsmann= =20 had been in discussions with MP3.com as well as MyPlay and decided to go wi= th=20 the smaller -- and cheaper -- firm. "We were not interested in acquiring a= =20 brand," Mr. Adler said, also noting that the price of the MyPlay acquisitio= n=20 was less than purchases made by Bertelsmann competitors. Mr. Adler is=20 confident that the competition is healthy for the industry but he added tha= t=20 Bertelsmann has $1 billion in revenue projected for the first year of the= =20 BeMusic service and 6.5 million users already. Mr. Adler said that the=20 executive team would remain on board to operate MyPlay as a subsidiary of= =20 Bertelsmann. He indicated that there would be no restructuring associated= =20 with the acquisition, due in part to the February 200 layoffs of 41% of=20 MyPlay's staff. The company currently has 35 employees.=20 =09=09http://www.bertelsmann.com =09=09http://www.myplay.com =09=09 =09=09 =09=09IT Factory Plans More Acquisitions After NotesHouse Deal =09=09 mail? top =09=09 =09=09 BOSTON (VENTUREWIRE) -- IT Factory, an international supplier of=20 collaborative Internet business products and services based in Boston, is= =20 planning to grow aggressively through acquisitions, a member of the firm to= ld=20 VentureWire. The company, which has made eight purchases this year alone,= =20 earlier this week announced its latest deal, involving the Lotus Notes=20 consultancy firm NotesHouse. While the company would not disclose financial= =20 details of the acquisition, Gordon Darling, a company spokesperson, said IT= =20 Factory will make additional purchases in the months ahead. "We will make= =20 more acquisitions focusing on building the depth and breadth of our=20 professional services offerings." IT Factory will look beyond domestic=20 borders for deals, Mr. Darling said. "We're looking all over the world." I= n=20 addition to companies developing technologies compatible with Lotus Notes,= =20 Mr. Darling said it will specifically target businesses with technologies a= nd=20 services compatible with the Microsoft Exchange platform. Mr. Darling would= =20 not comment on how it values deals or how it pays for them. He would also n= ot=20 comment on how many more deals it expects to make, saying it's too hard to= =20 predict at the current time. Salomon Smith Barney is providing the company= =20 with financial services while Edwards & Angell is providing legal counsel i= n=20 all of its M&A transactions. In addition to NotesHouse, the other companies= =20 IT Factory has acquired this year include: Cincinnati-based Synergistics, a= =20 provider of knowledge-enabled collaborative applications; Credenza, an IT= =20 services firm in Australia; and Columbia, S.C.-based ECMS, a developer of= =20 collaboration and messaging software. IT Factory is backed by 2M Invest,=20 BankInvest, Den Danske Bank, and Gilde. It said it expects to close a $20= =20 million to $30 million round with all new investors within the next 60 to 9= 0=20 days.=20 =09=09http://www.itfactory.com =09=09 =09=09 =09=09TMP Worldwide Acquires Online Career Resource FlipDog.com =09=09 mail? top =09=09 =09=09 PROVO, Utah (VENTUREWIRE) -- Publicly traded TMP Worldwide, the pare= nt=20 company of Internet career portal Monster.com, announced it has acquired=20 privately held FlipDog.com, a commercial online career resource, from=20 WhizBang! Labs. The terms of the deal were not released. A spokesperson for= =20 FlipDog said the acquisition will not affect employees or the management=20 structure of the company. TMP will operate FlipDog.com as an independent=20 entity and Web site, serving as a data resource for TMP's other businesses= =20 such as its recruitment advertising and creative services business unit. As= =20 part of this acquisition, WhizBang! Labs, the parent company of FlipDog, wi= ll=20 provide TMP with additional information-extraction services. WhizBang! Labs= =20 is backed by Dominion Ventures, UBS Capital Americas, Hewlett Packard, Bear= =20 Stearns, Spiral and Stars, InterVest, and New Media Venture Partners. =09=09http://www.flipdog.com =09=09http://www.tmp.com =09=09 =09=09 =09=09UsherPro, Season Ticket Networks Merge to Form New Company =09=09 mail? top =09=09 =09=09 CHICAGO (VENTUREWIRE) -- UsherPro, a developer of ticket management= =20 software, has merged with rival Season Ticket Networks (STN), to form a new= =20 company called Season Tickets Solutions. The financial terms of the deal we= re=20 not disclosed Season Tickets Solutions, which will have headquarters in=20 Chicago, has developed software that enables ticket holders to track and=20 allocate season tickets. Robert McAuliff, UsherPro's chairman and CEO, will= =20 become chairman and CEO of the new entity. Joel Milne, founder and presiden= t=20 of STN will become chief technology officer, and Taggart Romney of UsherPro= =20 will head the new company's Ticket Exchange division. Mr. McAuliff said bot= h=20 companies will lose a handful of low-level employees as result of the merge= r,=20 but all senior management, sales, marketing and technology personnel will b= e=20 retained. He said the combined entity will have a total of 25 employees.=20 UsherPro is in the process of raising its Series B round of funding, which = it=20 plans to close in 30 to 60 days, Mr. McAuliff said. The company has raised = an=20 undisclosed amount of funding from individual investors and is now looking = to=20 raise its first institutional round. Mr. McAuliff said STN is also=20 venture-funded, but declined to disclose the names of the investors. Season= =20 Ticket Solutions has more than 40 customers, including Staples Center, Key= =20 Arena, American Airlines Center, the Columbus Blue Jackets, and the Colorad= o=20 Avalanche. =09=09http://www.seasonticket.com =09=09http://www.usherpro.com =09=09 =09=09 =09=09BuildOnline Acquires iScraper Germany in Cash and Stock Deal =09=09 mail? top =09=09 =09=09 LONDON (VENTUREWIRE) -- BuildOnline, a provider of Web-based softwar= e for=20 the European property and construction industry, said it has acquired the= =20 German operations of iScraper, which provides similar project collaboration= =20 services for construction companies. Financial terms of the stock and cash= =20 deal were not disclosed. BuildOnline CEO Marc Suster declined to disclose t= he=20 value of the deal, but, noting that the acquisition was a "fire sale," said= =20 iScraper Germany's customer contracts have a value of approximately $1.3=20 million. Neither firm had outside advisors in the deal. In January,=20 BuildOnline considered buying iScraper's entire business, but did not=20 purchase the U.K. or Israel divisions due to lack of customer base, he said= .=20 Mr. Suster added that BuildOnline is holding acquisition discussions with= =20 companies in France and Germany, and expects to expand into Italy and=20 Switzerland. BuildOnline expects to become profitable in the first half of= =20 2002. Of the seven former iScraper Germany employees, five -- including two= =20 former managing directors -- will join the German office of BuildOnline.=20 BuildOnline will move its German offices from Dusseldorf to iScraper's=20 facilities in Frankfurt. iScraper, which had received $40 million in two=20 rounds of funding from Apax, Israel Seed Partners, and Softbank, filed for= =20 bankruptcy two months ago after failing to close a third round. It had=20 employed a staff of approximately 65 in offices in the U.K., Germany, Spain= ,=20 New York, San Francisco, and Israel. BuildOnline is backed by $31.4 million= =20 from BancBoston Capital, Delta Partners, ETF Group, Goldman Sachs, GRP,=20 Viventures, and Sal Oppenheim. =09=09http://www.buildonline.com =09=09http://www.iscraper.com =09=09 =09=09 =09=09Metavante Acquires Online Bill Management Firm CyberBills =09=09 mail? top =09=09 =09=09 MILWAUKEE (VENTUREWIRE) -- Metavante, a financial services enabler w= holly=20 owned by publicly traded Marshall & Ilsley Corp., announced it has acquired= =20 CyberBills, a San Jose, Calif.-based developer of a Web-based bill manageme= nt=20 service, for an undisclosed amount. Metavante's clients will be able to off= er=20 customers the ability to view and pay presented bills within their Internet= =20 banking sites. This is Metavante's second acquisition in a month. On May 1,= =20 the company announced plans to acquire Derivion, a provider of Web-based=20 electronic bill presentment and payment services. CyberBills is backed by J= =20 Net Ventures I, GE Equity, J.W. Seligman, Texaco, Dotcom Ventures, Intuit,= =20 and Vertex Management.=20 =09=09http://www.cyberbills.com =09=09http://www.metavante.com =09=09 =09=09 =09=09Outtask Acquires Upright Software, Terms Not Disclosed =09=09 mail? top =09=09 =09=09 ALEXANDRIA, Va. (VENTUREWIRE) -- Outtask, a business services provid= er for=20 midsize and Fortune 1000 companies, acquired Illinois-based Upright Softwar= e.=20 Terms of the deal, including any financial information, office closings, or= =20 layoffs, were not disclosed. The acquisition includes Upright's RightTrack= =20 time and expense business application. Outtask will begin handling training= =20 and customer service for Upright's existing users. Outtask, which has 85=20 employees, has raised $13.5 million to date, with its second round raising= =20 $5.5 million in March. Founded in August 1999, Outtask is backed by divine,= =20 WaldenVC, and individual investors. Its headquartered is in Alexandria, Va.= ,=20 with offices in Austin, Boston, Chicago, Detroit, New York, Portland/Seattl= e,=20 San Francisco, and Washington. Upright Software received one investment whe= n=20 it spun out of Northbrook, Ill.-based IT services company Denmac in April= =20 1999. Outtask is advised by Anthony Rickert who works in the Washington=20 office of law firm Piper Marbury. According to Outtask, it was approached b= y=20 Upright for this deal and is currently pursuing additional acquistions over= =20 the next few months. =09=09http://www.outtask.com =09=09http://www.uprightsoftware.com =09=09 =09=09 =09=09CableNet Acquires Assets of B2B Commerce Firm wireConnect =09=09 mail? top =09=09 =09=09 LONDON (VENTUREWIRE) -- CableNet International, which provides cable= =20 manufacturers and suppliers with supply-chain integration applications, sai= d=20 it has acquired the major assets of wireConnect, an Atlanta-based=20 business-to-business e-commerce marketplace for the wire and cable industry= .=20 Financial terms of the acquisition were not provided. wireConnect's platfor= m=20 will be folded into CableNet. In conjunction with the acquisition, Chad Hoo= d,=20 founder and president of wireConnect, will join CableNet as senior vice=20 president for Commercial Development. Mr. Hood will be based in Atlanta and= =20 will be responsible for developing customer acquisitions and sales=20 opportunities for CableNet as it expands its operations in the U.S.=20 wireConnect was funded by Technology Ventures LLC and private investors.=20 CableNet, now in the process of raising a $10 million second round, is back= ed=20 by Amadeus Capital Partners, Pino Venture Partners, Veritas Venture Partner= s=20 and individuals.=20 =09=09http://www.cablenet.com =09=09 =09=09 =09=09Catenas Acquires Minority Stake in Endero =09=09 mail? top =09=09 =09=09 COPENHAGEN, Denmark (VENTUREWIRE) -- Catenas, a network of professio= nal=20 services firms based in San Francisco, said it acquired a 25% stake in=20 publicly traded Swedish software and consulting firm Endero. Though Endero= =20 remains public, it will join Catenas' network of professional services=20 companies. The deal strengthens Catenas' position in the Scandinavian regio= n.=20 Catenas is majority-owned by 2M Invest, a venture capital and management=20 firm, which invested $10 million in Catenas in January. Also in January,=20 Catenas raised $54.7 million from Danish, Asian, and American investors at = a=20 post-money valuation of $188 million and was advised by the London office o= f=20 McDermott Will & Emery in the deal. Gray Cary Ware & Freidenrich is the=20 company's law firm in the U.S. Catenas is a network of professional service= s=20 companies that provides management consulting, brand consulting, systems=20 integration, relationship marketing, and data mining.=20 =09=09http://www.endero.com =09=09 =09=09 =09=09 new directors=20 =09=09? =09=09American Fiber Systems Adds John F. Malon to Board =09=09 mail? top =09=09 =09=09 ROCHESTER, N.Y. (VENTUREWIRE) -- American Fiber Systems (AFS), which= =20 provides metropolitan dark fiber optic communications networks for carriers= =20 and service providers in midsize U.S. cities, said it appointed John F. Mal= on=20 to its board of directors. Mr. Malon, who becomes the board's fourth member= ,=20 is the current president and CEO of The Eastern Managment Group, a manageme= nt=20 consulting firm. Mr. Malon was introduced to the company by chairman Jeffre= y=20 M. Drazan, who is a general partner of Sierra Venture Partners. Additional= =20 board members include Larry Goldfarb, head of Bay Star Capital, and preside= nt=20 and CEO Dave Rusin, founder of AFS, which is backed by Sierra and Lucent=20 Venture Partners.=20 =09=09http://www.americanfibersystems.com =09=09 =09=09 =09=09Andes Networks Appoints Dataquest Founder to Board =09=09 mail? top =09=09 =09=09 MOUNTAIN VIEW, Calif. (VENTUREWIRE) -- Andes Networks, a provider of= SSL=20 acceleration platforms, announced the appointment of Dataquest founder Davi= d=20 A. Norman to the company's board of directors. Mr. Norman joins as the fift= h=20 member of the Andes Networks board of directors, which includes Jason Strob= er=20 of Vantage Point Venture Partners and Sam Lee of Infinity Capital. This is= a=20 new seat. Prior to joining Andes, Mr. Norman founded market information=20 services firm Dataquest and Creative Strategies, a research consulting firm= .=20 He currently sits on the boards of Net Ratings, 1st Virtual Communications,= =20 Bowstreet, noHold, 365Media and Telverse. To date, Andes has raised=20 approximately $25.5 million in two rounds of funding and has a valuation of= =20 $80 million. Investors include Infinity Capital, PacRim Venture Partners, S= un=20 Microsystems, and VantagePoint Venture Partners.=20 =09=09http://www.andesnetworks.com =09=09 =09=09 =09=09Supply-Chain Software Maker Mezzia Appoints Director =09=09 mail? top =09=09 =09=09 INDIANAPOLIS, Ind. (VENTUREWIRE) -- Mezzia, a developer of collabora= tive=20 supply-chain planning software for healthcare organizations, said former=20 president of Premier, Alan Weinstein, has joined the board. Holding the fif= th=20 seat on the board, Mr. Weinstein was first introduced to the company throug= h=20 KB Partners. He had founded Premier Health Alliance, which later merged wit= h=20 two other healthcare companies to become Premier. Mezzia has raised=20 approximately $10 million from Gazelle TechVentures, KB Partners, and Mason= =20 Wells. =09=09http://www.mezzia.com =09=09 =09=09 =09=09Wireless Firm Commtag Appoints Phone.com Exec. to Board =09=09 mail? top =09=09 =09=09 CAMBRIDGE, England (VENTUREWIRE) -- Commtag, a wireless peer-to-peer= =20 networking platform developer, announced the appointment of former phone.co= m=20 executive Malcolm Bird as a non-executive director. Prior to joining Commta= g,=20 Mr. Bird served as managing director for phone.com's European operations.= =20 Also sitting on Commtag's board of directors is Andrea Traversone of Amadeu= s=20 Capital Partners. Founded in June 2000 with $1 million in seed funding from= =20 its management team, Commtag raised $5 million in its initial round of=20 funding this March. Amadeus Capital Partners was the sole investor in the= =20 round. The company anticipates a commercial deployment of its platform in= =20 early 2002.=20 =09=09http://www.commtag.com =09=09 =09=09 =09=09Biz Tech Management Firm Enamics Appoints New Board Member =09=09 mail? top =09=09 =09=09 STAMFORD, Conn. (VENTUREWIRE) -- Enamics, which provides an enterpr= ise=20 design platform for creating business models, announced it has appointed Ca= rl=20 Wilson, executive vice president and CIO of Marriott International, to its= =20 board of directors. Mr. Wilson will be the fifth member on the board. He ha= s=20 served on Enamics' advisory board since July. Enamics, which was founded in= =20 December 1999 by Faisal Hoque, is funded by META Group and individual=20 investors. =09=09http://www.enamics.com =09=09 =09=09 =09=09 new people=20 =09=09? =09=09Biotech Firm Enanta Names Spiros Jamas New President & CEO =09=09 mail? top =09=09 =09=09 CAMBRIDGE, Mass. (VENTUREWIRE) -- Enanta Pharmaceuticals, a develope= r of=20 small-molecule drugs, announced the appointment of Spiros Jamas as presiden= t,=20 CEO and director. Prior to joining Enanta, he served as president, CEO, and= =20 director of Repair, a biopharmaceutical company developing therapies to=20 repair diseased organs and tissues. Mr. Jamas replaces co-founder Peter O.= =20 Kliem, who will continue with the company as chief operating officer,=20 executive vice president and board member. He joins as the seventh member o= f=20 the company's board, which includes Stella M. Sung, a partner with Oxford= =20 Bioscience Partners; Gert Caspritz, a partner with TVM Techno Venture=20 Management; and William C. Mills III, a partner with Advent International.= =20 Enanta's backers include Advent International, Alpinvest International, Ban= k=20 Vontobel, KB Lux Venture Capital, Lancet Capital, Oxford Bioscience Partner= s,=20 and TVM Techno Venture Management.=20 =09=09http://www.enanta.com =09=09 =09=09 =09=09Data & Analysis Firm Polexis Names David Overskei as New CEO =09=09 mail? top =09=09 =09=09 SAN DIEGO (VENTUREWIRE) -- Polexis, which creates information analys= is and=20 data management tools and applications for commercial businesses and=20 government agencies, said it appointed David Overskei as its new CEO.=20 Previously, Mr. Overskei worked as a consultant to high-technology companie= s.=20 Mr. Overskei, who will not gain a board seat, replaces co-founder, Carlos= =20 Persichetti, in the CEO position, but Mr. Persichetti will remain president= .=20 Polexis was searching for a new CEO to direct its future growth and located= =20 Mr. Overskei through a board member. Founded in 1995 the company has raised= =20 two rounds of funding from Nextreme Ventures and Bridge-West. It is advised= =20 by the San Diego office of Brobeck Pheleger & Harrison.=20 =09=09http://www.polexis.com =09=09 =09=09 =09=09Ardent Appoints Former Glaxo WellCome Exec as Pres, CEO =09=09 mail? top =09=09 =09=09 RESEARCH TRIANGLE PARK, N.C. (VENTUREWIRE) -- Ardent Pharmaceuticals= , which=20 develops therapeutics for pain management, urinary incontinence, depression= ,=20 cardioprotection, and glaucoma, said Dr. Richard S. Kent has joined the=20 company as president and CEO. Dr. Kent had served as senior vice president = of=20 global medical affairs and chief medical officer for GlaxoSmithKline.=20 Kwen-Jen Chang, who has served as president and CEO since 1996, retains his= =20 position as chairman and takes on the role of chief scientific officer. Dr.= =20 Kent, who takes a seat on the board as the ninth director, was introduced t= o=20 Ardent through local industry contacts. He will focus on bringing the firm'= s=20 first product, an intravenous formulation for pain management, through=20 clinical trials and to market. The trials will finish in 2004. The company = is=20 backed by more than $32 million from Bau Dah Investment, Bio World Venture= =20 Capital, Central Investment Holding Co., China Development Industrial Bank,= =20 Elan Pharmaceuticals, and PK Venture Capital.=20 =09=09http://www.ardentpharma.com =09=09 =09=09 =09=09 vc fund news=20 =09=09? =09=09MMC Capital Closes Technology Fund II at $250M=20 =09=09mail? top =09=09 =09=09 GREENWICH, Conn. (VENTUREWIRE) -- MMC Capital, a global private equi= ty firm,=20 said it closed the MMC Capital Technology Fund II at $250 million on Octobe= r=20 31, 2000. The company, a subsidiary of Marsh & McLennan Companies, manages= =20 over $2.5 billion in assets. MMC Capital said it waited to announce the fun= d=20 until after its marketing period expired on March 31, 2001. MMC Capital=20 Technology Fund II will invest between $5 million and $20 million in the=20 second and third stages of technology companies in financial services and= =20 related industries. MMC Tech II said it plans to invest in a total of 20=20 companies and has already invested in four: CashEdge, CyberStarts, InfoGlid= e,=20 and Insurance Technologies. Investors in the fund are insurance companies,= =20 financial services, and pension funds. Charles A. Davis and Stephen Friedma= n=20 are the senior principals managing the fund. Bruce Ferland, Timothy J.=20 Lemmon, and Randall J. Wolf are the remaining principals for the fund. MMC= =20 Capital Technology Fund I closed in 1999 at $81 million and is fully invest= ed=20 in 12 companies. MMC Capital manages three families of funds that invest in= =20 insurance, software, and communications.=20 =09=09http://www.mmccapital.com =09=09 =09=09 =09=09 vc personnel=20 =09=09? =09=09Royal Bank Capital Partners Adds Two to Energy Fund Team =09=09 mail? top =09=09 =09=09 NEW YORK (VENTUREWIRE) -- Royal Bank Capital Partners, the private e= quity=20 arm of Royal Bank of Canada, said Bruce Rothstein and Ray Sheen have joined= =20 the Energy Fund as managing director and director, respectively. Mr.=20 Rothstein joins the firm from Entech Industries, where he served as executi= ve=20 vice president, chief financial officer, and board director. Mr. Sheen had= =20 served as vice president of the energy group at Deutsche Bank, and as proje= ct=20 finance director at Union Bank of Switzerland. Paul McDermott, private equi= ty=20 fund manager at Royal Bank Capital Partners, said the firm also plans to ad= d=20 an associate for the Energy Fund. Three investment professionals currently= =20 manage the Energy Fund. Mr. Rothstein had been a colleague of Mr. McDermott= =20 at First Reserve, while Mr. Sheen was introduced to Royal Bank Capital=20 Partners by mutual contacts at Deutsche Bank. The $100 million Energy Fund,= =20 which launched in January, makes investments ranging from $7 million to $15= =20 million in late-stage private and public companies in the service sector an= d=20 hydrocarbon production sector of the energy industry. The fund will invest = in=20 10 to 15 companies over the next two to three years. When half of the Energ= y=20 Fund has been committed, expected in 18 months, the firm will look to raise= a=20 new fund. So far $8 million of the fund has been committed. Royal Bank=20 Capital Partners has $800 million under management in six funds. =09=09http://www.rbcap.com =09=09 =09=09 =09=09company index =09=09top =09=09 =09=09Advantage Capital Partners, Alacra, Alacra, American Fiber Systems, A= ndes=20 Networks, Andes Networks, Ardent Pharmaceuticals, Ardent Pharmaceuticals,= =20 Arexis, Arexis, Asera, Assentive Solutions, Astrea Systems, Atherotech,=20 Atherotech, Availant, Aventail, Bertelsmann, Bertelsmann, BF Goodrich,=20 BuildOnline, CableNet International, Cervalis, Commtag, Commtag, CyberBills= ,=20 Digital Media On Demand, E Ink, e-business technology, Enamics, Enanta=20 Pharmaceuticals, Enanta Pharmaceuticals, Enanta Pharmaceuticals, Endero,=20 Entropia, Eqvitec Partners, eRealty.com, FlipDog.com, FlipDog.com, Fractus,= =20 Fractus, GetPlugged.com, Iconix Pharmaceuticals, Iconix Pharmaceuticals,=20 Improv Systems, Incyte Pharmaceuticals, Incyte Pharmaceuticals, Insight=20 Capital Partners, Insight Capital Partners, iScraper, IT Factory, IT=20 Provider, Lido Capital, Lumeta, Metavante, Metreo, Mezzia, MidStream=20 Technologies, Millennium Technology Ventures, MMC Capital, Model N, myplay,= =20 myplay, Neurotech, Neurotech, OmniSonics Medical Technologies, OptiGlobe=20 Communications, OutTask, PaperExchange.com, PaperExchange.com, Poindexter= =20 Systems, Polexis, Polexis, Polexis, Quake Technologies, Quake Technologies,= =20 Remedyne, Remedyne, Rho Ventures, Royal Bank of Canada Capital Partners,=20 Seasonticket.com, Sequence Design, SpeedGreetings, SpeedGreetings, Spirian= =20 Technologies, Spirian Technologies, TMP Worldwide, TMP Worldwide, Tools for= =20 Health, Toppan Printing, Touchpoint, Upright Software, UsherPro,=20 VirtualGiveaway, Whitney & Co., Xtime, Xtime=20 =09=09 =09=09 =09=09Time is money and time can be saved through =09=09effortless, streamlined Web-based enterprise =09=09services. =09=09 =09=09As IBM preps to launch Web-based software =09=09allowing for smoother enterprise-application- =09=09integration, it will face competition from the =09=09likes of Hewlett-Packard, Microsoft, Oracle and Sun. =09=09Which will attract the greatest number of =09=09developers and customers in the Web-services =09=09arena? =09=09 =09=09Hear what Steven Mills, Senior VP & Group =09=09Executive of IBM Software, has to say about =09=09IBM's latest at Enterprise Outlook, June 26 & 27. =09=09 =09=09Register today:http://www.enterpriseoutlook.com/register.asp =09=09 =09=09 =09=09 =09=09investor index =09=09top =09=09 =09=093i Group, 3i Group, 3i Group, 3i Group, 3i Group, 3i Group, ABN AMRO = Private=20 Equity, ABN AMRO Private Equity, AGF Innovation, AGF Innovation, Apax=20 Partners, Apax Partners, Atlas Venture, Atlas Venture, Banque de Vizille,= =20 Banque de Vizille, Bowman Capital Management, Bowman Capital Management, CD= C=20 Innovation, CDC Innovation, Cisco Systems, Cisco Systems, Compass Venture= =20 Partners, Compass Venture Partners, Dlloyd Investments, Dlloyd Investments,= =20 Emerging Alliance Fund, Emerging Alliance Fund, GIMV, GIMV, IMH, IMH,=20 InnovationsKapital, InnovationsKapital, JF Shea Ventures, JF Shea Ventures,= =20 Mail2000, Mail2000, Merlin Biosciences, Merlin Biosciences, Mitsubishi,=20 Mitsubishi, Mohr Davidow Ventures, Mohr Davidow Ventures, Needham Capital= =20 Partners, Needham Capital Partners, Rothschild, Unterberg, Towbin Managemen= t,=20 Rothschild, Unterberg, Towbin Management, SEB Foretagsinvest, SEB=20 Foretagsinvest, Silver Young Partners, Silver Young Partners, Sofinnova=20 Ventures, Sofinnova Ventures, Sudinnova, Sudinnova, Sutton Ventures Group,= =20 Sutton Ventures Group, Technology Funding, Technology Funding, Toppan=20 Printing, Westdeutsche Landesbank Girozentrale, Westdeutsche Landesbank=20 Girozentrale =09=09 =09=09 =09=09your account =09=09 =09=09click on the following links to: =09=09=01=07 Switch to the plain-text version =09=09=01=07 Change your e-mail address =09=09=01=07 Cancel your subscription =09=09=01=07 Thoughts, suggestions, commentary =09=09=01=07 This newsletter was mailed to you at: jdasovic@ENRON.COM =09=09 =09=09contact =09=09 =09=09Send news items to editor@venturewire.com =09=09Send questions, complaints, or service queries to venturewire@venture= wire.com =09=09Send advertising inquiries to visconti@venturewire.com =09=09 =09=09 =09=09legal =09=09 =09=09This copy of VentureWire and the information within it may not be rep= roduced,=20 saved, or otherwise copied into a database without the prior written consen= t=20 of Technologic Partners. =09=09 =09=09VentureWire is a service mark of Technologic Partners =09=09,2001 Technologic Partners =09=09=09?
|