The Daily Deal articles from May 2001

The Daily Deal archives from May 2001

Coast Software.(Brief Article)
May 1, 2001... Ottawa-based Coast Software Inc., a developer of Web quality management software, has secured C$5 million ($3.2 million) in financing, led by Bank of Montreal Capital Corp. Other investors included RoyNat Capital and Capital Alliance Ventures...

Elektrim, Deutsche Telekom fail to reach deal.(Brief Article)
May 1, 2001... Polish telecommunications and power conglomerate Elektrim SA and Deutsche Telekom AG said Monday they have failed to reach a deal giving Deutsche Telekom control of Elektrim's fixed-line assets. DT agreed in December to purchase 51% of...

Energy Savings Income.(Brief Article)
May 1, 2001... Ottawa-based natural gas supplier Energy Savings Income Fund completed the sale of a C$110 million ($71.4 million) IPO. The company which owns Ontario Energy Savings Corp., supplies gas to residential and commercial customers. The fund sold...

Halliburton agrees to acquire Magic Earth.(Brief Article)
May 1, 2001... Dallas energy services firm Halliburton Co. said Monday it had agreed to acquire Magic Earth Inc., a Houston developer of 3-D imaging technology for the oil and gas exploration industry, for $100 million in stock. The deal is subject to various...

Hirek Media.(Brief Article)
May 1, 2001... Budapest-based content provider Hirek Media said it has raised an undisclosed amount of cash in a first round of venture capital funding. The financing came from Berlin-based venture capitalist bmp AG and Central Eastern Europe Venture GmbH, a...

Jungle Interactive Media.(Brief Article)
May 1, 2001... New York's Jungle Interactive Media, publishers of MBA Jungle and JD Jungle magazines aimed at young professionals, has obtained $9.5 million in second-round financing led by Kingdon Capital, Korn/Ferry International and Ridgewood Capital....

Millennium II.(Brief Article)
May 1, 2001... Tel Aviv-based Millennium Materials Fund has completed raising $40 million for its Millennium II fund, which will focus on investments in composite and applied materials. The investors include industrial companies from Israel, Germany,...

Mohomine.(Brief Article)
May 1, 2001... Data management software maker Mohomine Inc. of San Diego has secured a Series C funding round from venture capital firms Windward Ventures and In-Q-Tel Inc. Financial terms were not disclosed. The fresh capital is expected to fuel core...

Ocean Energy buys EnSight assets.(Brief Article)
May 1, 2001... Houston oil-and-gas explorer Ocean Energy Inc. said Monday it had completed its acquisition of oil and gas assets in east Texas and northern Louisiana from EnSight Resources llc of Shreveport, La., for $118 million in cash. The purchase will...

Plexion.(Brief Article)
May 1, 2001... Bangalore, India-based Plexion Technologies, an engineering solutions firm focused on automotive, aerospace and manufacturing sectors, has received $9 million in venture capital funding from JP Morgan Partner (formerly Chase Capital Partner)....

Primal Pictures.(Brief Article)
May 1, 2001... London-based Primal Pictures Ltd. has raised [pound]3.2 million ($4.6 million) in a third round of funding led by France's Credit Agricole Indosuez Private Equity at a valuation of [pound]10 million. The company raised a [pound]500,000 first...

Quebecor Media selling security unit.(Brief Article)
May 1, 2001... Canada's Quebecor Media Inc. said Monday it's selling Protectron Inc., its Montreal residential and commercial security subsidiary, for C$61.5 million ($40.0 million) to an affiliate of New York buyout firm Wellspring Capital Partners II LP and...

SUNY Stony Brook.(Brief Article)
May 1, 2001... New York-based academic facility SUNY Stony Brook will be the recipient of $30 million in funding from New York State to help fund a new, high-tech research center, according to a report in Newsday. In addition, the private sector has pledged...

Sports Capital Partners.(Brief Article)
May 1, 2001... California Public Employees' Retirement System said it will invest $122 million in Sports Capital Partners lp, a private equity fund targeting investments in sports, media, leisure, lifestyle and entertainment-related businesses. As part of its...

Streamlink.(Brief Article)
May 1, 2001... Australian IT solutions firm Streamlink has secured A$2 million ($1.02 million) from IT Capital in return for 23.5% of the startup's equity, according to a report in Australasian Business Intelligence. www.TheDeal.com

Technology Venture Partners.(Brief Article)
May 1, 2001... Australia's Technology Venture Partners Pty Ltd. has raised its third venture fund, according to a report in Asia Pulse. The new fund, which will be aimed at early-stage technology companies, has commitments of A$144.4 million ($73.67 million)....

Tharas Systems.(Brief Article)
May 1, 2001... Hardware accelerator maker Tharas Systems of Santa Clara, Calif., has caught up with $4.2 million in second-round funding from pervious backers Alliance Venture Management llc, Redwood Ventures and Prabhu Goel, private venture capitalist and...

Wan Wall.(Brief Article)
May 1, 2001... Tel Aviv-based Wan Wall Ltd. has completed its seed round of financing in which it raised $3.5 million. No valuation was given. Two Israeli based venture capital funds, Koor Venture Capital and Gemini Israel Fund were the investors in the...

Wisor.(Brief Article)
May 1, 2001... Rockville, Md.'s Wisor Telecom Corp., a developer of software solutions for next-generation communications providers, has closed a $10 million third round of funding. SAIC Venture Capital Corp., the venture arm of San Diego's Science...

Wright Medical.(Brief Article)
May 1, 2001... Orthopedic device maker Wright Medical Group Inc. filed for an initial public offering of up to $132.25 million late Friday. The Arlington, Tenn.-based company manufactures reconstructive joint devices for, among other procedures, hip and knee...

fatbubble.(Brief Article)
May 1, 2001... Applications maker fatbubble Inc. of San Francisco has pulled in $370,000 in first-round funding led by Jun Makihara and Joichi Ito, the chairman and the CEO of Neoteny Co., a leading incubator and venture fund in Japan. Unnamed investors from...

Internet sector sees downturn.(Brief Article)
May 1, 2001... Byline: David Shabelman SAN FRANCISCO -- Just when companies thought it was safe to get back in the new-economy waters... According to a new report from Webmergers.com, a San Francisco Internet mergers and acquisitions consulting...

Rankin's begins climb from bankruptcy.(Rankin Automotive Group Inc.)(Brief Article)
May 1, 2001... Byline: Ira Breskin Like the Chinese proverb that every great journey starts with a single step, every restructuring can start with a simple sale of an asset. In the case of bankrupt Rankin Automotive Group Inc., that was the case with a...

Slums of the U.S. housing market.(American Homestar Corp.)(Brief Article)
May 1, 2001... Byline: Jonathan Berke Homebuilding has been one of the more resilient sectors in a slowing U.S. economy. But there are dark pockets within the industry where bankruptcies and distressed situations have become become commonplace. The...

Loudcloud's silver lining turns to grey.(Brief Article)
May 1, 2001... Byline: Olaf de Senerpont Domis Less than two months after an initial public offering that raised far less than projected, Loudcloud Inc. announced May 1 it would slash its workforce by 19%. The Sunnyvale, Calif.-based Internet...

Reliant Resources makes strong debut.(Brief Article)
May 1, 2001... Byline: Heidi Nasr Some companies just can't seem to win in the initial public offering market these days. Take Reliant Resources Inc., the spinoff of energy giant Reliant Energy Inc., which began trading Tuesday. Its IPO is the...

Wishful thinking.(Brief Article)
May 1, 2001... Byline: Matt Miller With all the Sturm und Drang over spy planes, arms sales and the defense of the non-nation known as Taiwan, the declining fortunes of Internet portals chinadotcom corp., Sohu.com and Sina.com would seem far down the...

Performance standards.(Brief Article)
May 1, 2001... Byline: Jonathan Bick Internet content has become an increasingly valuable part of mergers and acquisitions transactions. The mechanics of protecting the Internet-content assets of those deals has been radically changed by the Digital...

Critical choice on debt reduction.(Alan Greenspan)(Brief Article)
May 1, 2001... Byline: Alan Greenspan I have long argued that paying down the national debt is beneficial for the economy. It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby...

Aussie publishing groups ditch merger.(PMP Ltd.)(Brief Article)
May 1, 2001... Byline: Giles Parkinson SYDNEY -- Australian printing and publishing group PMP Ltd. abandoned plans May 1 to merge with its largest rival after failing to win regulatory approval for the deal. The Australian Competition and Consumer...

Deal Traveler.
May 1, 2001... Byline: Erica Schlesinger In a bid to save billions of dollars, some of Canada's largest and most conservative resource firms are turning to the Internet to procure everything from rock bolts to bandages for their global operations. ...

EMI-Bertelsmann Music merger killed.(Brief Article)
May 1, 2001... Byline: Nicola Hobday LONDON -- After almost a year of wrestling with regulators over two proposed mergers, EMI Group plc is facing a future without a partner. The U.K. music company's talks to combine with a unit of Germany's...

BT in talks to sell stakes to Vodafone.(British Telecommunications PLC)(Brief Article)
May 1, 2001... Byline: Brian Cattell LONDON -- Less than a week after the ouster of British Telecommunications plc Chairman Iain Vallance came the announcement May 1 that debt-strapped BT has entered talks with Vodafone Group plc about selling its stakes...

Pulte's Del Webb bid not a house of cards.(Brief Article)
May 1, 2001... Byline: Jonathan Berke Del Webb Corp. President LeRoy C. Harriman Jr. probably need not worry about hostile suitor J.F. Shea Co. ruining Pulte Homes' $1.8 billion acquisition of the Phoenix-based homebuilder because analysts and even...

CIBC buys Israeli brokerage E. Shalev.(Brief Article)
May 1, 2001... Byline: Neal Sandler TEL AVIV -- One of the largest institutional brokerages in Israel, E. Shalev Ltd., has been acquired by Toronto-based investment bank CIBC World Markets, the companies said in a joint statement May 1. Financial...

General Dynamics grabs Galaxy Aerospace.(Brief Article)
May 1, 2001... Byline: Charles Sisk WASHINGTON -- General Dynamics Corp. has agreed to buy a Texas airplane maker for up to $645 million, bolstering its stable of business jets. General Dynamics, a Falls Church, Va.-based aerospace and defense...

ISS, Network ICE in $195M combo.(Brief Article)
May 1, 2001... Byline: Michael B. Marois SACRAMENTO, Calif. -- In a move to build its market for networking equipment gear, Internet Security Systems Inc. will pay $195 million in stock to buy privately held security company Network ICE Corp. Under...

FASB amends goodwill proposal.(Brief Article)
May 1, 2001... Byline: Charles Sisk WASHINGTON -- The Financial Accounting Standards Board altered its new rules for booking purchase premiums May 1, responding to complaints that its original proposal would have been too difficult to implement. The...

Pepsi agrees to sell All Sport.(Brief Article)
May 1, 2001... Byline: Soma Biswas PepsiCo Inc. said May 1 it has reached an agreement to sell the All Sport drink brand to Atlanta-based Monarch Co. Monarch is the ninth-largest seller of carbonated soft drinks in the U.S. Its brands include Dad's...

Advise and compete: Salomon's David Head.(Interview)
May 1, 2001... Byline: David Weidner David Head, co-head of the financial institutions group at Salomon Smith Barney, cut his dealmaking teeth abroad. He worked in Salomon's London office in the mid-1990s when it was sole adviser in a $20 billion merger...

$1.3B worth of junk on calendar this week.(Brief Article)(Statistical Data Included)
May 1, 2001... Byline: Kelly Holman The high-yield market is expected to steam up again this week, with $1.3 billion of U.S. offerings expected to emerge from the deal pipeline by Friday. For leveraged buyout firms, a $400 million issue of Vertis...

Antitrust alert.(Statistical Data Included)
May 1, 2001... Byline: Jaret Seiberg and Shanon D. Murray Regulators pressed merger reviewsThe pace of mergers and acquisition activity may have slowed recently, but last year was a record breaker for the antitrust agencies. The annual Hart-Scott-Rodino...

Cisco's "excess inventory".(Brief Article)
May 1, 2001... Byline: Robert Teitelman and Matt Miller In past recessions, the phrase "excess inventory" recurred like a toothache. In a simpler age when a blackberry was still edible, the first sign of trouble was that inventories were rising....

Italian startups at the crossroads.
May 1, 2001... Byline: Joshua Jaffe Three Italian technology deals announced in recent weeks highlight the country's wireless and wireline software and hardware industry, which can either transform the nation into a locally-driven European technology...

Innovation is the name of Lane's game.(Brief Article)
May 1, 2001... Byline: Katherine Goncharoff When he exited the chief operating officer's job at Oracle Corp. last year, Raymond J. Lane did not waste much time before he entered what's the closest thing to heaven in Silicon Valley -- a partnership at...

Zone Labs takes in $14M second round.(Brief Article)
May 1, 2001... Byline: Clifford Carlsen San Francisco's Zone Labs Inc. snagged a hefty $70 million valuation in just its second institutional financing, landing $14 million to take it to profitability. Deep-pocketed founders and a strong core...

Biotech startups defy VC doldrums.(Brief Article)
May 1, 2001... Byline: Vyvyan Tenorio Now that the stock market euphoria over the human genome is on the wane, private valuations for life sciences companies are also heading south, right? Not exactly. With growing interest from specialist healthcare...

GlobalLearningSystems raises $10M.(Brief Article)
May 1, 2001... Byline: Lou Whiteman Fresh off a buying spree in which it gobbled up six companies in 16 months, GlobalLearningSystems Inc. has secured $10 million in second-round funding to help it integrate and refinance the deals. The McLean,...

Eircom burned by another high-tech investment.(Brief Article)
May 1, 2001... Byline: Siobhan Almond DUBLIN--Irish telecom Eircom plc has sold for 1 Irish pound ($1.10) the stake it bought in Flexicom Ltd for 6.5 million Irish pounds ($7.3 million) less than two years ago, according to a source. Eircom bought...

5G takes Skyhub stake.(Brief Article)
May 2, 2001... Las Vegas telecom 5G Wireless Communications Inc. said Tuesday it would pay $1 million to take a 30% stake in Skyhub Asia Holdings Ltd., a Hong Kong regional Internet service provider. 5G also has an option to purchase another 20% of Skyhub...

Actelis Networks.(Brief Article)
May 2, 2001... Petah Tikva, Israel-based Actelis Networks has raised $26 million in a third round of financing and a valuation of $116 million. The round was led by the Carlye Group and also included US Venture Partners, New Enterprise Associates, Walden...

Allglass Investments.(Brief Article)
May 2, 2001... Singapore's Hua Kok International Ltd. has acquired 20% of Multi-Marine Resources Pte. Ltd.'s 50% equity interest in investment holdings firm Allglass Investments Pte. Ltd., the Asia Pulse reported. As of Dec. 31 2000, Allglass has authorized...

Atoga Systems.(Brief Article)
May 2, 2001... Fremont, Calif.-based Atoga Systems Inc., a developer of software for service providers, has secured more than $50 million in equity and debt financing from financial and strategic investors. Silicon Valley Internet Capital and Institutional...

Canada's Atco Ltd. puts units up for sale.(Brief Article)
May 2, 2001... The retail gas and electricity operations of Atco Ltd. are up for sale, the Calgary utility said. Atco did not say how much it expects to raise in the sale, but reports put the price for the operations at about C$300 million ($196 million). The...

Chemical to acquire Bank West.(Brief Article)
May 2, 2001... Chemical Financial Corp., the Midland, Mich., parent of Chemical Bank and Trust Co., said Tuesday it's merging with Bank West Financial Corp., the Grand Rapids, Mich., parent of Bank West, in a transaction valued at about $29.8 million in cash....

Clean Harbors.(Brief Article)
May 2, 2001... Environmental services provider Clean Harbors Inc. of Braintree, Mass., has secured $86 million in financing it will use to refinance its debt. The company said it has finalized a new $51 million senior credit facility led by Congress Financial...

Conectiv reschedules vote on Pepco merger.(Brief Article)
May 2, 2001... Conectiv Inc., an electric utility in Wilmington, Del., said Tuesday its board has rescheduled its shareholder meeting from June 29 to July 17 to vote on its proposed $2.2 billion merger with Potomac Electric Power Co. of Washington, D.C. Pepco...

DQE continuing its strategic review.(Brief Article)
May 2, 2001... Pittsburgh power utility DQE is continuing to study whether to sell its water utility and financial and investment businesses. Though the company announced no buyers during its presentation with analysts Tuesday, it did say that it expected to...

Douglas-Danielle.(Brief Article)
May 2, 2001... Chicago-based Douglas-Danielle Inc., a direct marketing services firm, has secured an initial round of financing for an undisclosed amount from SilverYoung Partners. Andrew Rashgkow, managing director of SilverYoung, will join the company's...

DoveBid.(Brief Article)
May 2, 2001... Citing market conditions, online auction site DoveBid Inc. withdrew its estimated $46.8 million initial public offering Tuesday. The Foster City, Calif.-based company auctions off used capital assets. DoveBid was to sell 5.2 million shares at...

Federal-Mogul finds buyer for aviation unit.(Brief Article)
May 2, 2001... TransDigm Inc., a portfolio company of buyout firms Odyssey Partners and Kelso & Co., confirmed Tuesday that it has signed an agreement to buy Champion Aviation Products from Federal-Mogul Corp. This is Federal-Mogul's Liberty, S.C.-based...

GlobalLearningSystems.(Brief Article)
May 2, 2001... McLean, Va.-based GlobalLearningSystems, a corporate learning solutions provider, has secured a $10 million equity commitment, led by Hampshire Equity Partners. This latest round, described as a follow-on round of funding, will be used to...

Heartlab.(Brief Article)
May 2, 2001... Westerly, R.I.-based Heartlab Inc., a Westerly, R.I., provider of cardiac image archiving software, has secured $23 million in private financing. Boston-based Halpern, Denny & Co. and MedEquity Investors llc of Wellesley, Mass., led the round....

ICH gets 21 Arby's eateries.(Brief Article)
May 2, 2001... ICH Corp., a San Diego operator of Arby's restaurants, said Tuesday that its Sybra Inc. subsidiary has purchased 21 Arby's restaurants in and around Detroit for $18.3 million from RTM Restaurant Group. Atlanta-based RTM operates 1,047 eateries...

Intraco Systems.(Brief Article)
May 2, 2001... Boca Raton, Fla.-based Intraco Systems, which makes virtual office services and applied speech recognition technology, has secured a $3 million private placement equity financing commitment from Dubois Investment Management. The money will be...

Ivax prices sale of senior subordinated notes.(Brief Article)
May 2, 2001... Ivax Corp., a Miami pharmaceuticals maker, announced Tuesday that it had priced the sale of $575 million of its 4.5% convertible senior subordinated notes due 2008, which will be used to fund acquisitions. Ivax wants to buy businesses and...

MDI Entertainment.(Brief Article)
May 2, 2001... Hartford, Conn.-based MDI Entertainment Inc. has raised $3.2 million in senior convertible preferred stock from Corpfinance International Inc. MDI designs and markets lottery-based merchandise prizes for TV game shows. The firm also offers...

Mondosoft.(Brief Article)
May 2, 2001... New York-based Mondosoft, a developer of search engines for large Web sites and enterprise portals, has received a $3.6 million investment from current owners and investors in a fourth round of funding. Mondosoft has received about $18 million...

OutPurchase.(Brief Article)
May 2, 2001... Mountain View, Calif.-based OutPurchase, a developer of hosted enterprise software for for mid-market and emerging companies, has closed an additional round of funding from existing investors, including Technology Crossover Ventures, Athena...

Quaker Oats shareholders approve PepsiCo merger.(Brief Article)
May 2, 2001... Shareholders of both Quaker Oats Co., the Chicago food products giant, and Purchase, N.Y., soft drink maker PepsiCo Inc., approved their merger Tuesday. The deal is subject to U.S. Federal Trade Commission approval. The two companies announced...

Red Herring.(Red Herring Communications)(Brief Article)
May 2, 2001... Lake Tahoe, Calif.-based Red Herring Communications has secured $15 million in funding from previous investor Broadview Capital Partners, according to the company's chief operating officer Doug Jefferies. Confirmation of the close of the round...

Ripple Technologies.(Brief Article)
May 2, 2001... Washington Crossing, Pa. based Ripple Technologies Inc., a maker of systems management software, picked up $4.5 million in its second round of venture capital financing led by NewSpring Ventures lp, along with Edison Venture Fund, Eastern...

SevenMountains Software.(Brief Article)
May 2, 2001... London-based SevenMountains Software, a provider of application tools for the Internet market, has secured $6.5 million in financing from new and previous investors. Repeat investors Holland Venture and 3i Group led the round. Founded in 1997,...

Sitara Networks.(Brief Article)
May 2, 2001... Waltham, Mass.-based Sitara Networks Inc., a provider of e-business and network efficiency software, closed on a $16 million financing round from anonymous investors. The new round brings the company's total capitalization to $85 million. The...

Smithfield Foods buys again.(Brief Article)
May 2, 2001... Smithfield Foods Inc., the world's largest pork processor, said Tuesday it has reached an agreement to buy Smithfield Cos., a Portsmouth, Va.-based supplier of packaged foods, for about $18 million. Under the terms, Smithfield Foods of...

Top Tier Software.(Brief Article)
May 2, 2001... Citing a merger, Top Tier Software Inc. withdrew its estimated $44 million initial public offering Tuesday. Top Tier, a provider of software used for e-commerce portals, said it withdrew its IPO because it merged April 30 with SAP AG, an...

Tradami.(Brief Article)
May 2, 2001... San Francisco-based Tradami Inc., a global trade management services provider, has closed a $3.5 million initial round of financing led by Lynn C. Fritz. The angel round includes investments from a group of other angel investors as well....

Two St. Louis banks to merge.(Allegiant Bancorp Inc., the St. Louis parent of Allegiant Bank, said Tuesday it has agreed to buy Southside Bancshares Corp.)(Brief Article)
May 2, 2001... Allegiant Bancorp Inc., the St. Louis parent of Allegiant Bank, said Tuesday it has agreed to buy Southside Bancshares Corp., which owns Southside Bank and three other regional banks. Shareholders of Southside, also based in St. Louis, would...

WinCom Systems.(Brief Article)
May 2, 2001... Research Triangle Park, N.C-based WinCom Systems Inc., an Internet infrastructure company, has sealed $32.9 million in a second round funding from Crosspoint Venture Partners and TPG Ventures. Wincom manufactures and deploys Internet networking...

iBase Image Systems.(Brief Article)
May 2, 2001... Ilkley, England-based iBase Image Systems Ltd. has received [pound]4.2 million ($6.01 million) in a second round of financing from London-based Charterhouse Specialist Investments Ltd., a subsidiary of HSBC Holdings plc, MTI Partners and...

RBX bankruptcy settlement talks under way.(Brief Article)(Statistical Data Included)
May 2, 2001... Byline: Shanon D. Murray Attorneys representing the unsecured creditors and the 12% noteholders in the Chapter 11 bankruptcy of RBX Corp. say they are eager to settle challenges to the senior status of three of the industrial foam...

Atlantic Gulf goes bankrupt.(Atlantic Gulf Communities Corp.)(Brief Article)
May 2, 2001... Byline: Jonathan Berke Atlantic Gulf Communities Corp. will give Apollo Management LP a glimpse of bankruptcy it's rarely seen: as an early participant rather than late combatant. Apollo, a private equity firm controlled by well-known...

Viatel files for bankruptcy.(Brief Article)
May 2, 2001... Byline: Leon Lazaroff and David Carey New York telecom Viatel Inc., which boasts an extensive European broadband network, filed for bankruptcy Wednesday, the latest telecom startup to seek protection from creditors. Saddled with $2.68...

Republic bankruptcy fees cause outrage.(Weil, Gotshal and Manges L.L.P.'s retention fees for Republic Technologies International L.L.C. bankruptcy)(Brief Article)
May 2, 2001... Byline: Terry Brennan Small wonder that U.S. Bankruptcy Judge Marilyn Shea-Stonum, in Akron, Ohio, protested the fee that New York law firm Weil, Gotshal & Manges llp wants debtor Republic Technologies International llc to pay for...