3M (NYSE: MMM) has agreed to acquire SoftMed Systems Inc., a Silver Spring, Md.-based provider of health information management software and services for healthcare organizations. No financial terms were disclosed. Softmed is a portfolio company of TA Associates, and was valued at around $195 million when TA first invested in 1999. www.3m.com www.softmed.com
Akamai Technologies Inc. (Nasdaq: AKAM) has agreed to acquire Nine Systems Corp., a San Diego
Neuro-Hitech Inc. (OTC BB: NHPI) has agreed to acquire Q-RNA Inc., a New York-based biotech company focused on conditions such as Alzheimer's, epilepsy and Parkinson's disease. The deal is valued at nearly $11 million in stock, plus an agreement whereby Q-RNA shareholders will commit at least $3.1 million to the combined company. Q-RNA has raised […]
Andrew Ross Sorkin of NY Times Dealbook has developed some middle ground between Ben Stein’s call for banning management buyouts and the private equity market’s calls for continued regulatory indifference. Specifically, he has a four-part plan for fixing certain problems inherent in management buyouts. It goes like this: 1. Require that a majority of minority shareholders approve the […]
Yahoo Inc. (Nasdaq: YHOO) has agreed to buy Bix.com, a Palo Alto, Calif.-based provider of online contests. No financial terms were disclosed. Bix was founded earlier this year as 900 Seconds, and raised around $6.75 million in funding from Sutter Hill Ventures, Trinity Ventures and Stanford University. www.yahoo.com www.bix.com
Willis Stein & Partners is selling its entire 8.7% stake in ANSYS Inc. (Nasdaq: ANSS), which it acquired in connection with Ansys' purchase of Fluent Inc. in May 2006. The 3.35 million shares will be sold in a secondary offering underwritten by Goldman Sachs. www.ansys.com
It’s now been two days since a few disgruntled shareholders filed what they hope will become a class-action lawsuit against 13 top private equity firms. I hope that it doesn’t. To be clear, I am not an apologist for private equity firms. I think many of them charge unfair transaction fees to their limited partners, and […]
Pharmion Corp. (Nasdaq: PHRM) has acquired Cabrellis Pharmaceuticals, a San Diego-based oncology company that is in Phase 2 development of a third-generation synthetic anthracycline for small-cell lung cancer. The deal includes an initial cash payment of $59 million, plus the possibility of two regulatory-based milestone payments of $12.5 million each. Cabrellis raised $27.5 million in […]
SunPower Corp. (Nasdaq: SPWR) has agreed to acquire PowerLight Corp., a Berkeley, Calif.-based provider of large-scale solar power systems, for total consideration of $265 million (including $130 million in cash). PowerLight had raised around $20 million in VC funding from firms like Bay Area Equity Fund and New Energies Invest AG. www.powerlight.com
Apax Partners has sold its 71% stake in UK-based publishing services company Stationary Office to German postal services and logistics company Deutsche Post AG (via subsidiary Williams Lea Group). No financial terms were disclosed. www.apax.com www.tso.co.uk