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News Briefs

Innova Capital, a Poland-based private equity firm focused on mid-market European buyouts, has closed its fourth fund with Euro 225 million in capital commitments. Axon Partners served as exclusive placement agent. www.innovacap.com
KPS Special Situations Funds has agreed to sell Speedline Technologies Inc. to Illinois Tool Works (NYSE: ITW). No financial terms were disclosed. Speedline is a Franklin, Mass.-based maker of equipment used in the assembly of printed circuit boards and semiconductor packages. www.speedlinetech.com
Neiman Marcus Group has agreed to sell handbag maker Kate Spade to Liz Claiborne Inc. (NYSE: LIZ) for $124 million (including to-be-retired debt). Neiman Marcus was acquired last year in a $5.1 billion public-to-private buyout by Texas Pacific Group and Warburg Pincus. www.neimanmarcusgroup.com
Network Appliance Inc. (Nasdaq: NTAP) has agreed to acquire Topio Inc., a Santa Clara, Calif.
Tejas Networks, an India-based provider of optical networking products, has raised $20 million in fourth-round funding. Sandstone Capital led the deal, and was SUN Technologies and return backers Battery Ventures, Intel Capital and Dr. Gururaj “Desh” Deshpande. The company has raised around $45 million in total VC funding since its 2000 inception. www.tejasnetworks.com
Turn Inc., a San Mateo, Calif.-based online automatic-targeting advertising network, has raised $18 million. Backers include Norwest Venture Partners, Trident Capital and Shasta Ventures. The company held a first close back in early 2005. www.turn.com
Axsun Technologies Inc., a Billerica, Mass.-based manufacturer of MEMS-based micro-optoelectronic “spectral engines,” has raised $10 million in Series D funding. Electro Scientific Industries led the deal, and was joined by return backers like Prism VentureWorks, Vantage Point Venture Partners and Stata Venture Partners. The company also secured a $5 million loan from Bridge Bank. www.axsun.com
AlterPoint Inc., an Austin, Texas-based provider of network management software, has raised $7.5 million in new Series C funding. Return backers include Austin Ventures, JK&B Capital and Palomar Ventures. The company has raised $39 million in total VC funding since its 2001 inception. www.alterpoint.com
Vendavo Corp., a Palo Alto, Calif.-based provider of B2B price management solutions, has raised an undisclosed amount of strategic funding from SAP Ventures. The company previously had raised around $61 million since its 1998 inception, from firms like DCM-Doll Capital Management, Sigma Partners, Split Rock/St. Paul Venture Capital, InterWest Partners and spectrum Equity Investors. www.vendavo.com
Niall Carroll, managing director of ACT Venture Capital, has been elected chairman of the Irish Venture Capital Association. He succeeds Des Fahey, CEO of the Dublin Business Innovation Centre. www.ivca.ie

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