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David Wilhelm, co-founder of venture capital and political consultancy Wilhelm & Conlon, has been asked to put together a transition team for Illinois Governor-elect Rod Blagojevich. Wilhelm, who is not expected to stick around beyond the transition, had been a senior advisor during a campaign that included Blagojevich’s promise to launch a $200 million venture fund to support Illinois start-ups.
A pair of venture-backed broadband software providers announced a merger today when Motive Communications Inc. and BroadJump Inc. signed a definitive agreement for Motive to acquire BroadJump in a stock-for-stock transaction. Both companies are based in Austin, Texas. Motive has received approximately $55 million in venture capital from such backers as Accel Partners, Austin Ventures, Dell Ventures, JPMorgan Partners and SSM Ventures. BroadJump has received nearly $50 million in funding from Accel Partners, Austin Ventures, Nortel Networks, SBC Communications, Techxas Ventures and Vortex Ventures. Motive was valued at $224 million after a January 2000 Series D funding, while BroadJump netted a $200 million post-money mark following an April 2001 third round funding.
Fritz Bittenbender has resigned, effective Dec. 1, as Secretary of Administration in Pennsylvania to become president of the Pennsylvania Biotechnology Association (PABIOTECH).
A federal judge in Denver denied a motion brought by Quest Communications shareholders to block the $7 billion sale of the telecom company’s yellow pages unit to Carlyle Group and Welsh, Carson, Anderson & Stowe. The complaint had argued that any profits from the sale should be distributed back to shareholders for losses they suffered due to a massive decrease in the company’s stock price.
Vivendi Universal SA said yesterday that it will attempt to sell approximately 40% of its Vivendi Environnment subsidiary. It also said that it had reached a final agreement on the sale of its Houghton Mifflin publishing assets to Thomas H. Lee Partners and Bain Capital.
Lennart Johansson has been appointed the new chief executive of Amsterdam-based venture shop B-business Partners effective March 31, 2003. Johansson is currently CEO of Emerging Technologies ET AB, an early-stage venture capital company.
NEWS FROM THURSDAY 11/7
The California Public Employees’ System (CalPERS) has asked the San Francisco Superior Court to give up jurisdiction in the $135 billion pension fund’s battle with the San Jose Mercury News and move the case to Sacramento. Judge James Robertson will hear the motion Thursday Nov. 14, thus indefinitely delaying any decision on whether or not CalPERS will have to disclose the value of its $7 billion private equity portfolio. PE Week subscribers can read more on this story in the protected Fund News section of www.PrivateEquityWeek.com .
TAZZ Networks Inc., a Providence, R.I.-based company building a breakthrough solution in subscriber and service enablement, today announced that it has closed a $7.7 million Series A investment round led by Lazard Technology Partners and Pilot House Ventures Group. Other participants included Zero Stage Capital, Point Judith Capital and the Slater Center for Interactive Technologies.
Pfizer Inc. has agreed to sell its Tetra aquarium and pond supplies business for $238.5 million to The Triton Fund, an independent European private equity fund. Pfizer had announced in March that it would begin to explore strategic options for the Tetra business, after concluding that Tetra does not fit Pfizer’s current strategic focus.
iMove Inc., a Portland, Ore.-based creator of spherical imaging systems, has received $7.5 million in equity financing. The deal was led by The Grosvenor Funds and SmartForest Ventures.
Digital Harbor Inc., an Annandale, Va.-based enterprise software company, today announced the completion of a $10 million dollar round of financing with Insight Venture Partners. bR>
Aelita Software Corp., a Columbus, Ohio-based provider of enterprise management solutions for Windows-centric networks, today announced the completion of a $10 million dollar funding deal with Insight Venture Partners.
Allegis Capital announced today the addition of Frank J. Fanzilli Jr. as a new venture partner. Until his retirement in June 2002, Fanzilli was global chief information officer and managing director at Credit Suisse First Boston. During
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