PE Week Wire — Monday 8/26

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Inkra Networks, a Fremont, Calif.-based switch developer, announced today receipt of $30.1 million in it’s second round of institutional funding. Morgenthaler Ventures led the oversubscribed round, with repeat participation from Inkra’s existing investors Battery Ventures, Norwest Venture Partners, Storm Ventures, and Greenstone Venture Partners. The new funds bring the company’s total capital commitment to $66.6 million to date.

Finali Corp., a Westminster, Colo.-based provider of online and offline customer care services, today announced it has raised $5.3 million in a new round of financing. Investments were made by Boulder Ventures, Mobius Venture Capital, Sequel Partners, The Hillman Company and Hexagon Investments. Finali will use the new financing to rapidly expand operations to meet Fortune 1000 companies’ demand for integrated customer care outsourcing.

Valle Rayburn Nelson, a founder of Boston-based venture firm VIMAC, died Monday at his Manchester, N.H. home. He was 52 years old. Valle leaves his wife of 27 years, Pamela, and daughters Sarah and Vanessa. Valle joined Venture Investment Management Corp., a predecessor of VIMAC, in 1992. He was previously a financial analyst for Raytheon Systems and a securities representative at Moseley, Hallgarten. He held a BS in business administration and an MBA from Babson College.

July Systems, a Sunnyvale, Calif.-based developer of a mobile network infrastructure platform for mobile operators, today announced a $2.5 million extension of its Series A funding round, bringing the total of the round to $8 million. NeoCarta Ventures led the extension of the round, with existing investor WestBridge Capital Partners also increasing its participation. Tony Pantuso, Managing Director of NeoCarta Ventures has joined the Board of Directors of July Systems. July had already raised $5.5 million in the on-going Series A round, earlier this year. The initial round was led by WestBridge Capital Partners, with Acer Technology Ventures Asia-Pacific and Jumpstartup Venture Fund as co-investors.

The Sunday Times of London is reporting that HSBC has reached an agreement in principal to sell its private equity arm to its 26 executives for more than £50m. The group, which manages an investment portfolio worth £700m and has just completed a £1.2billion fundraising, has been in talks with the bank’s management about a split since June. Other reports suggest that the parent bank will retain a 20% ownership stake in the unit once the buyout is completed later this year.

SmartBargains Inc., a Boston-based online retailer of bargain and closeout merchandise, announced today that it has secured $9 million dollars in additional funding, bringing the Company’s total equity financing to $47 million. Maveron LLC, a Seattle-based firm, led the round and joins initial investors Highland Capital Partners, Gordon Brothers and AOL Time Warner Ventures.

Doug Brown has told The Boston Globe that he plans to step down as chief executive of Advent International at the end of the year. The move is part of an overall shift at the Boston-based private equity shop toward a partnership structure. Peter Brooke will remain as chairman, and six managing directors will become part of an elected executive committee. The six are Steven Tadler (committee chairman), Thomas Lauer, Ernest Bachrach, David Mussafer, William Schmidt, and John Singer.