CHELMSFORD, MA — SnowShore Networks, an emerging telecommunications company
dedicated to IP enhanced communications infrastructure products, today
announced it has raised $20 million of second round equity funding. St. Paul
Venture Capital led the financing with existing investors Charles River
Ventures and Matrix Partners also participating. The capital will be used to
deliver and aggressively market SnowShore’s line of media servers.
SAN BRUNO, CA — InLeague, a national provider of innovative payroll and
payroll tax services for mid-sized and larger companies, today announced that
it has secured $10 million in Series B funding from Mohr, Davidow Ventures
and the IGNITE Group. The funds will be used to aggressively expand sales and
marketing, to grow InLeague’s service offering, and to support ongoing
operations. The company has raised a total of $17.5 million in equity funding
since its founding in 1997.
The InLeague Payroll Service combines the control, flexibility and 24/7
access of an in-house system with the ease-of-use and expert support of a
top-tier outsourcing service. The highly scalable, standards-based solution
leverages the best in current database and Internet technologies, providing
clients with unparalleled processing accuracy and saving them significant
time and money. In addition, InLeague’s open architecture enables the
seamless interchange of information with existing in-house applications as
well as with independent benefits providers.
ANDOVER, MA — CMGI, Inc. (Nasdaq: CMGI), the Internet operating and
development company, today announced that Barry K. Allen and Jonathan A.
Kraft have been elected to the company’s Board of Directors.
Barry Allen, a longtime telecommunications executive with more than two
decades of experience at Baby Bell companies, is president of Allen
Enterprises LLC, a private equity and management company he founded in August
2000. He also is a founding board member and investor in the First Business
Bank- Milwaukee; a partner in Investor Properties Inc.; an advisor to and
investor in Baird Capital Partners III; and, he has initiated the Allen
Investment Group, which focuses on professional ownership of small
Jonathan Kraft is president and chief operating officer of The Kraft Group, a
private holding company comprised of companies involved in the paper and
packaging industries, sports and entertainment and private equity investing.
The Group’s holdings include the Rand-Whitney Group, International Forest
Products Corporation, the New England Patriots National Football League
franchise and Foxboro Stadium. The Kraft Group currently is undertaking the
construction of the privately financed stadium, CMGI Field – an investment
which represents the largest private investment in a sports facility in the
United States. Kraft also is Vice Chairman of the New England Patriots.
WAYNE, PA — Safeguard Scientifics Inc. (NYSE:SFE), a leader in developing
and operating emerging technology companies, today announced its operating
results for the second quarter, which ended June 30, 2001.
As of August 8th, Safeguard’s cash balance was over $190 million and the
market value of its ownership in public partner companies was approximately
$300 million. For the quarter ended June 30, 2001, Safeguard reported a net
loss of $(110.5) million, or a diluted loss per share of ($0.95), compared
with net income of $2.2 million, or $0.02 per diluted share in the second
quarter of 2000. This loss compares with a loss of $(249.8) million, or loss
per share of $(2.13) for the first quarter of 2001.
Currently, Safeguard holds General Partner and Limited Partner interests in
11 private equity funds on its campus that have over 200 companies in their
portfolios and over $2.6 billion of committed capital.
On a weighted average basis, Safeguard has a 22% economic interest in the
general partner carry of these funds, which have a weighted average IRR in
excess of 26%. In addition to these funds, Safeguard has strategic
investments in six other private equity funds that have an additional $1
billion in committed capital.
Safeguard’s total commitment to all of its private equity funds is $173.6
million, of which $97 million has been funded to date, with the remaining
commitment to be funded over the next several years.
STOCKHOLM, SWEDEN — The Nordic venture-capital firm Slottsbacken has
completed an investment of 15 million SEK in the Swedish-based software
start-up TiFiC. TiFiC develops and markets web solutions for technical
support based on artificial intelligence.
Slottsbacken invests 15 MSEK in TiFiC shares through its recently launched
second ven-cap fund, Slottsbacken Fund II, which has a distinct Nordic
strategy for finding the most promising telecom, computer and media companies
in the Nordic region. Other investors in TiFiC are Telia Business Innovation
and MTI, which together with Slottsbacken and TiFiC’s founders and employees
make up the owner’s list of the company.
HONG KONG — According to the Associated Press, German investment bank
Dresdner Kleinwort Wasserstein said today that it will cut 350 jobs and close
its equities businesses in Hong Kong, India, Korea, Malaysia, Singapore and
Taiwan. Dresdner said in a statement it will maintain its international
merger and acquisition advisory, as well as its debt and private equity
businesses in the region.
For yesterday’s Wire, click here