PALO ALTO, CA — Accel-KKR Inc. announced today that Paul
Hazen joined its board of directors and will serve as chairman. Mr. Hazen
served as chairman and chief executive officer of Wells Fargo & Co. (NYSE:
WFC) from January 1995 to November 1998, president and chief operating
officer from 1984 to 1995 and vice chairman from 1981 to 1984. Mr. Hazen
joined Wells Fargo in 1970 and has served as chairman of Wells Fargo and Co.
since November 2, 1998. Mr. Hazen recently announced that he will retire as
Chairman of Wells Fargo at the April 24th Shareholders meeting.
CAMBRIDGE, MA — Today, the Engineering and Education Products Division of MathSoft, Inc., authors of the market leading Mathcad and StudyWorks product lines, became a standalone private company known as MathSoft Engineering & Education, Inc., following the successful completion of a management-led buyout.In addition to capital provided by management, the buyout of the Engineering and Education Products Division is being supported through investments by Edison Venture Fund and Spring Capital Partners. Grant Thornton Corporate Finance acted as lead advisor to the buyout group on the transaction. The buyout will allow MathSoft Engineering & Education, Inc., to maintain its leading position in key corporate and education markets and to focus on investment in innovation and profitable growth from new products and markets.
POISSY, FRANCE — Webraska, the worldwide provider
of wireless navigation services and technologies, today announced that it has secured 52
Million Euros of private equity investments following the successful completion of its
second round of financing. Prominent North American and European institutions participated in the round led by Apax
Partners’ Funds(1) and its sister company Patricof & Co. Ventures Inc. Other investors are
Argo Global Capital, SAIC Venture Capital Corp., Navigation Technologies
Corp., Philips Venture Capital Fund, Infineon Ventures and SignalSoft Corp.
NEW YORK — Sunrise Capital Partners LP, an investment
fund affiliated with the international investment banking firm of Houlihan
Lokey Howard & Zukin, today announced the addition of Lawrence S. Coben as a
Principal with the fund.
Mr. Coben previously served as Chief Executive Officer of Bolivian Power
Company, Ltd. (NYSE:BLP), Bolivia’s largest private electric generator and
distributor until its recent sale to an American-Swedish utility consortium.
SANTA CLARA, CA — Palm Inc., the
world’s leading provider of handheld computers, today announced that Palm
Ventures, its strategic venture investment group, has made an investment in
ePhysician, a health-technology company based in Mountain View, Calif.
ePhysician products are designed to help doctors improve patient care and
practice efficiencies through handheld services and information delivery. Palm
participated in the $18 million third round of funding for ePhysician, which was led by
Dresdner Kleinwort Capital and included Benchmark Capital, a premier Silicon
Valley venture capital firm, and CVS Corporation (NYSE: CVS), the largest
national pharmacy chain. The ePhysician deal is the latest investment for
Palm’s $50 million venture fund, formed last fall.
HUNTINGTON BEACH, CA — TeamFuel Inc., a fuel procurement and supply chain management firm, successfully closed a $5.5 million round of strategic venture financing. Firms participating in the round include Nth Power Technologies; DQE Enterprises, a wholly owned
subsidiary of DQE Inc.; Energy Ventures Group; Garage.com; and private investors. Also participating in the round is Web infrastructure, application development and
management firm Ephibian; who has partnered with TeamFuel to develop the company’s proprietary SmartFuel technology.
MEDFORD, MA — Admetric BioChem Inc., a privately
held company, announced today that it has received a cash infusion of $2.25
million from three funding sources: Oxford Bioscience Partners, 2200 Ventures
LLC and S R One Limited, the venture capital affiliate of SmithKline Beecham
Pharmaceuticals (NYSE: SBH).
MOUNTAIN VIEW, CA