Private Equity Week Wire for Wednesday 3/6

LOS ANGELES, CA — Internet Wire has announced that it has secured a $4 million financing round, which the company says will be sufficient to take it to profitability.
Blue Chip Venture Company, a $600 million venture fund based in Cincinnati, Ohio, led the round, with original investors Sequoia Capital, Hummer Winblad Venture Partners, Osprey Ventures and Montreux Equity Partners all participating.

JERUSALEM, ISRAEL — Jerusalem Global Ventures announced that it promoted Avrom Gilbert to
principal in the Fund.

Avrom Gilbert joined Jerusalem Global Ventures as an associate in the
of 2000. Between 1999 and 2000, Mr. Gilbert was an analyst in the number
ranked (Reuters, Institutional Investor) Israeli equity research team at
Warburg. The group was involved in researching, trading and marketing
Israeli companies for investors in Europe and the US. From 1997 to 1999,
Gilbert worked as an analyst on the Israeli equity research desk at
(now JPMorgan Chase) and at a niche emerging markets bank called
(now Bank Santander).

CAMBRIDGE, MA — Systinet, a leading provider of software platforms to create Web services,
today announced $21 million in financing – one of the largest of any Web
services-based company. The lead investor for Systinet’s financing is Warburg
Pincus, the global venture capital and private equity leader. Systinet will
use the new capital to expand its sales and marketing team and increase R&D to
enhance its WASP (Web Applications and Services Platform) product line.

— Capital Z Investment Partners LLC (CZIP), a $3.0 billion alternative asset management organization, announced today that it named two new senior executives in New York and Hong Kong. Mark Hanley, an investment professional with experience in both private equity and hedge funds, will join partners Laurence Cheng, Scott Delman and Sharissa Jones in CZIP’s New York office. Vincent Fan, the former Chief Executive Officer of CVC Asia Pacific Ltd., will join the Hong Kong office to lead CZIP’s Asian strategy.

BURNABY, CANADA — Icron Technologies Corp. (CDNX:IT), a leading provider of extended range, high performance connectivity technologies for the industrial and commercial computing marketplace, today announced that Mr. Hanif Rahim has joined Icron as Sales Executive and is participating in a private equity placement of $20,000.

CEDAR RAPIDS, IA — McLeodUSA Incorporated today announced the signing of an agreement to sell CapRock Services Corp. to a holding company formed by an investor group led by Genesis Park LP and The Riverside Company. The sale also includes two wholly-owned subsidiaries of CapRock Services: CapRock UK Limited and Spacelink Systems Inc.

LONDON — Baring Private Equity, a leading international private equity asset manager, announced today that its funds under management surpassed $2 billion.

Of Baring Private Equity’s capital, 74% comes from a core group of 40 investors and repeat investors who invest in more than one fund. These repeat investors account for more than half of BPEP’s total funds under management. More than 80% of the capital is provided by third-party investors, including some of the world’s largest and most sophisticated investing institutions; whereas the remainder is provided by ING Group, Baring Private Equity’s parent, in the form of seed capital.

Baring Private Equity’s successful year comprised several fund closings, including: Baring Vostok Private Equity Fund, a follow on fund with a regional focus in Russia; Baring Asia Private Equity Fund II LP, a follow on fund investing mainly in China, Taiwan, Hong Kong, Korea and India; Baring Central European Fund, LP a fund following a predominantly buy-and-build strategy in Central and Eastern Europe.

HALIFAX, CANADA – Diaphonics Inc., a developer of speech recognition and voice security technologies for enterprise and telecom markets, today announced the completion of a $1-million round of financing. Participating investors are BDC Venture Capital, a division of the Business Development Bank of Canada, and Nova Scotia Business Inc.

HOUSTON —,Inc., a leading physician practice management and managed care software provider using an ASP delivery model for the Company’s products and services, has entered into a series of transactions with a partnership consisting of three leading Primary Care Networks, and Eaglestone Investment Partners, a Southern California-based private equity firm. The Primary Care Networks received equity and debt securities as well as licenses to use and distribute various MDserve software products. Eaglestone also invested in equity and debt securities. The financing is expected to meet MDserve’s working capital requirements through profitability.

WILMINGTON, DE — Wilmington Trust Corp. (NYSE: WL) announced today that it is has consummated a transaction with Camden Partners Holdings, LLC, a Baltimore-based private equity firm, making Camden Partners Holdings an affiliate of Wilmington Trust. Terms of the transaction were not disclosed.

PHILADELPHIA — Stonepath Group (AMEX:STG) today announced that it has agreed to acquire Global Transportation Services, Inc. (Global), a Seattle-based, privately held company providing a full range of international air and ocean logistics services.
The acquisition establishes Stonepath Group’s international platform, and positions the company as a true global provider of technology-forward integrated logistics services. The purchase price is $5 million in cash at closing, plus up to an additional $7 million in purchase consideration payable over a five-year earn-out arrangement based upon the future financial performance of Global.

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