July 10, 2007
Horizon Wind Energy Bought For $2.15B by Portugal's EDP
Energias de Portugal (EDP) is buying Horizon Wind Energy The Goldman Sachs Group for $2.15B. Horizon develops and owns wind power generation in the US.
EDP CEO Antonio Mexia said that he wants to expand Horizon's slice of the US wind market from about 9% this year to about 12% by 2010 and above 12% by 2020.
Additionally, EDP wants to use Horizon as a base to expand into adjacent markets like Mexico and perhaps Canada as well as into other types of alternative energy, solar in particular.
But here's the most telling statement: "Financing is not really a problem for alternative energy development in the U.S. market," Mexia said. When it was looking to buy Horizon, banks offered EDP more than twice the money it needed.
EDP wants to do an IPO with Horizon and NEO Energia, an alternative energy subsidiary in Europe, in 2008. Mexia said the company has not yet decided whether to list the shares in New York or Europe.
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Seattle Travel Site Yapta Raises $2.3M
Online travel startup Yapta has raised $2.3M in a first round of venture funding from First Round Capital, Voyager Capital, Swiftsure Capital and Bay Partners.
We have covered the startup a couple of times - once when it launched service in late May, raising funding in the process, and before that when it was in stealth mode. Yapta has developed a hedging service for users to track airfares from multiple travel providers and collect refunds if ticket prices drop below the original purchase price.
The service works thanks to an obscure guaranteed airfare rule of the airline industry. Yapta’s service works with eight airlines. United and Alaska give the full difference in refund for free, but charges can range from $50 to $100 for a change fee among other airlines. The company's CEO boasts: “We’ve delivered over a million and a half in savings in the six and a half weeks that we’ve been out,”
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Israel's Infiniband Leader Voltaire Files for IPO
We recently posted on Voltaire when Eric Benhamou of Benhamou Global Ventures put $10M to work with an investment in Voltaire before its IPO. Benhamou, who once ran 3Com, became a Voltaire board member. This brings the total amount raised by the company to date to $64M. Investors include Pitango, Baker Capital and a host of others.
Today, Voltaire filed to raise up to $123.9M. The company said it will offer 5.8M shares, while selling shareholders will offer about 1.9M, at an expected price of between $12 - $14 per share. It has applied for listing on the Nasdaq under the symbol "VOLT."
Voltaire sells InfiniBand grid backbone solutions for networked computing, which cements it to IBM. Our suspicion is that Wall Street might not be thrilled about Voltaire no matter what its balance sheet shows, because the company has tied its horse to InfiniBand. What happens to Voltaire if InfiniBand uptake weakens. As Byte and Switch noted recently: "Recognizing any serious revenue from InfiniBand products would in itself be quite a feat. The high-speed, low-latency I/O interconnect was once hailed as a miracle cure for bottlenecks and other network ailments, but over the past year at least the technology has definitely lost steam."
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Internet Brands Buys Biggest Bulletin Board Publisher vBulliten
Bulletin Boards may be social networking pioneers but they have lost the cache in the era of MySpace. We were pointed today by a couple of people to the quite announcement that the maker of vBulletin (Jellsoft) had been bought by Internet Brands (the deal went down on July 4th so most people missed it). vBulletin suite is comprised of a forum software, project management tool, and just released blogging software.
vBulletin has a huge base of loyal users that Internet Brands might be able to bring into the age of blogging. Its a contrarian investment by Internet Brands but we believe it will turn out to be a shrewd one that stands in sharp contrast to the lofty valuation paid by investors for Ning yesterday.
Read - announcement
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Travel Social Network Tripup Bought Out By SideStep
Travel search company SideStep has acquired travel social networking site TripUp for an undisclosed amount. This is the 2nd small travel content deal for Santa Clara-based Sidestep which previously bought tiny user generated hotel ratings site TravelPost.com. TripUp is based in LA and was launched in August of 2006.
Read - Techcrunch post
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IPO Recap: Monotype, Hireright, Pixel Media
We had posted on scheduled IPOs for Monotoype and Hireright but they provided pricing guidance today.
Owner of Fonts.comMonotype Imaging Holdings registered to sell 11M shares at an estimated price of $13 - $15 per share. The company sells products to display and print high quality digital text. Based in Woburn, MA, Monotype applied for a Nasdaq listing under the symbol "TYPE."
For the nine months ended September 30, Montotype posted net income of $3.8M on revenue of $60.8M versus net income of $5.8M on revenue of $54.6M in the prior year. TA Associates owns 81.2% of Monotype having bought a majority stake in Agfa Monotype for $194M.
HireRight, which sells on-demand employment screening solutions, said it expects its IPO of about 4.4M shares to be priced between $15 - $17 per share. The net proceeds from its sale of about 3M shares are estimated to be about $42.5M based on an assumed initial public offering price of $16 per share,
The company sells on-demand employment screening. It counts about $40M in yearly sales.
Hong Kong-based online advertising rep firm Pixel Interactive Media did an IPO on London’s AIM market where it raised $3.1M. The placing values the company at around $21M. The company represents sites such as MSN Hong Kong, Friendster, Xanga and others in the Asian market. Pixel is led by CEO Kevin Huang who led the management buyout of the DoubleClick Media Hong Kong business which became Pixel.
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Ning User Review Prior To Its $44M In The Bank
Ning, the social networking platform launched by Marc Andreesen now has 70K social networks running on the platform since it launched last October. That number includes our own ad:bree.
This number pales in comparison to the millions of blogs that have been launched on Blogger, WordPress and others, however, Ning sites are complete social networks and social networks are better than blogs.
As a consequence, Ning just gone yard with a $44M round of financing led by Legg Mason.
Before we learned of the latest round (Series C) we had written these review notes:
Ning is a hosted platform that includes: group blogs, forums, music, photos, and videos, as well as widgets. Ning has also just launched a new version that includes these new functions:
1) Groups
2) Music Player and Podcasts
3) Facebook Integration
Co-founder Gina Bianchini tells us that next up Ning will be adding:
1) A redesign of its widgets
2) Search improvements
3) Wiki pages
4) Feeds and new activity updates
Since it launched, Ning has gained competition from KickApps, People Aggregator, Elgg/Curverider, AroundMe, Wetpaint and Synthasite. WordPress and Movable Type are also adding social networking functionality. We have gotten our hands dirty with Ning for both a business network and a consumer network.
What Ning does right:
+ UI is spot on both for creators and users. You can get your hands on the code to customize or non-technical people can go far without touching code.
+ Ning support is top notch; the best we have dealt with recently.
+ Pricing is free, with premium items like your own domain and your own ads at what seems like fair rates.
+ New functionality coming at a fast clip.
+ There is good will and networking between Ning creators.
What Ning needs to fix
+ Ning acknowledges that their search is weak. Platforms like LinkedIn set a high bar that Ning falls short of.
+ Ning templates currently skew more towards consumer networks than business networks.
+ RSS feeds do not work for many sites.
+ Hosting has been unstable including some outage time today.
+ Analytics are week.
Controversy
We heard from one VC that they he would not recommend that his companies use Ning because they lose ownership over their members. Indeed Ning creates Ning IDs for users that are not email addresses and it doesn't use standards like OpenID. However, CEO Gina Bianchini responds that: "Ning does not claim any ownership rights in the Content or the Code you provide. You, as the Network Creator, own the Code you develop. You also own the Content you create and upload. After posting your Content or your Code, you continue to retain all ownership rights in such Content or Code, and you continue to have the right to use and license your Content and your Code in any way you choose."
Bottom line: Ning has been terrific if flawed before the $44M. We hope and expect the cash to lead to improvements.
Read - Marc Andreesen's blog
You can follow new releases on the Ning Blog
And you should definately read Jason Calacanis' take on the deal here.
Posted to Social Networking | Permalink
July 09, 2007
Mojo Watch: Babelgum, Backfence, Blyk, NineYou, PirateBay
Mojo Found
+ Babelgum would be a much bigger deal if it wasn't for rival Joost getting all the attention. The company seems to have taken a corrective measure by naming Valerio Zingarelli as its new CEO. Zingarelli replaces one of the company’s co-founders. The company also announced some key goals. None of this does much for Babelgum vs. Joost (which appointed a much more high profile CEO) but it shows they are not content with getting pounded by Joost.
Mojo Lost
+ Shanghai based online game company Nineyou will postpone its Osaka Securities Exchange (OSE) listing indefinitely.
+ Free mobile phone service provider Blyk will not meet it launch date. Moreover, the company's management gave a different explanation of the timing from what its PR team was saying.
+ Massive and in-your-face Swedish Bittorrent site Pirate Bay has thrown elbows with the Swedish authorities who recently went nuclear by shutting the service down under child pornography charges.
+ Citizen journalism network Backfence.com is closing its doors: "Backfence Says Goodbye to Palo Alto: We are sorry to announce that Backfence Palo Alto will be ceasing operations within the next few days. We have been honored to have been members of this vibrant local community over the past several months. Thank you for your interest and participation in Backfence. Hopefully, we'll see you around the neighborhood." Backfense raised $3M from from SAS Investors and Omidyar Network as well as angel investors such as Frank Bonsal Jr., co-founder of New Enterprise Associate. Advisors include Michael Rodgers, former GM of Newsweek.com and WashPost.com and Merrill Brown, founder of MSNBC. Backfence competes with Yelp, SmallTown, Merchant's Circle, Judy's Book and Craigs' List among others. Backfence never saw any traffic and as recently as November was looking for a new VP of Engineering.
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More Solar Startups - Stat!
What a day public solar stocks had:
+ First Solar up $23.05, or 24%, to $119.34.
+ JA Solar up $5.51, or 15%, to $42.76.
+ Trina Solar up $9.29, or 16%, to $67.37.
+ Yngli Green Energy up $2.46, or 16%, to $17.96.
+_Hoku up $1.52, or 14%, to $12.65.
+ Solarfun (SOLF) up $1.28, or 11%, to $12.53.
Most of these companies had announced deals today. It has seemed to us that there were more fundings of solar companies than the market would bear, but the public markets are screaming more more more.
Read - Barrons report
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Social Shopping's Zlio Raises $4M
France's Zlio has raised $4M from Mangrove Capital Partners, the first institutional investors in Skype.
The company's CEO gets in touch to let us know about Zlio's growth both on the French and the US fronts.
+ The site is now attracting over 2.5M monthly unique visitors and has over 100K created.
+ It has over 3M products
+ Zlio will be launching its UK branch in the very near future.
Zlio competes with RightCart, MyPickList, WhatsBuzzing, ShopWiki, Kaboodle, Crowdstorm, Pepperjam and Jellyfish, StyleHive, ThisNext and Wists. Several of these are showing a good number of users so we can expect even more competitors who will need to differentiate with a twist. Zlio's may find that its European center of gravity to be a strength.
View - site
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Bio-diesel Startup Catilin Gains Seed Funding
Catilin has raised $3M in Series A led by MDV-Mohr Davidow Ventures to get its biodiesel production company going. The company is led by Executive-in-Residence at Mohr Davidow Ventures Larry Lenhart. He was the CEO of Requisite Technology, which was acquired by ClickCommerce. The technology was developed by Iowa State University chemistry professor, and US DOE Ames Laboratory senior scientist Victor Lin who is the startup's chief scientist. The company claims to have a more efficient method to produce bio-diesel.
View - site
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Family Calender Maker Cozi Raises $4M From Angels
Seattle-based Cozi has raised $4M from angel investors. The company had raised $4.3M in prior rounds. The free service combines a family calendar, photo gallery, messaging center and grocery list into one downloadable product. It also has a web-based version and it synchs with outlook. The service is free and ad-supported.
Cozi competes with family scheduling services such as AirSet, MyFamily, Fircle and ParentOrganizer.
Here at the a:c, we use Google shared calenders to organize our family life and it works great but we do but we do get the strength of Cozi's marketing to families and the fact that users can separate family life from business life.
Read - Seattle PI Story
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RippleTV Gets Into JackInTheBox
Out of home ad network Ripple has just closed a new $10M round led by DFJ with John Fisher taking a board seat. Ripple also announced a deal with Jack-in-the-Box to increase Ripple's distribution network with up to 2K new locations. Ripple currently has video displays at 500 locations.
Ripple installs flat panels at Jack In The Box and other locations that give patrons infotainment as well as advertisements from local retailers. Ripple then does a rev share with the retailer. If you buy a 15 second ad it will run every 10 minutes.
View - site
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IMakeNews Seeks Recap While Competitor Constant Contact IPOs
iMakeNews (IMN) wants to raise $30M - $40M recapitalization, in order to acquire at least one other like-sized company and enable it to partially pay off investors. The company was founded in 1999 and has been well funded but has not been terribly successful. This announcement comes at as time when a comparable company, Constant Contact, is planning an IPO.
Read - MassTech Report
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Solar's SkyFuel Angel Funded To Build In NM
NYC-based SkyFuel uses two concentrating solar power technologies - Parabolic Trough and Linear Fresnel - that the sun's normal radiation onto heat-absorbing pipes. This creates steam that can be used for electric power generation or industrial processes.
Today PEWire reports that SkyFuel has raised $1.6M in a first round from angel investors. It has already largely built out its management team and says it expects to open a manufacturing facility in New Mexico. The investment was organized by the boutique bank GC Andersen.
View - site
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Staples Founder Raises $300M To Invest In New Retailers
Highland Capital and partner Thomas Stemberg, formerly CEO and founder of Staples, have closed a $300M fund to invest in retailers. Stemberg says the game is over to build category dominaters like Staples and HomeDepot so he will invest in new generation of specialty retail chains with small footprints and narrower focuses.
Highland's current fund has already invested in several companies of the type that the new fund will go for. These include Lululemon, a maker of yoga sportswear that is has filed for an IPO. Highland has also invested in RecRoom Furniture & Games, which specializes in pool tables, home bards, etc. for homes, and Blue Tulip, which sells gifts and fancy papers.
Read - Wall Street Journal story
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Intel Pays $219M For Shares/Board Seat Just Prior To VMWare IPO
Intel says it will invest about $219M for a stake in EMC spin-off VMware and will take a seat on the board. VMWare's impending IPO was already expected to be stellar but this deal moves the needle up even further.
The investment is intended to speed adoption of VMware's software technology on computers using Intel semiconductors, expanding an ongoing strategic relationship.
Intel will pay $23 a share for 9.5M common shares in VMware, giving it 2.5% of all outstanding common stock.
VMware also said that it expects to sell up to 37.95M shares to the public for an estimated price of between $23 and $25 per share.
The relationship between Intel and VMware represents a rift in the Wintel alliance. VMWare's software takes processing power on a business computer that isn't being used. It turns that computer into multiple "virtual" machines, reducing the amount of equipment that companies need to buy and maintain in data centers. Microsoft sells similar technology but it lags well behind VMware.
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VoIP Gateway's U4EA Gets New CEO + $16M
U4EA Technologies closed on a $16M funding round, bringing total funding to-date to $30M. The Fremont, CA-based startup plans to use the dough to expand beyond hosted VoIP to include IP PBX and traditional PBX segments, and to build wireless capabilities into U4EA's product portfolio.
The company also hired Ken Epps as its new CEO. Prior to U4EA, he was the CEO of BayPackets.
U4EA Technologies was established in April 2004 as a spin-off of core technology and development engineers from Ericsson. The company is primarily funded by three European institutional investors: IIU Nominees Limited, Bluehone Investors, and Singer & Friedlander.
View - site
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Game Startup Trion World Raises $30M From Entertainment Bigs
Trion World Network has raised $30M in a round led by Rustic Canyon Partners. Time Warner, GE/NBC Universal's Peacock Equity Fund, and Bertelsmann Digital Media Investments also invested. Existing Trion investors, DCM and Trinity Ventures also participated.
We'd have to second the motion by Trion that receiving the backing of three of the world's top five media companies and three top VCs is an exceptional endorsement.
Founded in 2006 in Redwood City, Trion has yet to release any games, but has been focused on building its team. Prior to founding Trion, Dr. Lars Buttler was the VP for Global Online at Electronic Arts. Before EA, Buttler was VP for Leveraged Buyouts at the Carlyle Group.
View - site
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Google To Pay $625M For Email Security's Postini
Google plans to pay $625M in cash to acquire Redwood City, CA-based email spam/virus fighter Postini. Founded in 1999, Postini sell on-demand Enterprise email protection against spam, and virus and SMTP attacks before they hit the firewall. Claims to have over 35K customers. Gartner calls them the sector leader in vision and execution.
Why would Google acquire Postini rather than just continue to license their software? Its our assumption that Google bean counters ran the numbers and saw that at some point they would spend more than $625M on license fees that combined with thinking that Google could increase Postini's revenues. Google believes that Postini's backing will help its applications to better compete with Microsoft applications.
Postini raised $10M in Series D in September 2003 led by Bessemer Venture Partners. Previous investors are Mobius Venture Capital, August Capital, Sun Microsystems, Summit Accelerator Partners, AltoTech Ventures, and Pacifica Fund. So this is a 2nd big payday thanks to Google for Mobius VC Brad Feld, who had also invested in Feedburner.
In June, more than one blog
posted rumors that Postini had hired bankers for an IPO and that at that it was on a $75M revenue run rate. Postini recently hired a new CFO, Murray Demo as a set-up man for the IPO. He was with Adobe for ten years and was CFO for the last six.
Key competitors for Postini include Brightmail (Symantec), Frontbridge.
This is Google's strongest signal yet that it wants to be a major player in security. In May, Google announced the acquisition of GreenBorder Technologies, a maker of anti-virus and anti-spyware technology.
Jefferies & Co. says the deal “further positions Google in the corporate market and will be used to enhance security features of products offered by the Google Enteprise group.” Jefferies estimates that Google paid about 7x 2007 revenues given growth of 40% this year from $65M last year.
Citigroup says that with the deal “Google is clearly positioning itself as an on-demand/software-as-a-service enterprise provider.” Citigroup says to look for more deals to come in security from Google.
And Cantor Fitzgerald says that “the company’s enterprise push may one day serve as a meaningful driver of Google’s financials."
Investors in Postini included venture firms August Capital, Bessemer Venture Partners, Mobius Venture Capital, Pacific Fund and Summit Partners and Sun Microsystems (SUNW).
Also couple of VCs had interested comments on the deal including Bill Burnham, A VC, and Postini investor Ryan McIntire.
Read - announcement
View - Postini site
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July 08, 2007
Reminder: OpenCoffee Mixer This Tuesday July 10
If you are going to be in San Francisco Tuesday July 10th and want to meet Internet techs, suits, and investors and our guest of honor, Kyte founder Daniel Graf, come one, come all.
The mixer represents the San Francisco franchise of the OpenCoffeeClub, a global good idea launched by Index Ventures partner Saul Klein in London. The OpenCoffee Club was started to encourage entrepreneurs, developers and investors to organize real-world informal meetups to chat, network and grow. If you are on vacation or can't make it, don't fret, the idea here is to have regular meetings.
Check Upcoming for the particulars. The mixer starts at 10AM at SF's largest Starbucks at Mariposa and Bryant.
Read - Original OpenCoffeClub blog post
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July 06, 2007
Online's Surfline Buys Print Mag Water
One of our favorite web sites Surfline has bought out a print magazine called Water. Generally we don't think its a good idea for Web businesses to buy print publications but in this case it holds water :) Surfline can now better compete for advertisers against rivals that have both online and print businesses. And Surfline can surely get more subscribers for Water. Also, with the rise of Kite-boarding vs. surfing, more neutral titles like Water have a strong shot at growth in a new segment.
Read - announcement
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Our Own Email Platform Constant Contact Files IPO
Constant Contact, which sells on-demand e-mail marketing, filed to raise up to $86.25M in a Nasdaq IPO.
CIBC World Markets and Thomas Weisel Partners are the lead underwriters for the Waltham, MA-based company which plans to list under the symbol "CTCT." The company reported a net revenue of $27.55M in the fiscal year 2006, ending last December, compared to $14.66M in fiscal year 2005, an 88% growth rate. However, its net loss grew from $1.23M to $7.84M in that same period.
The company reported an increase in customer base from about 25K at the end of 2004 to more than 120K at the end of June 2007. About 2/3rds of its customers employ fewer than 10 workers.
As users, what does the a:c think of Constant Contact? We'd recommend it. I has extremely strong analytics and is fairly priced. However, it does seem disconected from the new trends online and doesn't have the connections to the web and RSS that it might.
View - site
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Laser Maker New Wave Research Bought For $36M
Portland, OR's Electro Scientific Industries has bought New Wave Research for $36M or roughly the current annual revenue of the company. Founded in 1990, NWR is based in Fremont, CA, and sells laser-based systems primarily for the semiconductor market.
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China's Wanmo Performance Advertising Raises $4M From US Ad Players
China-based performance advertising's MadeForChina has changed its name to Wanmo Performance Advertising (Wanmo Means Internet Strategy), and $4M funding from investors that include the co-founder of Advertising.com Stein Kretsinger, infoUSA, Datran Media, and Mustang Ventures. Clients include Ford and Sephora.
Read - announcement
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UK's Blognation Launches Funding For European Tech Coverage
Former TechCrunch UK blogger Sam Sethi has launched Blognation and he says he has raised funding for the venture, but won't disclose details.
Blognation plans to report on Web 2.0 startups around the world from the United Kingdom to Japan and South America. However it will not cover the US has Sethi believes coverage there is played out. Sethi claims 16+ editors.
View - site
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China's Zhubajie Raises $1.3M
Zhubajie has raised $1.3M in funding from undisclosed venture investors. Zhubajie is a site for small businesses to market their products.
View - site in translation
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China's Shanda Buys Online Game Publisher
Shanda Interactive Entertainment has acquired Chengdu Aurora Technology Development. The MMO developer current operates two games based on Chinese folklore: Feng Yun Online and Legend Online. Feng Yun Online claims about 1.5M active accounts as of second quarter 2007.
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This Week In Euro Tech Ventures
Investments
+ London's Adjug Raises $2M for Euro ad marketplace.
+ ChapDrive funded for new wind turbines.
+ Wonga has received £3M in funding for a soon-to-be-launched UK site that will give decisions on whether to loan money to borrowers within 30 minutes, faster than any other loan provider.
+ Parisian mobileTV chip startup Dibcom raises €20M.
+ Microsoft takes stake in early stage Euro startups.
+ France's Glowria, the Netflix-clone for Europe and VOD white-label vendor has raised €6.1M from existing French investors.
+ Bitlogistics seeded for supply chain visibility solutions.
+ Czech online games site Geewa funded.
+ Cellity funded for mobilephone services: Twitter and cheaper calls.
Germans Just Want to Twitter
M&A
+ IXEurope offered $420M for colocation company.
Pretty colo rooftop snap.
+ Boungiorno, the Italian digital media and mobile content company, has acquired iTouch for $191M.
News and analysis
+ OpenBC users valued at $136 per head.
+ Alfresco's 6 predictions for Web 2.0.
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Game Engine's Emergent Raises $12M
Calabasas, CA-based Emergent Game Technologies has raised $12M in a Series D funding. Emergent makes game engine software. It raised the funding from from Jerusalem Venture Partners and Worldview Technology Partners, Adena Ventures, Walker Ventures, Copan, and Cisco Systems.
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AIM Media Buys Old House Mags and Sites
Active Interest Media has acquired Old-House Journal and Old-House Journals New Old House and the affiliated websites from Restore Media. The amount of the buyout is not disclosed. The new titles add to AIM's growing portfolio: Yoga Journal, Vegetarian Times,
Better Nutrition, Optimum Wellness, Wild Oats, Southwest Art, American Cowboy, Backpacker, Log Home Design, Log Home Living, Timber Home Living, Building Systems, Black Belt, and Yachts International magazines.
Read - announcement
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Microsatellite Maker AeroAstro Bought For $18M
Radyne plans to acquire AeroAstro, a Virginia-based firm that was founded in 1998 to design microsatellites. Radyne will pay approximately $18M and says that AeroAstro had 2006 revenues of approximately $12.4M.
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