VC Buzz - $81.1+ Million in Today's Deals
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New in the News
WESTPORT, Conn.-- internet.com Venture Fund II LLC, part of the affiliated venture arm of internet.com Corp. (Nasdaq:INTM), publisher of this website, announced the closing of investments in AdvertisingConcepts.com, List-Universe.com and Milesandpoints.com. The investments are part of internet.com Venture Fund II's expanding portfolio of early-stage investments in Internet content properties. In addition, internet.com Corporation will receive equity ownership in AdvertisingConcepts.com and List-Universe.com in exchange for barter advertising. http://www.internet.com
LOS ANGELES-- Wherehouse Music, one of the nation's largest entertainment retailers, and CheckOut.com, an online connection to the worlds of music, movies and games, announced a $40 million equity investment and strategic partnership. Under terms of the agreement, CheckOut.com becomes the exclusive Internet partner for Wherehouse Music. CheckOut.com will be integrated in to all Wherehouse marketing, advertising and the close to 600 Wherehouse Music stores nationwide.http://www.CheckOut.com
Silicon Alley-based Virtual Growth Inc., a pioneer in providing outsourced online bookkeeping and accounting services to fast-growing, small to medium-sized businesses, closed on $12 million in venture financing from Bessemer Venture Partners, StarVest Partners, L.P., Citigroup Investments Inc., a subsidiary of Citigroup Inc. (NYSE:C) and Chelsea Capital Partners. http://www.vgrowth.com
ATLANTA-- adam.com Inc. (Nasdaq:ADAM), a source for online health information, entered into a securities purchase agreement with Fusion Capital Fund LLC, a Chicago based investment fund. Fusion Capital will invest up to $12 million in adam.com under an innovative investment structure called Fusion Financing. Fusion Capital will purchase from adam.com two $6.0 million convertible debentures. The debentures will not bear any interest or premium accrual. Each debenture will be convertible into common shares of adam.com at a price equal to the lesser of (i) 130% of the average of the closing bid prices for the common shares during the 10 trading days prior to issuance of such debenture or (ii) a price based upon the future performance of the common shares, in each case without any fixed discount to the market price. http://www.adam.com
TOKYO -- Infoteria Inc., a provider of XML engines, tools and solutions, completed a $5.5 million (600 million yen) second round venture capital financing led by new investor Softbank Investment. Nippon Investment Finance and previous investor Nippon Technology Venture Partners also participated.http://www.infoteria.com
INDIANAPOLIS-- EMMIS Communications (Nasdaq:EMMS) purchased 1 million shares in BuyItNow.com LLC, an Internet retailer, for $5 million cash. The announcement signals EMMIS' first formal entry into ownership on the World Wide Web. BuyItNow.com is an Internet retailer featuring a large selection of brand-name products and specialty items. http://www.buyitnow.com
BELLINGHAM, Wash.-- Omicron Technologies Inc. (OTCBB:OGPS) completed an equity private placement financing with an officer of the company for $3,500,000. The shares issued are restricted for one year and subject to SEC Rule 144. The proceeds of this private placement will be used to further advance the development of Interactive Radio Corp.'s patented satellite-based technology and also to market Omicron's Internet gaming software. http://www.omicrontechnologies.com
PEARL RIVER, N.Y.-- Quintel Communications Inc. (NASDAQ:QTEL) made an investment of $3 million in SkyMall Inc. (NASDAQ: SKYM), as part of an $8 million private equity offering by SkyMall of common stock and warrants. Quintel also entered into a strategic marketing agreement with SkyMall whereby Quintel will offer SkyMall's products through Quintel's new MultiBuyer.com website, as well as through Quintel's other online assets. Multibuyer.com, an e-commerce platform designed to enable Internet buyers with similar buying interests to gather together on-line to purchase products and services at significant group discounts, is anticipated to be launched during the first quarter of 2000. http://www.skymall.com
Rand Capital Corp. (Nasdaq:RAND) made its third investment in DataView LLC through the purchase of a $100,000 convertible note, bringing its total investment in the company to $300,000. DataView designs and develops graphically rich browser based products which provide advanced data-visualization tools for instant analysis of financial information. The company's proprietary products include "Market Gauge" and "Market HotSpots.'' http://www.dataviewllc.com
NEW YORK-- Syd & Sam, the first online retailer that provides brand name apparel for special size women and juniors, announced that Howard Socol, former CEO of J. Crew Inc. and Burdine's, has become a minority partner and investor in the company. Socol is making an undisclosed investment in the recently launched online retailer and will become a member of its board.http://www.sydandsam.com
Internet Quote of the Day
"Instead of looking through the lens of a particular category, it's critical that we speak to a woman on-line as a whole person because that is how she processes and seeks information. This study emphasizes that one cannot get inside the pocketbooks of women on-line without first getting inside their heads," said Cherri Patel, co-founder of LeoShe and vp/planning director.
LeoShe, the women's marketing and insights group of Leo Burnett, talked to nearly 3,000 people on-line for its "Women on the Web" study to help Burnett clients get a deeper understanding of how the Web fits into women's lives.
SAN FRANCISCO-- Inbar Inc. has acquired three U.S. business-to-business barter exchanges to create BarterTrust.com, the first nationwide barter network in the United States with nearly 8,000 member trading companies, 12 regional offices across the country and 1999 revenues of $10 million. The acquisitions of Barter Business Network of Reno, Nev.; BarterCorp of Chicago; and Barter Network Inc. of Milford, Conn. are the first steps in a clicks-and-mortar strategy aimed at reinventing one of the oldest forms of trade. In 1999, the company received venture funding from Argus Capital, Draper Richards, El Dorado Ventures and Vector Capital as well as individual investors.http://www.bartertrust.com
PLEASANT HILL, Calif.-- Tut Systems Inc. (Nasdaq:TUTS), a provider of integrated communications systems for the multi-tenant unit market, signed a definitive agreement to acquire FreeGate Corp. FreeGate designs, develops and manufactures low cost, easy-to-use, Internet service appliances that enable advanced Internet applications. Tut will integrate FreeGate's flagship product, OneGate, into its MTU product line to allow service providers to enhance their suite of Internet access solutions by offering additional business-class services such as email, firewalls, remote management, virtual private networking, and future capabilities such as voice and video. FreeGate investors include Accel Partners, Integral Capital Partners, AT&T Ventures, Convergence Partners, Intel, DynaFund and FreeGate's Japanese distribution partner, NetOne. http://www.tutsys.com http://www.freegate.com
MARKHAM, Ontario-- MC2 Learning Systems Inc. (ASE: MCZ.A) announced that on October 29, 1999, Norway's Telenor Venture AS, the venture capital arm of Telenor AS, a Scandinavian communications venture capital company, and MC2 Learning Systems Inc. signed a non-binding letter of intent for MC2 to acquire 35% of the shares of a corporation named FC Sweden .
The proposed purchase price for the 35% interest in the shares of FC Sweden is CDN$796,499 payable by the issuance of 289,636 units to Telenor Venture (each unit comprised of 1.0 Common Share price at CDN$2.75, and a warrant to acquire 1.0 Common Share at an exercise price of CDN$3.50 until approximately July 31, 2000). MC2 will be under no obligation to provide additional funding to FC Sweden by virtue of becoming a shareholder of FC Sweden. Telenor Venture has been a shareholder of FC Sweden since 1998 and will retain an 11% interest. The other 54% of the shares of FC Sweden will continue to be held by a number of residents in Sweden and Norway.http://www.telenor.com http://www.mc2learning.com
PARIS-- Europ@web, the Internet investment arm of Group Arnault, has acquired a 20% stake in Artprice.com, an art auction information website. Following the successive acquisitions of Adec/Art Price Annual and of competitor and American leader Falk's Art Price index, Artprice.com holds the most important data bank of detailed art auction results which contains nearly two million auction entries recorded since 1987 on 170 000 artists from the 10th century until today. By the end of 1999, Artprice.com will have added about 500 000 new auction records to its databases which cover over 2,200 auctioneers in 40 countries.
Artprice.com has recently acquired a 100% stake in Xylogic SA, a Swiss company created in 1985 that specializes in the development of software packages dedicated to the art market and to auctioneers. Xylogic has also developed a series of economic indicators for the art market, including econometric indexes per artist, corresponding to their estimated monetary value on the market.http://www.Artprice.com
AMSTERDAM, Netherlands -- Getronics announced the acquisition of Videotex's 50% stake in the Netherlands-based Web solutions provider InterEdge of which it already owned 50%. InterEdge, now a 100% subsidiary of Getronics, specializes in the design, building and the management of portals for Internet, Intranet and Extranet applications, enabling E-business transactions for large organizations.http://www.getronics.com
VANCOUVER, British Columbia -- Shanecy Inc. (OTCBB:SECY), announced that the company's two directors, Ann Myers and Jill Wright, resigned and appointed Jason W. Galanis and Kevin L. Washington to replace them. Under the direction of the new board, Shanecy plans to act as a publicly traded venture capital company that will concentrate on Internet-related companies.
Shanecy has reached an agreement with Thesseus International Asset Fund to acquire 100% of Eikos Acquisition Ltd. in consideration for 10 million shares of Shanecy restricted common stock. Also, the company has agreed to acquire CASA@Home Inc. for 2 million restricted shares of common stock. CASA is a recently formed Internet Service Distributor that plans to focus on providing Internet access and enhanced Internet financial services to moderate-income consumers.
Who's Who & Where
Kevin C. Clark Named CEO of Screaming Media
NEW YORK-- Kevin C. Clark, former chairman and CEO of PoppeTyson, has been namedchief executive officer of ScreamingMedia. Clark has been an investor in ScreamingMedia, a board member, and head of ScreamingMedia's strategic advisory board since 1998. He will continue to serve on the board. ScreamingMedia recently secured $30 million in private equity from investors such as General Electric Pension Trust, Wagoner Capital Management, J.W. Seligman & Company, Essex Investment Management Co., Riverside Capital Management, and Winfield Capital Corp.http://www.screamingmedia.com
SAN MATEO, Calif. and MINNETONKA, Minn.-- nQuire Software Inc., a provider of software products that give self-service access and analysis capability of corporate data to users in large enterprises and e-businesses, announced the appointment of Terry Mahoney as senior vice president of sales and field operations. Prior to nQuire, he was the senior vice president of sales and field operations at Platinum Technology Inc. nQuire has received financial backing and support from RWI Group, Donald L. Lucas and Sand Hill Financial Group, St. Paul Venture Capital, Telos Venture Partners, Doll Capital Management and the law firm Wilson Sonsini Goodrich and Rosati.http://www.nquire.com
CAMBRIDGE, Mass.-- Cambridge Technology Partners (NASDAQ:CATP), a global e-integration services provider, announced that Arthur M.Toscanini, executive vice president of finance, treasurer, and chief financial officer will resign from his position to pursue other business and personal interests. Cambridge Technology Partners provides management consulting and systems integration services to transform its clients into e-businesses. http://www.ctp.com
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