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New in the News
Accelerated Networks, AdvertisingConcepts.com, AlphaServ.com, Corillian, Cubitz.com, Deploy Solutions, eStar, Impresse, IPHighway, LeapSource, NetFanatics, ProsoftTraining.com, shopss.com, vstore.com, Westwave Communications
SUNNYVALE, Calif.– Impresse Corp., a provider of business-to-business e-commerce solutions for commercial print procurement, raised over $62 million in equity and committed debt in third round financing that will be used to expand the company’s operations and its marketing and sales efforts.
The new investors include Amerindo Investment Advisors, BancBoston Ventures, Comdisco Inc., Gilbert Global Equity Partners, Hambrecht & Quist Ventures, JW Seligman & Co. Inc., Palantir Capital L.P., and Van Wagoner Capital Management. Adobe Systems Inc., through its Adobe Ventures limited partnership, is also making a minority equity investment in Impresse. The nine new investors join Internet venture capital giants Kleiner Perkins Caufield & Byers, Benchmark Capital, The Java Fund and Atlas Venture, who have increased their original financial commitment to Impresse.
In other news, Sanjai K. Bijawat has joined the company as vice president and chief financial officer. Bijawat brings broad financial experience to Impresse from his senior positions at BT Alex.Brown Inc. and Bankers Trust Company.
PLAINVIEW, N.Y. — shopss.com Inc. (OTCBB:SHPS), a virtual shopping mall, announced the receipt of a $25 million private placement in exchange for 2 million common shares of shopss.com stock. The total number of issued and outstanding shopss.com shares now totals 22 million.
WESTWOOD, Mass.– Deploy Solutions Inc., a provider of enterprise software for Strategic Workforce Management, closed a $15 million round of financing from J.R. Fennell L.P. and The Stata Family Fund. Deploy provides integrated software for planning, hiring, deploying and ultimately retaining the right people and their knowledge. Its products utilize native Web, Internet and e-mail technologies to facilitate enterprise-wide collaboration for aligning an organization’s workforce practices with its strategic goals. J.R. Fennell L.P. has invested $7 million and The Stata Family Fund, headed by Ray Stata, a first-round backer of Deploy, has invested an additional $8 million.
SANTA ROSA, Calif.– Westwave Communications Inc. closed the second round of venture capital funding in the amount of $6 million. Major investors included Sevin Rosen Funds and Morgenthaler Venture Partners. To date Westwave has raised $12.55 million in funding. Westwave Communications is a high-technology startup company developing a new software platform for the Incumbent Local Exchange Carrier and Competitive Local Exchange Carrier markets.
SANTA ANA, Calif. — AlphaServ.com (Nasdaq:ALMI), a provider of true multi-vendor and professional information technology services, received a $5 million equity investment from Hampshire Equity Partners (formerly known as ING Equity Partners), constituting the third tranche of an agreement originally announced in August 1998. Approximately ten percent of the investment is slated to be used as initial funding in connection with the separation of AlphaServ.com’s AlphaCONNECT Internet division, which soon will be marketing its technologies under the NQL Solutions name.
AUSTIN, Texas– ProsoftTraining.com (Nasdaq:POSO), a leader in Internet skills education and certification announced that Hunt Capital Group, the investment arm of the Lamar Hunt family, has purchased a $3 million private placement of the company’s common stock.
SAN FRANCISCO– eStar Inc., developers of eStar.com, a celebrity website, secured $2.2 million in its first round of funding. The primary investor is Sofinnova Ventures, along with Argus Capital LLC and other investors. eStar will direct these funds toward accelerating its marketing efforts and further site development.
SEATTLE– Cubitz.com, a new online solution for companies seeking business space, added key members to its board of directors and management team, and secured additional angel financing from local business, Internet and real estate professionals. These events help position the company for the launch of its Web site, www.cubitz.com, in early 2000. Go2Net president John Keister and former president and CEO of VISA U.S.A. Robert Heller joined the board.
PITTSBURGH — AdvertisingConcepts.com announced a strategic investment by internet.com Venture Fund II LLC, part of the affiliated venture arm of internet.com Corp. (Nasdaq:INTM), publisher of this website. Advertising Concepts Inc. was founded in 1994 as a Pennsylvania advertising and marketing firm dedicated toward Internet related leads-based advertising development, target market distribution, and Internet marketing strategies.
PHOENIX– LeapSource, a new entrant into the rapidly expanding business process outsourcing market, has reached a definitive agreement to purchase CorpCare Financial Sourcing LLC. CorpCare, based in San Francisco, entered the BPO market in June 1998 and serves mid-size, high-growth, high-tech companies. LeapSource has been pursuing acquisitions and building alliances since its founding in September by three former Big Five. In October, LeapSource received a commitment for $65 million in private equity investment from GTCR Golden Rauner LLC.
BALTIMORE — Sinclair Broadcast Group Inc. (Nasdaq:SBGI) reached an agreement with NetFanatics Inc., a privately held strategic Internet development and integration company, to acquire an 80% stake in NetFanatics in exchange for $2,000,000 in cash and other services. The transaction was jointly announced by Len Ostroff, COO of Sinclair Ventures, a wholly owned subsidiary of Sinclair, and Larry Fiorino, President of NetFanatics.
Who’s Who & Where
MOORPARK, Calif.– Accelerated Networks Inc., innovator of multi-service broadband access solutions integrating data and voice-over-DSL and T1, announced that Charles D. Vogt has joined the company as vice president, worldwide sales. Vogt joins Accelerated from Lucent Technologies (Nasdaq:LU), where he was senior vice president responsible for Sprint and Sprint PCS (NYSE:FON) (NYSE:PCS). Prior to Lucent, Vogt was assistant vice president of sales at Ascend Communications, responsible for business activity with emerging service providers. Accelerated Networks has received funding from New Enterprise Associates, US Venture Partners, ONSET Ventures, Walden International Investment Group and Siemens AG.
BEAVERTON, Ore. — Corillian Corp., a provider of eFinance solutions for the financial services industry, announced the hiring of Steve Sipowicz as CFO. Sipowicz was previously the chief financial officer for FICS Group in Belgium. Corillianrecently received $20 million in funding.
FORT LEE, N.J. — IPHighway, a provider of policy management technology, announced two additions to its executive management team. Paul DeBeasi joins IPHighway as the new vice president of product marketing, and Yaniv Romem will fill the position of vice president of research and development. The new hires parallel IPHighway’s recent growth, which includes a strategic alliance with 3Com Corp., and the closing of asecond round of multi-million dollar venture capital funding.
STAMFORD, Conn — Vstore.com, a personal e-commerce leader, announced the appointment of Ned Hickok as vice president of marketing and Jonathan Lee as vice president of technology to the Vstore.com executive management team. Hickok comes to Vstore.com from Disney where he was vice president of marketing, and Lee’s experience in software development stems from leadership roles within innovative technology companies, including GoTo.com. In November 1999, Vstore.com enhanced its venture capital backing with an additional $26 million in second round venture funding. A recent VC Watcharticle has more on the company.
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