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New in the News
Arbinet Communications, AwayMed.com, Digigram, eFORCE, EpicEdge, giftkits.com, GoCo-op, Paccar.com, Protocol Communications, zipRealty.com
NEW YORK– Arbinet Communications Inc., an exchange for telecommunications capacity, received $30.45 million in a second round private equity financing for a minority stake in the company. The investor syndicate included J.P. Morgan Capital Corp., Chase Capital Partners, BancBoston Ventures, ComVentures, Bedrock Capital Partners, Internet Capital Group (NASDAQ: ICGE), and funds affiliated with Robertson Stephens, Soundview Technology Group, and Deutsche Banc Alex. Brown.
BERKELEY, Calif.–zipRealty.com, an online real estate brokerage, raised $16 million second-round financing. Prominent Silicon Valley venture capital firm Benchmark Capital was the lead investor. Previous investors Vanguard Venture Partners and Barrington Partners also participated in the round. zipRealty.com also announced that Bob Kagle, general partner at Benchmark Capital, has joined its board of directors.
MAITLAND, Fla.– GoCo-op, a company that develops and hosts Internet-based procurement systems and vertically integrated, business-to-business trading communities, secured $5 million in financing from Invemed Associates LLC and Safeguard Scientifics. GoCo-op will receive an initial $5 million with an additional $23 million in financing upon the successful completion of one of its current pilot programs underway with a number of international hotel chains. GoCo-op was internally funded for four years.
RALEIGH, N.C.– AwayMed.com, a company providing an online extension of physician care, closed its third round of angel financing. The company
, which offers a comprehensive patient education solution serving the orthopedic sub-specialty, raised $1.2 million which will be used to ramp up deployment of its eMD waiting room terminals, expand the management team and launch new products.
ARLINGTON, Va.– Digigram, a leader in professional digital audio processing, will acquire Aztec Radiomedia, a French designer of IP network-based equipment for Ethernet, Internet-Intranet, radio broadcasting and sound. Under the terms of a memorandum of understanding, Digigram will purchase a minimum of 95 percent of Aztec Radiomedia by the end of 1999. The merger is being financed by equity capital and a stock purchase program that Digigram launched in 1999. Until now, 79 percent of the stock of Aztec Radiomedia has been held by its employees and founders, with the balance held by Innovacom (the venture capital fund of France Telecom, also a shareholder in Digigram).
BOSTON– Stephen McLean, president and CEO of Protocol Communications Inc., announced an agreement with several private equity firms including BCI Partners, headquartered in Teaneck, New Jersey, and Willis Stein & Partners located In Chicago, Illinois for a $205 million recapitalization. Founded in 1998 and based in Boston, Massachusetts, Protocol Communications is a provider of Internet-enabled Integrated Marketing Services with 23 customer care centers located throughout the country.
BELLEVUE, Wash.– Paccar.com (Nasdaq:PCAR) invested $10 million in PNV as part of PNV’s recent Initial Public Offering. PNV is a provider of bundled telecommunications, cable television, and Internet access services to professional drivers in the long-haul truck market. According to Mark C. Pigott, chairman and chief executive officer, Paccar.com and PNV have also entered into a strategic relationship designed to leverage each company’s efforts and investments in e-commerce aimed at the commercial transportation market place.
HOUSTON– EpicEdge (AMEX: EDG), a business-to-business e-business solution provider for Global 1000 and dot.com companies, acquired NET Information Systems Inc. of Seattle, Washington, in a cash and stock transaction valued at approximately $1.5 million. NET Information Systems has an 18-year history of developing advanced technology solutions for commercial and government accounts in the Pacific Northwest. During the past 6 years, NET has provided leading-edge e-business solutions that leverage Internet communications with traditional back-office computer systems.
FITCHBURG, Mass.– The Massachusetts Innovation Center, an electronic commerce venture capital incubator based in Fitchburg, Mass., announced the launch of its first online retail enterprise, giftkits.com. Giftkits.com specializes in theme-related gift sets. The Massachusetts Innovation Center is a private “for profit” venture development community designed to give entrepreneurial information technology companies and e-businesses the comprehensive support they need.
Who’s Who & Where
HAYWARD, Calif. — eFORCE, an eBusiness solutions integrator, announced that three industry veterans have joined its executive management staff. New executive team members include Alex Sharpe, vice president for the Southeast region, based in Northern Virginia; Mark White, vice president for the Central region, based in Dallas; and Dave Winkler, vice president of finance and administration, based at the company’s Bay Area headquarters. eFORCE is funded by venture capital firms including Greylock and Draper Richards.
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