NORWALK, Conn. – Venture capitalists and their portfolio companies might lose several longstanding accounting benefits if the Financial Accounting Standards Board (FASB) passes a few proposals in the works. The private organization, which makes accounting rules for American companies registered with the Securities and Exchange Commission (SEC) and those that issue audited financial statements, has […]
PALO ALTO, Calif. – Summit Partners at press time was preparing the late spring launch of a $150 million fund that will invest smaller amounts of capital than are usual for the firm, said General Partner Walter Kortschak. Summit in May hired Kip Sheeline, an 11-year veteran of Hambrecht & Quist, to manage the vehicle, […]
PALO ALTO, Calif. – Nine months after closing its latest fund, Asset Management Associates has a new name and address, while the firm’s founder, venerable venture capitalist Franklin “Pitch” Johnson, is going solo once again. The firm changed its name to Alloy Ventures and moved into new offices near its long-time Palo Alto headquarters, taking […]
SCOTTS VALLEY, Calif. – The venture capital industry has enjoyed a prosperous run this past decade, and disk drive manufacturer Seagate Technology Inc. in April was the latest corporation to join the party. With a new venture unit, the company has allocated $25 million for seed- and early-stage venture investments outside Seagate’s core business but […]
LONDON – As part of a strategy to broaden its global investing, 3i, the largest private equity firm in the United Kingdom, is opening its first two offices in the United States. The firm shortly plans to announce the launch of offices in Palo Alto, Calif., and the Boston area, both of which will focus […]
NEWARK, N.J. – Amid a bullish economy that has contributed to institutional investors’ interest in alternative investments, 51 venture capital firms raised a record $4.89 billion in the first quarter of 1999, despite many experts’ continued predictions of an eventual flattening out of the fund-raising frenzy. The figure, compiled by Venture Economics Information Services, a […]
SANTA MONICA, Calif. – Launch Media Inc., a digital music Web site, went public April 23, offering 3.5 million shares of common stock at $22 apiece. The stock priced well above the company’s $15 to $17 filing range. Underwriters for the initial public offering include Hambrecht & Quist, Allen & Co. Inc. and NationsBanc Montgomery […]
MOUNTAIN VIEW, Calif. – Sagent Technology Inc., a producer of business software programs that gather, analyze and deliver data, went public April 14, offering 5 million shares at $9 apiece. The stock priced at the high end of the $7 to $9 filing range. Crosspoint Venture Partners, El Dorado Ventures, Greylock Equity Limited Partnership and […]
ANNAPOLIS, Md. – USinternetworking Inc. an Internet management application provider (iMAP), went public April 8. The stock priced at $21, well above the $16 to $18 filing range. Underwriters for the IPO included Credit Suisse First Boston, Bear, Stearns & Co. Inc., BT Alex. Brown and Legg Mason Wood Walker Inc. The company sold 6 […]
RESTON, Va. – Proxicom Inc., a provider of Internet solutions, held an initial public offering April 20. The company offered 4.5 million shares at $13 apiece, at the bottom of its $13 to $14 filing range. BT Alex. Brown, Prudential Securities, Thomas Weisels Partners L.L.C. and Friedman Billing Ramsey, underwrote the offering, which left 23.9 […]