No column this morning, as Friday was spent in meetings and in transit. So straight onto the many news blurbs. Apologies and back to our regular ramblings tomorrow...
THE BIG DEAL
• EMC Corp. (NYSE: EMC) held merger discussions with Hewlett-Packard (NYSE: HPQ), but the talks ended several weeks ago, according to multiple media reports. Read more.
VENTURE CAPITAL DEALS
• AppNexus, a New York-based ad tech company, has raised $25 million in strategic funding from WPP. The deal is on top of AppNexus’s recent $85 million fundraise at a $1.2 billion valuation, and is part of the company’s acquisition of Xaxis For Publishers, the ad-serving technology of WPP business Xavis. www.appnexus.com
• Duo Security, an Ann Arbor, Mich.-based provider of cloud-based two-factor authentication solutions, has raiseed $12 million in Series B funding. Benchmark led the round, and was joined by return backers Google Ventures, True Ventures and Radar Partners. Read more.
• KIN, a Santa Monica, Calif.-based lifestyle community on YouTube, has raised $12 million in Series C funding. Corus Entertainment Inc. led the round, and was joined by Emil Capital and return backers Mayfield Fund, General Catalyst Partners and Rustic Canyon Partners. www.kincommunity.com
• Hazelcast, a Palo Alto, Calif.-based open source in-memory data grid startup, has raised $11 million in Series B funding. Earlybird Venture Capital led the round, and was joined by return backers like Bain Capital Ventures. www.hazelcast.com
• Honeybook Inc., a provider of software for wedding planners and related vendors, has raised $10 million in Series A funding, according to VentureWire. Aleph VC led the round, and was joined by Hillsven VC, Ooga Labs and individual angels like Ev Williams and Naval Ravikant. www.honeybook.com
• PrecisionHawk, a Raleigh, N.C.-based startup that uses drones to collect and analyst aerial data, has raised around $10 million in Series B funding. Millennium Technology Value Partners led the round, and was joined by return backers Innovate Indiana Fund and Bob Young (co-founder of RedHat). www.precisionhawk.com
• Club W, a Los Angeles-based online wine seller, has raised $9.5 million in new VC funding, according to VentureWire. Bessemer Venture Partners led the round, and was joined by return backer Crosscut Ventures. Read more.
• EdCast, a Mountrain View, Calif.-based provider of cloud-based MOOC development software for educational institutions, has raised $6 million in new VC funding. Softbank Capital led the round, and was joined by Menlo Ventures, Novel TMT Ventures, Mitch Kapor, Cervin Ventures, Aarin Capital, NewSchools Venture Fund and the Stanford StartX Fund. www.edcast.com
• DroneDeploy, a San Francisco–based developer of a 4G-powered drone control product, has raised $2 million in seed funding. SoftTech VC led the round, and was joined by Data Collective, Redpoint Ventures, DFJ and Angelpad. www.dronedeploy.com
• Avalon Ventures today announced the formation of two new companies formed through its collaboration with GlaxoSmithKline: Silarus Therapeutics, a developer of therapeutics targeting erythroferrone for the treatment of iron deficiency and iron overload disorders; and Thyritope Biosciences, a developer of therapeutics that target thyroid stimulating auto-antibodies that relate to Graves' hyperthyroidism and Graves' orbitopathy. Each company received $10 million investments. www.avalon-ventures.com
PRIVATE EQUITY DEALS
• TPG Capital has agreed to acquire Cassidy Turley, a Washington, D.C.-based commercial real estate services company, according to the WSJ. No pricing terms were disclosed. Other members of the investor consortium reportedly include PAG Asia Capital and Ontario Teachers Pension Plan – meaning this is the same group that previously agreed to pay $1.15 billion for the real estate division of Australia’s UGL Ltd. (ASX: UGL). Read more.
• Aldermore, a British lender partially owned by AnaCap Financial Partners, is prepping an October flotation in London that could value the company at upwards of $1.5 billion. Read more.
• American Addiction Centers, a Brentwood, Tenn.-based provider of inpatient substance abuse treatment services, has set its IPO terms to 5 million shares being offered at between $12 and $14 per share. It would have an initial market cap of approximately $340 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol AAC, with William Blair and Raymond James serving as lead underwriters. AAC reports $1.1 million in net income on $59.2 million in revenue for the first half of 2014. www.americanaddictioncenters.org
• Dermira Inc., Redwood City, Calif.-based developer of dermatology therapies, has set its IPO terms to 5.35 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $253 million, were it to price in the middle of its range. The pre-revenue company plans to trade on the Nasdaq under ticker symbol DERM, with Citigroup and Leerink Partners serving as lead underwriters. Dermira has raised around $105 million n VC funding, from firms like Bay City Capital (21% pre-IPO stake), New Enterprise Associates (21%), Canaan Partners (15%), UCB (8.4%), Maruho Co. (7.3%), Apple Tree Partners (6.4%) and Fidelity Investments (6.4%). www.dermira.com
• Fairmount Santrol, a Chesterland, Ohio-based maker of sand-based proppant solutions, has set its IPO terms to 41.5 million shares being offered at between $21 and $24 per share. It would have an initial market cap of approximately $3.63 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol FMSA, with Morgan Stanley listed as left lead underwriter (14 other banks also are listed). It reports around $79 million in net income on $629 million in revenue for the first half of 2014, and is owned by American Securities.www.fairmountminerals.com
• Microlin Bio Inc., a New York-based diagnostics and therapeutics company focused on microRNA and its role in oncology, has withdrawn registration for a $25 million IPO, citing “unfavoreable market conditions.” It had planned to trade on the Nasdaq, with Brean Capital and Summer Street Research Partners serving as lead underwriters. Shareholders include the Ohio State Innovation Foundation (7% pre-IPO stake). www.microlinbio.com
• PES Logistics Partners LP, a Philadelphia-based provider of crude oil logistics, has filed for a $250 million IPO. It plans to trade on the NYSE under ticker symbol PESL, with BofA Merrill Lynch and Credit Suisse serving as lead underwriters. The company is being spun out by Philadelphia Energy Solutions, a portfolio company of The Carlyle Group. www.carlyle.com
• Sientra Inc., a Santa Barbara, Calif.-based maker of breast implants, has filed for an $86.25 million IPO. It plans to trade under ticker symbol SIEN, with Piper Jaffray and Stifel serving as lead underwriters. The company reports a $1.1 million net loss on around $22 million in revenue for the first half of 2014. Shareholders include OrbiMed Advisors (33.8% pre-IPO stake), Clarus Ventures (29.8%), Abingworth Management (18.6%), an affiliate of Goldman Sachs (8.6%) and TIAA-CREF (6.9%). www.sientra.com
• Wayfair, a Boston-based ecommerce company focused on the home furnishings market, has set its IPO terms to 11 million shares being offered at between $25 and $28 per share. It would have an initial market cap of approximately $2.19 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol W, with Goldman Sachs listed as left lead underwriter (10 other banks also are on the filing). Wayfair reports a $51 million net loss on $574 million in revenue for the first half of 2014, compared to an $8 million net loss on $383 million in revenue for the year-earlier period. The company has raised nearly $370 million in venture capital funding from such firms as Great Hill Partners (11.43%), HarbourVest Partners (7.03%), Battery Ventures (6.15%) and Spark Capital (4.4%). Included in that total is a $157 million investment earlier this year at a $2 billion valuation from a group of mutual funds led by T. Rowe Price (which is not listed as a significant shareholder in the filing) — $29 million of which was used to repurchase stock from insiders. www.wayfair.com
• Yodlee Inc., a Redwood City, Calif.-based cloud platform for digital financial services, has set its IPO terms to 6.25 million shares being offered at between $11 and $13 per share. It would have an initial market cap of approximately $340 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol YDLE, with Goldman Sachs, Credit Suisse and BofA Merrill Lynch serving as lead underwriters. It reports less than a $1 million net loss on $41 million in revenue for the first half of 2014, compared to a $2.6 million net loss on $32 million in revenue for the year-earlier period. Shareholders include Warburg Pincus (37.18% pre-IPO stake), Bank of America (12.71%), Institutional Venture Partners (12.64%), S1 Corp. (12.63%) and Accel Partners (9.25%). www.yodlee.com
• Sage Group PLC (LSE: SGE) has agreed to acquire PAI Group (a.k.a. PayChoice), a Moorestown, N.J.-based provider of payroll and HR software for small and mid-sized businesses, for $157.8 million in cash. Sellers include Great Hill Partners and Baird Venture Partners. www.paychoice.com
• The Traxis Group, a portfolio company of Cerberus Capital Management, has agreed to sell school bus maker Blue Bird Corp. to Hennessy Capital Acquisition Corp. (Nasdaq:HCAC) for $255 million in cash and stock (plus $235m of assumed debt).
• TTM Technologies Inc. (Nasdaq: TTMI) has agreed to acquire Viasystems Group Inc. (Nasdaq: VIAS), a St. Louis-based circuitboard maker, for approximately $368 million in cash and stock (or $16.46 per share). Viasystems had closed trading Friday with a market cap of $237 million, and is majority owned by private equity firms HM Capital Partners (49.2% stake) and Black Diamond Capital Management (19.64% stake). www.viasystems.com
• Western Water Holdings, a portfolio company of The Carlyle Group, has agreed to sell regulated water distribution utility Park Water Co. to Algonquin Power & Utilities Corp. (TSX: AQN) for approximately $327 million (including the assumption of $77m in debt). www.carlyle.com
• Just Eat (LSE: JE), a UK-based online food ordering company, has agreed to merge its Brazil operations with local rival iFood, which is owned by Movile. The joint venture will be called IF-JE Participações, but will operate under the iFood brand. www.justeat.com
• Merck (DB: MRK) has agreed to acquire Sigma-Aldrich, a St. Louis–based life sciences company, for $17 billion in cash. The $140 per share offer represents a 36.76% premium over Friday’s closing price for Sigma-Adrich stock. Read more.
• Mitsubishi Corp. has offered to acquire listed Norwegian fishery Cermaq ASA for approximately $1.4 billion (representing a 14% premium to Friday’s closing price). Read more.
• Siemens AG has agreed to acquire Dresser-Rand (NYSE: DRC), a Houston-based provider of equipment and services to the oil and gas mareket. The deal is valued at approximately $7.6 billion (including the assumption of debt), or $83 per share. It is expected to close by summer 2015. Other bidders reportedly included General Electric. Read more.
• Siemens AG has agreed to sell its 50% stake in a household appliances joint venture -- BSH Bosch and Siemens Hausgeräte GmbH – to Robert Bosch GmbH for €3 billion. In addition, both Siemens and Robert Bosch will receive an additional additional distribution of €250 million from the JV prior to the stake sale’s completion. www.siemens.com
FIRMS & FUNDS
• The Blackstone Group is “giving up on Russia,” according to CNBC. It has chosen not to renew the contracts of its in-country consultants, after failing to find enough deal opportunities in the country. Read more.
• Bingham McCutchen has agreed to merge with Philadelphia-based law firm Morgan Lewis & Bockius, according to Reuters. The combined firm would have more than 2,000 attorneys and $2 billion in revenue. Read more.
• GEMCORP today launched as a new alternative investment vfirm focused on the emerging markets, and so far has secured $500 million from European institutional investors. It is led by former Goldman Sachs partner Atanas Bostandjiev, who most recently led UK and international operations for VTB Capital. www.gemcorp.net
• Mosaic Ventures, a new London-based VC firm, has raised $140 million for its debut fund. Mosiac’s principals are: Simon Levene (ex-Accel Partners), Mike Chalfen (ex-Apax and Advent Venture Partners) and Toby Coppel (ex-Allen & Co., Virgin Green Fund). www.mosaicventures.com
MOVING IN, UP, ON & OUT
• Victoria Song has rejoined VC firm Flybridge Capital Partners as a New York-based principal. She had been an associate with the firm before leaving to get her MBA at Harvard, and earlier this year launched a nonprofit called SoSheDid, which is designed to “help young women invest in themselves.” www.flybridge.com
• Anibal Wadih has joined Global Environment Fund as a Sao Paolo-based managing director, with a focus on Latin American investment opportunities. He previously was a managing director with Macquarie Capital. www.globalenvironmentfund.com
• Shelby Wanstrath has joined the Teacher Retirement System of Texas as a private equity portfolio manager, according to her LinkedIn profile. She previously spent five years as a London-based vice president with Partners Group. www.trs.state.tx.us
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