Random Ramblings
Lots of deal news this morning, so just some quick notes to kick off your Wednesday:
• Shaking the tree: We've learned that top venture capital firm Sequoia Capital is losing three partners (none of whom were GPs): Todd Cozzens, Warren Hogarth and Timothy Lee.
Cozzens joined Sequoia in 2012 as the Silicon Valley-based firm's first-ever hire in the Boston area, but now is leaving to launch a direct investment fund for healthcare i-bank Leerink Partners (which declined comment). He previously had founded and led Picis, which was acquired in 2010 by a subsidiary of UnitedHealth Group. His Sequoia portfolio companies included AirStrip Technologies, Health Catalyst, Lifecode and Natera Inc. -- with Cozzens planning to retain most of his seats for the time being.
Warren Hogarth has been with the firm since 2008, working on investments for such portfolio companies as C12 Energy, Carbon3D, Comprehend,FutureAdvisor, Lifecode and SunRun. He also is on the board of FutureAdvisor, the digital wealth management firm that recently announced it would be acquired by BlackRock. Tim Lee had been at Sequoia since 2009, after having spent time with both Google and McKinsey & Co. His board seats included App Annie and Shopular.
A Sequoia spokesman declined comment. Cozzens and Lee already have formally left, while Hogarth is still in the offices.
• More personnel scoop: Jon Centurino is out as a senior managing director with Cerberus Capital Management, which he joined last year after having served as chief investment officer at Ally Financial Services. Tim Duncanson has stepped down as a managing director with Onex Corp., where he had spent the past decade. And, finally, Jake Hodgman, a principal with HGGC who had been with the private equity firm since inception, has moved on. No word yet on any of their future plans.
• Recommended reading: CalPERS is in more hot water regarding its private equity program, after blogger Yves Smith noticed a bizarre investment committee exchange in which the pension system's PE boss Real Desrochers appeared to misstate some pretty facts about how PE funds are structured (particularly related to management fees and fee offsets).
To be sure, this has not gone unnoticed at CalPERS, which on Monday called a previously-unscheduled meeting that included Desrochers and senior CalPERS staffers like CEO Anne Stausboll and CIO Ted Eliopoulos. I'll have more on this later today over on the website. In the meantime, I encourage you to view the blog post and let me know your thoughts.
THE BIG DEAL
• Tanium, an Emeryville, Calif.-based cyber security startup, has raised $120 million in new VC funding at around a $3.5 billion valuation. TPG Capital, Institutional Venture Partners and T. Rowe Price were joined by return backer Andreessen Horowitz.
We had previously reported on the fundraise in August, but we undershot a bit on the valuation. Tanium previously had raised $142 million, all from Andreessen Horowitz, including $52 million earlier this year at a reported $1.75 billion valuation. www.tanium.com
VENTURE CAPITAL DEALS
• Capillary Technologies, an India-based provider of cloud-based retail marketing software, has raised $45 million in Series C funding. Warburg Pincus led the round, and was joined by return backers Sequoia Capital and Norwest Venture Partners. www.capillarytech.com
• NewsCred, a New York–based content marketing and syndication platform, has raised $42 million in Series D funding. FTV Capital led the round, and was joined by return backers InterWest Partners, Mayfield Fund and FirstMark Capital. www.newscred.com
• Voalte, a Sarasota, Fla.-based provider of smartphone alternatives “that simplify caregiver communication,” has raised $17 million in Series D funding from Ascension Ventures, Cerner Capital and Bedford Funding. www.voalte.com
• Mobcrush, a Santa Monica, Calif.-based live streaming platform for mobile games, has raised $11 million in Series A funding. Kleiner Perkins Caufield & Byers led the round, and was joined by return backers Raine Ventures, First Round Capital, Lowercase, Rincon Venture Partners, Crosscut Ventures and Advancit Capital. www.mobcrush.com
• Lengow, a France-based provider of “e-commerce feed management,” has raised €10 million in Series B funding. Kima Ventures led the round, and was joined by BPI, Serena Capital and return backer Alven Capital. www.lengow.com
• Vorago Technologies (f.k.a. Silicon Space Technology), an Austin, Texas-based provider of radiation- and extreme heat-hardened embedded systems technology, has raised $10 million in VC funding led by New Science Ventures. www.voragotech.com
• Qnovo, a Newark, Calif.-based developer of battery charging enhancement technology, has raised $8.6 million in Series B funding. Intel Capital led the round, and was joined by return backers RockPort Capital, U.S. Venture Partners and Blue Run Ventures. Read more.
• Link Labs, an Annapolis, Md.-based provider of low-power, wide-area networking technologies for the Internet of Things, has raised $6 million in Series A funding. by TCP Venture Capital led the round, and was joined by the Maryland Venture Fund and Blu Venture Investors. www.link-labs.com
• Retency, a France-based provider of retail analytics solutions, has raised €5 million from Truffle Capital. www.retency.com
• Universal Avenue, an on-demand app for hiring sales people, has raised $5 million in a “seed extension” round. Backers include Northzone, Salesforce Ventures and MOOR. Read more.
• Saucey, a Los Angeles-based on-demand alcohol delivery service, has raised $4.5 million in seed capital. Blumberg Capital led the round, and was joined by Structure Capital and Altpoint Ventures. www.sauceyapp.com
• Area360, a Seattle-based mobile location technology platform, has raised $3.5 million in Series A funding led by Madrona Venture Group. www.area360.com
• Croswise, an Israel-based provider of cross-device identification mapping solutions, has raised $3 million in Series A funding. Perag Ventures led the round, and was joined by ZhenFund, Emerge and return backers Giza Venture Capital, OurCrowd and Horizons Ventures. www.crosswise.com
• Instabridge, a Sweden-based Wi-Fi sharing community, has raised $3 million in Series A funding. MOOR and Balderton Capital co-led the round, and were joined by Swisscom Ventures and return backer Creandum. www.instabridge.com
• DecisionSim Inc., a Chads Ford, Penn.-based provider of simulation-based learning platforms, has raised $1.85 million in Series A funding. Rittenhouse Ventures led the round with a $1.5 million investment, and was joined by Ben Franklin Technology Partners. www.DecisionSim.com
PRIVATE EQUITY DEALS
• Bunker Hill Capital has acquired a majority stake in Taos Mountain LLC, a San Jose, Calif.-based IT infrastructure consulting and managed services firm. No financial terms were disclosed. www.taos.com
• DTZ, a global commercial real estate services firm backed by TPG Capital, has completed its previously-announced $2 billion acquisition of Cushman & Wakefield, a New York-based commercial real estate services firm, from the Agnelli family. www.dtz.com
• H.I.G. Capital has acquired Milestone Technologies Inc., a Fremont, Calif.-based provider of managed IT services to global enterprises. No financial terms were disclosed. www.milestonepowered.com
• Industrial Opportunity Partners has acquired the assets of Coldwater Veneer, a Coldwater, Mich.-based manufacturer of specialty hardwood veneer. No financial terms were disclosed for the deal, which was done in partnership with company management. www.coldwaterveneer.com
LLR Partners has sponsored a merger of CaseNEX (Charlottesville, Va.) and Longleaf Solutions (Atlanta), both provider of data management and professional development solutions for the K-12 education market. No financial terms were disclosed. www.llrpartners.com
• Medivo Inc., a New York-based provider of lab data analytics, has sold its lab testing authorization services unit to PWNHealth LLC, a new company formed by EDG Partners. No financial terms were disclosed. Medivo shareholders include Merck Global Health Innovation, MentorTech Ventures and Safeguard Scientifics. www.medivo.com
MidOcean Partners has made a “significant investment” in Image Skincare, a Palm Beach, Fla.-based maker of branded products for the professional skincare market. www.imageskincare.com
• Simcro Ltd., a New Zealand-based animal health company owned by The Riverside Company, has acquired the assets of ISL Animal Health and NJ Philips Pty Ltd. No financial terms were disclosed. www.simcro.com
• Tech Air, a Danbury, Conn.-based distributor of gases and related welding supplies, has acquired Gas & Alloy Supply Co. (GASCO), a Dallas-based distributor of gases & welding supplies. No financial terms were disclosed. Tech Air is a portfolio company of CI Capital Partners. www.techair.com
• Tesco PLC (LSE: TSCO) reportedly has picked a $6.6 billion joint offer from MBK Partners and Temasek as the preferred bid for its South Korean business. Other suitors include Affinity Partners working with KKR and Carlyle Group working with GIC. Read more.
• Trintech, a Dallas-based provider of record-to-report software for finance offices, has raised an undisclosed amount of equity funding from Vista Equity Partners and existing shareholder Spectrum Equity. www.trintech.com
• Welsh, Carson, Anderson & Stowe has acquired an undisclosed stake in Emerus Holdings, a Houston, Texas-based hospital chain. No financial terms were disclosed. Sellers include Austin Ventures. www.emerus.com
IPOs
• No IPO news this morning.
EXITS
• DTS Inc. (Nasdaq: DTSI) has agreed to acquire iBiquity Digital Corp., a Columbia, Md.-based provider of digital HD radio technology for AM/FM broadcasters, for approximately $172 million. Sellers include Columbia Partners Private Capital. www.dts.com
• GTCR has completed its previously-announced sale of Capella Healthcare Inc., a Franklin, Tenn.-based operator of community hospitals, to Medical Properties Trust Inc. (NYSE: MPW) for $900 million in cash. www.capellahealth.com
• HeartWare International Inc. (Nasdaq: HTWR) has agreed to acquire Valtech Cardio Ltd. an Israel-based provider of surgical and transcatheter valve repair and replacement devices. The deal could be worth more than $860 million, including an upfront stock payment valued at around $360 million. Valtech investors include GlenRock Israel, NGN Capital, Partech International, Peregrine Ventures and RAD BioMed. www.valtechcardio.com
• InVentive Health, a Burlington, Mass.-based portfolio company of Thomas H. Lee Partners, has sold its Somerset, N.J.-based patient access solutions business (iPAS) to Xerox Inc. (NYSE: XRX) for an undisclosed amount. www.inventivhealth.com
• Sentinel Capital Partners has sold IEP Technologies, a Marlborough, Mass.-based industrial explosion protection company, from Switzerland-based HOERBIGER Group. No financial terms were disclosed. www.hoerbiger.com
• Singapore Telecommunications Ltd. (Singtel) has completed its previously-announced $770 million acquisition of Trustwave Holdings, a Chicago-based information security company, from shareholders like FTV Capital and First Analysis Funds. www.trustwave.com
OTHER DEALS
• Aeroflot, a Russian state-controlled airline, has agreed to acquire a 75% stake in troubled regional rival Transaero. Read more.
• Citigroup has agreed to sell its Hungary consumer banking business to Austria-based Erste Group Bank AG. No financial terms were disclosed. www.citigroup.com
• H&R Block (NYSE: HRB) is launching a stock buyback that could total upwards of $3.5 billion. Read more.
• SS&C Technologies Holdings Inc. (Nasdaq: SSNC) has acquired Varden Technologies, a Boston-based provider of client and advisor communication solutions for investment firms. No financial terms were disclosed. www.ssctech.com
FIRMS & FUNDS
• Edge Natural Resources, a Dallas-based investment group focused on the North American oil and gas sector, has closed its inaugural private equity fund with $445.7 million in capital commitments. www.edgenr.com
• Hangar Ventures, a new early-stage VC firm in Dallas led by Jeff Williams (KBK Mezzanine Partners founder) and Jason Story (Mutual Mobile founder) has raised $50 million for its debut fund. www.hangarventures.com
• One Equity Partners has effectively acquired Augusta Columbia Capital, a private equity firm focused on tech and tech-enabled services businesses. Augusta Columbia, led by former Blackstone Group partner Chip Schorr, had been investing via a pledge fund structure, and now will invest via the flagship OEP fund. www.oneequity.com
MOVING IN, UP, ON & OUT
• Jim Payne, founder and former CEO of MoPub (sold to Twitter for $350 million) has joined VC firm Accel Partners as an entrepreneur-in-residence. Read more.
• Damir Becirovic has joined Index Ventures as a Silicon Valley-based associate. He previously was an investment banking analyst with Goldman Sachs. www.indexventures.com
• Matt Coyne has joined TorreyCove Capital Partners as a vice president in the firm’s client advisory group. He previously was a senior associate with Pathway Capital Management. TorreyCove also has promoted Kyson Hawkins to vice president in its private equity unit. www.torreycove.com
• Silverfleet Capital, a European private equity firm, has promoted Alfa Chan (London), David Mackenzie (London) and Joachim Braun (Munich) to partner. The firm also has hired Adam Ahern (ex-Greenhill & Co.) as a London-based associate. www.silverfleetcapital.com
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