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FinanceTerm Sheet

Term Sheet — Tuesday, October 25

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
October 25, 2016, 9:33 AM ET

Thank You

The sun is shining, the beloved Pats are rolling and this is my final issue of Term Sheet.

As I mentioned earlier, deciding to leaveFortunewas not easy. This has been a dream job, and I'm indebted to the people who have worked with, nurtured and put up with me over the past six years. There are too many treasured colleagues (past and present) to mention in this space, but a particular thank you to Dan Roth and Andy Serwer ― the two people most responsible for bringing me into the fold ― and to Adam Lashinsky, who invited me to moderate at Fortune Brainstorm Tech long before I was on staff (let alone as co-chair of that very event).

But I save my deepest gratitude for you, dear readers. Thank you for opening these morning missives. And for sharing them. And for sending scoop and incisive feedback. And for agreeing to disagree. And for overlooking my many digressions. It has been my privilege to write for you each morning.

So two final pieces of business: What comes next for me, and what comes next for Term Sheet?

Next for me: While I am leaving Fortune to help launch a new media company, I'm not leaving journalism or this beat behind (I know there has been some confusion on that point). It would be inappropriate todive too deeply into specifics but, suffice to say, Isee no need to choose betweenchasing new horizons and maintaining longstanding loves. Again, this is an evolution, not an exit. If you'd like to keep in touch and be kept abreast of my future plans, please email DanielPrimack@gmail.com. Or keep an eye on @danprimack.

Next for Term Sheet: Beginning tomorrow, this publication will be led by Erin Griffith― someone already familiar to many of you. She is smart, funny, tireless and (most importantly) knows her stuff inside and out. Some things will stay the same, while others are likely to change. Erin willexplain more in the next issue.I would wish her the best of luck, except that she won't need it.

So that's it. Thanks again, and get back to work. Those term sheets aren't going to sign themselves...

-dan

THE BIG DEAL

• Google (Nasdaq: GOOG) has acquired Eyefluence, a Milpitas, Calif.-based eye-tracking technology company that had raised nearly $22 million in VC funding from firms like Motorola Solutions Venture Capital, Jazz Venture Partners, Intel Capital, NHN Investment and Dolby Family Ventures. No financial terms were disclosed. Read more.

VENTURE CAPITAL DEALS

• Paxata, a Redwood City, Calif.-based adaptive data preparation platform, has raised $33.5 million in fourth-round funding. Intel Capital led the round, and was joined by Microsoft Ventures, Cisco Systems, Deutsche Telekom Capital Partners, AirTree Partners and return backers Accel, In-Q-Tel and Singapore’s EDBI. www.paxata.com

• Clarifai, a New York-based visual recognition AI company, has raised $30 million in Series B funding. Menlo Ventures led the round, and was joined by return backers Union Square Ventures, Lux Capital, Qualcomm Ventures and Osage University Partners. www.clarifai.com

• InContext Solutions, a Chicago-based developer of 3D virtual simulation technology, has raised $15.2 million in fifth-round funding co-led by Intel Capital and return backer Beringea. www.incontextsolutions.com

• Hixme, an Agoura Hills, Calif.-based developer of worker benefits programs, has raised $14.1 million in Series B funding. Propel Venture Partners led the round, and was joined by Kleiner Perkins Caufield & Byers, Transamerica Ventures and Rosemark Capital. www.hixme.com

• AEVI, a German payment transactions provider and marketplace for B2B apps and services, has raised €10 million in new equity funding from Adveq. This brings its latest round total to €30 million, including a first close back in May from HPE Growth Capital. www.aevi.com

• K4Connect, a Raleigh, N.C.-based developer of tech solutions that “empower older adults and individuals living with disabilities,” has raised $8 million in Series A funding. Intel Capital led the round, and was joined by Traverse Venture Partners and a unit of Reinsurance Group of America (NYSE: RGA). www.k4connect.com

• OpenDataSoft, a French SaaS platform for transformation of data, has raised $5.4 million in Series A funding. Aster Capital and Salesforce Ventures were joined by Ader Finance and return backer Aurinvest. Read more.

• Coins, a Philippines-based digital payments and blockchain startup focused on unbanked individuals in Southeast Asia, has raised US$5 million in Series A funding. Accion Frontier Inclusion Fund (managed by Quona Capital) led the round, and was joined by Innovation Endeavors, Pantera Capital, Digital Currency Group, Wavemaker Labs, Global Brain, BeeNext and Rebright Partners. Existing shareholders include Kickstart Ventures and Ideaspace Foundation. www.coins.ph

• HYPR, a New York-based developer of cybersecurity solutions to protect biometric data, has raised $3 million in seed funding from RTP Ventures, Boldstart Ventures and Mesh Ventures. Read more.

• RackN, an Austin, Texas-based software platform for automating multi-cloud and hybrid infrastructure lifecycle management, has raised an undisclosed amount of new VC funding from SK Ventures. Existing shareholders include EVO Venture Partners and Juniper Networks. www.rackn.com

PRIVATE EQUITY DEALS

• Antin Anfrastructure Partners has hired J.P. Morgan to find a buyer for FPS Towers, a French telecom towers company that could be valued at upwards of 1 billion, according to Reuters. Preliminary bidders reportedly include 3i Infrastructure, American Tower Corp. (NYSE: AMT) and Spain’s Cellnex. Read more.

• Citic Private Equity has held preliminary talks to acquire a control stake in Spanish media company Imagina Group for around €2 billion, according to the FT. Read more.

• Detechtion, a Calgary-based provider of compression optimization technologies and fleet management services, has acquired Enbase, a Houston-based provider of  field automation, mobile applications and predictive analytics for the oil and gas industry. No financial terms were disclosed. Detechtion is a portfolio company of Element Partners.  www.detechtion.com

• Ohman and Nordic Capital have offered to buy the minority stake they do not already own in Sweden-based online bank Nordnet (Olso: NN B) for 37 crown-per-share, or an overall enterprise value of around $729 million.

• Pharos Capital Group has acquired Logan River Academy, a Logan, Utah-based adolescent residential treatment center, for an undisclosed amount. www.loganriveracademy.com

IPOs

• REV Group Inc., a Milwaukee-based maker of ambulances and other specialty vehicles, has filed for a $100 million IPO. It plans to trade under ticker symbol REVG, with Goldman Sachs, Morgan Stanley and Baird serving as lead underwriters. The company reports around $23 million of net income on $1.7 billion in revenue for its most recent fiscal year. REV is owned by American Industrial Partners. www.revgroup.com

EXITS

• Quikrete Holdings Inc., an Atlanta-based maker of packaged cement and concrete mixes, has agreed to acquire Contech Holdings Inc., a West Chester, Ohio-based site infrastructure company, for around $950 million. Sellers include Anchorage Capital Group, Littlejohn & Co., Tennenbaum Capital Partners and Fallaron Capital Management. www.conteches.com

OTHER DEALS

• The New York Times Co. (NYSE: NYT) has agreed to pay around $30 million to acquire tech gadget review site Wirecutter. Read more.

FIRMS & FUNDS

• 3i Group has agreed to sell its debt management business to Investcorp for £222 million. Read more.

• CapitaLand, a Singapore-based real estate developer, has raised $1.5 billion for a real estate private equity fund focused on mixed-use developments in China. Read more.

• IMM Private Equity, a South Korean private equity firm, has closed its third fund with approximately $1.15 billion in capital commitments. Read more.

• Monroe Capital has closed its second private credit fund with $800 million in capital commitments. www.monroecap.com

• Oak Hill Advisors has closed its second distressed debt fund with $2.7 billion in capital commitments. Read more.

MOVING IN, UP AND ON

•Ardian has named Mark Brenke as co-head of the firm’s private debt business, alongside Olivier Berment. Brenke has been with Ardian for two years, before which he was with Intermediate Capital Group. www.ardian.com

• Derek Connor has joined the South Carolina Retirement System Investment Commission as an investment officer focused on venture capital and private equity. He previously spent more than six years with CalPERS.

• Ash Rust has joined Trinity Ventures as an entrepreneur-in-residence. He previously was CEO of SendHub. www.trinityventures.com

• Anna Thomsen has joined London-based VC firm Balderton Capital as head of investor relations. She previously was a director of investor relations with Paulson & Co.

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About the Author
By Dan Primack
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