Wellesley’s Azigo, a personal data software company, raises $1.8 Million from a group of undisclosed investors March 30, 2010Posted by HubTechInsider in Startups, Venture Capital.
Tags: Startups, Venture Capital, Wellesley
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Wellesley’s Azigo, a personal data software company, raises $1.8 Million from a group of undisclosed investors.
Littleton’s Akorri Networks, Inc., raises $10. 1 Million from Montagu Newhall Associates March 30, 2010Posted by HubTechInsider in Startups, Venture Capital.
Tags: Littleton, Startups, Venture Capital
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Littleton’s Akorri Networks, Inc., raises $10. 1 Million in new equity venture funding from Montagu Newhall Associates.
LA’s Magneto Software, Open Source Ecommerce Platform Powerhouse, Raises $22.5 Million and gets ready to kick sand in kümmerlich Demandware’s face March 22, 2010Posted by HubTechInsider in Cloud Computing, Ecommerce, Investing, IPOs, Software, Startups, Venture Capital.
Tags: demandware, ecommerce, SaaS, Startups, Venture Capital, Woburn
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You’ve read here before about the grimmig shape Woburn’s (and Deutschland’s) tiny non-IPO’ing Demandware looks to be in right about now. Well, things are looking even worse for the durchfallend company today, as Los Angeles-based Open Source Ecommerce Platform Powerhouse Magneto Software has announced they have raised $22.5 Million Green American Dollars from a group of undisclosed investors, and their armies are on the march. The never-humble, always self-serving Demandware founder, Stephan Schambach, no doubt reeling from his company’s dimming IPO hopes and shrinking client base, has recently been picking a series of kindlich fights with the American company with a tutonic bluster that would have made Field Marshall Von Kesselring blush. As usual, Demandware has trotted out an endless series of their own marketing and PR flaks to churn out schadenfreude “press releases” denying that they are caught in an Open Source Crossfire reminiscent of the Kessel at Stalingrad. Even Demandware’s Ulrike Müller, “Chief Software Architect” (of Germanic dinosaur J2ee code bloat?) has chimed in with a completely unbiased bit of ranting. Now LA’s Magneto (taking the metaphor further) has scored a major victory with an enourmous $22.5 Million dar Bozhii, or “gift from God,” of an investment from a group of undisclosed investors, which they will undoubtedly use to beat Demandware over the head with. It’s put up or shut up time, Schlaubergern!
How to be a High Flying Project Manager (or, “How Programmers View Project Managers”) March 16, 2010Posted by HubTechInsider in Definitions, Management.
Tags: Project Management
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[A touch of Project Manager humor for you today, Dear Readers –Paul]
A man is flying in a hot air balloon and realizes he is lost. He reduces height and spots a man down below. He lowers the balloon further and shouts:
“Excuse me, can you help me? I promised my friend. I would meet him half an hour ago, but I don’t know where I am.”
The man below says, “Yes, you are in a hot air balloon, hovering approximately 30 feet above this field. You are between 40 and 42 degrees North latitude, and between 58 and 60 degrees West longitude.”
“You must be a programmer,” says the balloonist.
“I am,” replies the man. “How did you know?”
“Well,” says the balloonist, “everything you have told me is technically correct, but I have no idea what to make of your information, and the fact is I am still lost.”
The man below says, “You must be a project manager”
“I am,” replies the balloonist, “but how did you know?”
“Well,” says the man, “you don’t know where you are or where you are going. You have made a promise which you have no idea how to keep, and you expect me to solve your problem. The fact is you are in the exact same position you were in before we met, but now it is somehow my fault.”
Portsmouth, NH’s Whaleback Systems, a provider of managed VOIP services, raises $600,000 March 8, 2010Posted by HubTechInsider in Mobile Software Applications, Startups, Telecommunications, Venture Capital, VoIP, VUI Voice User Interface.
Tags: New Hampshire, Portsmouth, Startups, Venture Capital, VoIP
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Portsmouth, NH’s Whaleback Systems, a provider of managed VOIP services, raises $600,000 from Ascent Ventures and Castile Ventures.
Tags: Acquisitions, boston, Chelmsford
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Boston based Iron Mountain buys Santa Clara, CA-based Mimosa Systems for $112 Million. Information management company Iron Mountain Inc (IRM.N) said it acquired Mimosa Systems Inc, a Santa Clara, California-based provider of on-site digital storage services, for $112 million in cash.
With the acquisition, Iron Mountain will now get access to Mimosa’s key customers like United Healthcare Group (UNH.N) and Flextronics (FLEX.O).
The acquisition is expected to “modestly” hurt earnings in its first year, with expected synergies and revenue growth driving significant increases in profits beyond 2010, the company said.
“By combining Mimosa’s on-premises archive with our cloud-based technologies, Iron Mountain can now store, recover and discover digital content wherever it resides,” Iron Mountain Digital president Ramana Venkata said in a statement.
Iron Mountain provides records management, data protection and recovery, and paper shredding services. Until now, Iron Mountain Digital, the technology arm of Iron Mountain, provided cloud-based services to customers.
Boston-based Iron Mountain entered the digital storage segment in 2001 and has made four acquisitions since then.
Iron Mountain’s last acquisition in the digital segment was of e-discovery firm Stratify for $158 million, its biggest deal in the space.
The company has spent about $800 million on acquisitions in the last five years.
“With Mimosa in the fold, what we’re going after is an approximately $10.5 billion market around the things we’re doing today,” Venkata said.
Iron Mountain’s rivals include EMC (EMC.N) and Symantec (SYMC.O).
Woburn’s SensAble Technologies, a developer of touch-sensor computer modeling technologies, raises $8 Million from a group of undisclosed investors March 8, 2010Posted by HubTechInsider in Hardware, Startups, Venture Capital.
Tags: Hardware, Startups, Venture Capital, Woburn
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Woburn’s SensAble Technologies, a developer of touch-sensor computer modeling technologies, raises $8 Million from a group of undisclosed investors.
Tags: Acquisitions, Billerica, Biotech, Biotechnology
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Germany’s Merck KgAA offers $7.2B for Billerica’s Millipore. Merck KgAA has swooped in to offer $6 billion, or $107 per share, for the bioresearch and bioproduction company, beating Waltham’s Thermo Fisher to the punch. Including debt, the deal is valued at $7.2 billion. The deal will boost Merck’s chemicals business, which currently generates 25 percent of its total revenue, the company says in a statement. With the Millipore buyout, that number will grow to 35 percent. And it gives the developer a strong source of revenue that’s not subject to the uncertainties of drug development.
The German company says it intends to retain Millipore’s headquarters in Billerica, Massachusetts and combine it with Merck’s U.S. chemical headquarters. It also plans to build on Millipore’s workforce and retain its senior management. Merck expects that the combined business will generate annual cost synergies of around $100 million (€ 75 million), which it expects to realize within three years from the closing of the transaction, according to a statement.
In 2009, Millipore generated sales of $1.7 billion, with roughly 6,000 employees in more than 30 countries. The deal is expected to close in the second half of 2010.
Merck KGaA and Millipore Announce Transaction
Merck to acquire all outstanding Millipore shares for US$ 107 per share in cash, creating a world-class partner for the life science sector
Agreed transaction valued at approximately € 5.3 billion (US$ 7.2 billion)
Combination will create a € 2.1 billion (US$ 2.9 billion) partner for the Life Science sector and transform Merck Chemicals
Combined business will have significant scale in high-growth bioresearch and bioproduction segments
Merck intends to retain Millipore’s headquarters in Billerica, Massachusetts
Darmstadt, Germany and Billerica, MA – February 28, 2010 – Merck KGaA, a global pharmaceutical and chemical company, and Millipore Corporation (NYSE: MIL), a leading Life Science company based in Billerica, Massachusetts, USA, today announced that they have entered into a definitive agreement under which Merck KGaA will acquire all outstanding shares of common stock of Millipore, for US$ 107 per share in cash, or a total transaction value, including net debt, of approximately € 5.3 billion (US$ 7.2 billion). The transaction was approved by the boards of directors of both companies. Millipore and Merck will create a € 2.1 billion (US$ 2.9 billion) world-class partner for the Life Science sector, achieving significant scale in high-margin specialty products with an attractive growth profile.
“This transaction is very attractive to shareholders, customers and employees of both companies,” said Dr. Karl-Ludwig Kley, Chairman of the Executive Board of Merck. “This is a combination with an excellent strategic fit, which will allow us to cover the entire value chain for our pharma and biopharma customers, offering in entire value chain for our pharma and biopharma customers, offering integrated solutions beyond chemicals.”
Millipore has a strong position in the attractive bioresearch and bioproduction segments, offering a comprehensive range of products, technologies and services for pharma and biotech companies, as well as for academia, to improve laboratory productivity and to develop and optimize manufacturing processes. In 2009, Millipore generated sales of US$ 1.7 billion, with around 6,000 employees in more than 30 countries.
Martin Madaus, Chairman, President and CEO of Millipore said, “Over the past five years, we have transformed Millipore into a life science leader by driving innovation, entering new markets, and generating exceptional operational performance. Today’s announcement, which is the outcome of a thorough strategic review process, is a validation of the tremendous value of the Millipore brand and a testament to the value this transformation has created for all of our stakeholders. We are excited to join a high-quality company like Merck as we will gain greater scale and scope in the life science industry. This is a very positive outcome for our employees and customers as we continue to build on our strategy for growth, while maintaining our headquarters in Billerica.”
Together, Millipore and Merck will have a significant presence in high-growth segments and an enhanced geographic presence. Combining the research and development capabilities of both companies will create a powerful innovation platform to develop cutting-edge technologies that are tailored even more closely to the needs of customers.
Dr. Kley added: “By combining Millipore’s bioscience and bioprocess knowledge with our own expertise in serving pharma customers, we will be able to unlock value in our chemicals business and transform it into a strong growth driver for Merck. Through this acquisition, we will expand the overall product offering of the Merck Group, using the well-recognized Millipore brand in addition to our own brand.”
The acquisition is fully in line with Merck’s strategy of focusing on high-margin, specialty products with an attractive growth profile. In addition, the transaction will lead to a more balanced business profile for the Group. Currently, the Chemicals business sector generates around 25% of Merck’s total revenues. Following the transaction, the chemicals business will contribute 35% of total Group revenues of € 8.9 billion (pro forma), driven by its strong Liquid Crystals business and the new world-class life science business.
In order to ensure a seamless integration of the two businesses, Merck will apply a “best of both worlds” integration approach across all operating business functions. Merck plans to build on Millipore’s talented workforce and intends to retain its senior management. The company also plans to maintain Millipore’s headquarters in Billerica and combine it with Merck’s U.S. chemicals headquarters. Merck expects that the combined business will generate annual cost synergies of around US$ 100 million (€ 75 million), which Merck expects to realize within three years from the closing of the transaction.
The acquisition will be funded through available cash and a term loan provided by Bank of America Merrill Lynch, BNP Paribas and Commerzbank Aktiengesellschaft. Merck plans to replace part of the facility through the issuance of bonds. Merck is committed to retaining a solid investment-grade rating.
Completion of the acquisition requires the approval of Millipore shareholders, for which Millipore will call a special shareholders meeting, and the satisfaction of other customary conditions, including antitrust clearance. Due to the fact that the two businesses are highly complementary, Merck expects that the transaction will clear regulatory review. Merck anticipates that the transaction will be completed in the second half of 2010, at which time all outstanding shares of Millipore common stock will be exchanged for the right to receive the agreed cash payment.
Guggenheim Securities, LLC and Perella Weinberg Partners LP have acted as financial advisors to Merck in the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP served as the Group’s legal advisor. Goldman Sachs & Co. acted as financial advisor to Millipore, and Cravath, Swaine & Moore LLP and Ropes & Gray LLP acted as Millipore’s legal advisors.
NOTE TO EDITORS:
Please find further information on Merck’s corporate website http://www.merck.de
A pre-recorded interview with Merck Chairman of the Executive Board Dr. Karl-Ludwig Kley is available at http://www.merck.de
Media Call and Press Conference:
Merck Chairman of the Executive Board, Dr. Karl-Ludwig Kley, and Dr. Bernd Reckmann, Head of the Chemicals business sector, will discuss the transaction at a press conference on March 1, 2010 at 10:30 a.m. CET. The press conference will also be broadcast on Merck’s website: http://www.merck.de.
Analysts and Investor Call:
Merck Chairman of the Executive Board, Dr. Karl-Ludwig Kley, and Merck Chief Financial Officer, Dr. Michael Becker, will discuss the transaction in a conference call for European analysts and investors at 9 a.m. CET and for U.S. analysts and investors at 2:30 p.m. CET (8:30 a.m. EST), both on March 1, 2010.
Merck KGaA stock symbols:
Reuters: MRCG, Bloomberg: MRK GY, Dow Jones: MRK.DE
Frankfurt Stock Exchange: ISIN: DE 000 659 9905 – WKN: 659 990
Merck is a global pharmaceutical and chemical company with total revenues of € 7.7 billion in 2009, a history that began in 1668, and a future shaped by approximately 33,000 employees in 61 countries. Its success is characterized by innovations from entrepreneurial employees. Merck’s operating activities come under the umbrella of Merck KGaA, in which the Merck family holds an approximately 70% interest and free shareholders own the remaining approximately 30%. In 1917 the U.S. subsidiary Merck & Co. was expropriated and has been an independent company ever since.
Millipore (NYSE: MIL) is a Life Science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world’s challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 6,000 employees worldwide.
Tags: Cambridge, Green Energy, green technology, M.I.T., MIT, Nanotechnology
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MIT Researchers discover new electricity production method utilizing carbon nanotubes. The team of researchers at MIT have announced that they have made a new breakthrough for producing electricity with carbon nanotubes, and the discovery may one day lead to a myriad of new devices such as sensors the size of dust that can be dispersed in air to monitor the environment or perhaps the technology might lead to implantable devices that produce their own power. The researchers discovered a phenomenon that was previously unknown that produces powerful waved of energy that shoots though carbon nanotubes, producing electricity.
The team of researchers called the phenomenon “thermopower waves.” MIT’s Michael Strano, the Charles and Hilda Roddey Professor of Chemical Engineering, and senior author of the paper reporting the findings said, “[Thermopower waves] opens up a new area of energy research, which is rare.”
The thermal wave is a moving pulse of heat that travels along the microscopic carbon nanotubes and drives electrons along with it creating an electrical current. The team coated carbon nanotubes with a highly reactive fuel that produces heat as it decomposes. The fuel was ignited at one end of the nanotube with a laser beam or high-voltage spark.
The resulting ignition created a fast moving thermal wave that travels about 10,000 times faster than the normal speed of the reaction according to the team. The temperature of the ring of heat reaches about 3,000 kelvins, pushing electrons along the tube creating a substantial electrical current. Strano says that the combustion waves have been mathematically studied for more than a hundred years, but he claims to be the first to predict that the combustion waves could be guided by a nanotube or nanowire and push an electrical current along the wire.
Since the discovery is so new, it is hard to predict how it could be used in practical application. The team plans to conduct more research using different kinds of reactive materials for the fuel coating and the team suspects that by using other materials for the coating the front of the wave could oscillate to produce an alternating current. The team points out that most of the power generated with the new method is given off as light and heat and work is ongoing to make the process more efficient.
Tags: Dedham, ecommerce, retail, Software, Startups, Venture Capital
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Dedham’s Reflexis Systems, a maker of retail management software, raises $6 Million from a group of undisclosed investors.
Tags: Green Energy, green technology, Lowell, Solar Power, Startups, Venture Capital
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Lowell’s Konarka Technologies, a Solar Power Technology Company, raises $20 Million from Konica Minolta Holdings Inc.
Tags: Chelmsford, Startups, Venture Capital
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Chelmsford’s Desktone, a desktop virtualization company and provider of network computer services for large organizations, raises $5 Million from a group of investors including Highland Capital Partners, SoftBank Capital, Citrix Systems, and Tangee International.
Attleboro’s Sensata Technologies, a sensor and controls maker, readies a $726 Million IPO March 8, 2010Posted by HubTechInsider in Hardware, IPOs, Microprocessors, Startups, Venture Capital.
Tags: Hardware, IPO, IPOs, Startups, Venture Capital
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Attleboro’s Sensata Technologies, a sensor and controls maker, readies a $726 Million IPO on the NYSE (New York Stock Exchange symbol–ST) underwritten by Morgan Stanley, Barclays Capital, Goldman, Sachs & Co, BofA Merrill Lynch, J.P. Morgan, Citigroup, and Credit Suisse.
Cambridge’s Knome pioneers the new science of DNA gene sequencing: is there a DNA scan in your health care future? March 8, 2010Posted by HubTechInsider in Biotech, Health Care IT, Startups.
Tags: Biotech, Biotechnology, Cambridge, pharmaceuticals, science, Startups
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Gene researchers have been anticipating for years now about how gene sequencing technology will revolutionize the practice of medicine. With the steady advancement of Moore’s law-induced cost lowering, cheap gene sequencing means this revolution is now underway. The cost of decoding all 6 Billion letters in the human genome has dropped from around $1 Million in 2007 to less than $20,000 today.
Already the cost of performing a gene scan on a patient can be lowered to $2,500 if a two-step method is used to extract and sequence only the 1% of the gene sequences that contain known genes. New gene sequencers being introduced by companies such as Illumina and Life Technologies could lower the cost of sequencing an entire patient’s genome to below $3,000 by the end of 2010.
Although DNA sequencers have not been approved for use in medical testing, and insurers don’t pay for sequencing, peering into the DNA of wealthy patients with rare and scary diseases is becoming an option.
Knome, a privately held, Cambridge, Massachusetts based company, started out in 2008 by charging up to $350,000 to arrange sequencing and interpretation of the gene data for wealthy patrons as a vanity project. The company now offers the scans for as little as $25,000. The company’s CEO, Jorge Conde, is said to have expressed that several patients hoping to use the scans to guide their care providers in diagnosis and prescription. Cancer patients may be among the first to benefit from DNA sequencing technology.
Tags: Cambridge, ecommerce, Startups, Venture Capital, waltham
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Cambridge’s Allurent, an ecommerce technology company, raises $2 Million in a Series C round of equity capital from Waltham’s Polaris Venture Partners.