======================================================
VENTUREWIRE --- Friday, October 13, 2000
======================================================
Private Company Business News
------ Published Daily by Technologic Partners -------
http://technologicpartners.com
======================================================

Top Stories:

o Urbanfetch Shuts Down B2C Service After Failed Kozmo Talks
o Scour, Embattled File-Sharing Service, Files For Chapter 11
o Online News Software Providers IFN and EntryPoint Merge
o KLA-Tencor Launches $50 Million Early-Stage Electronics Fund
o In Strategy Shift, Desktop.com Cuts Back On Employees
o Overstock.com Buys Gear.com, Miadora and Jewelry.com Assets

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Also in This Issue:

New Money:
o Bioinformatics Incubator LaunchCyte Secures $2 Million Seed
o Ethernet Provider Lantern Secures $59 Million in Round Two
o MAILnet Spins Out of DataMarketing With $8 Million
o Managed Security Firm Netsec Ups First Round by $3.8 Million
o Recommendation Platform Company TripleHop Gets Early Funds
o Workforce Portal eLabor.com Gets $40 Million Second Round
o Data Services Marketplace Bandwidth Place Raises Round One
o Digital Distribution Firm AudioSonix Gets $250,000 Seed
o Engineering Software Firm Numetrics Raises $1.2 Million
o ASP Delivery Managment Service Raises $20 Million Series B
o Home Networking Tech Creator Sage Closes $2 Million Series B
o Maritime ASP ShipServ Gets $5 Million in Second Round
o Automated Power Exchange Closes Third Round with $36 Million
o Disease Surveillance Tech Firm MRL Raises $25 Million
o Wireless Technology Firm VoxSurf Receives $5 Million
o Customer Relationship Management Service Raises $3.9 Million
o S3 Invests $12.5 Million in Youth-Focused Tech Firm KB Gear
o Asian Discount Brokerage Boom.com Secures $8.6 Million
o Ampal-American Invests $1.6 Million in Troubleshooter MuTek
o ESCO Capital Invests in Streaming Media Firm Nomad
o Online Investment Firm AccessBroker.com Gets Funding

New Products:
o Eastern Europe Auction Site Vatera Launches with eQuest Seed
o Wireless App Firm Pervasic Launches Pan-European Service
o U.S. Creative Changes Name to Ci2i, Expands Services
o Telecommunications Firm Unified Office Changes Name to Caleo
o ClothingAmerica Launches, Provides Donations to Charity

M&A:
o Dating Service MatchNet Acquires Messaging Firm doYOU2.com
o Bruce McGaw Graphics Buys Online Art Seller Artinside.com
o CarParts.com Acquires Software Firm CR Computing Solutions
o Law.com Buys Document Collaboration Site DocumentForum.com
o Securities Firm Siebert Acquires Women's Financial Network
o Writing Site eNovel.com to Buy AOL-Linked Novel Products

New Directors:
o PrecisionMatters Taps Ex-Precision Partners CEO for Board

New People:
o B2B Communications Firm Planet Exchange Names New CEO
o E-Commerce Site eScout Names Former Unbound COO as President
o Transport Management Firm DriverNet Appoints CEO and COO

VC Fund News:
o Bayerische Landesbank Founds New $89 Million VC Fund

VW Corrections:
o Cardinal Venture Capital
o Kamoon

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======= Top Stories =======

o Urbanfetch Shuts Down B2C Service After Failed Kozmo Talks

NEW YORK -- Urbanfetch.com will discontinue its
consumer delivery service following the failure
of merger talks with Kozmo.com. The company, which
had operations in New York and London, will focus
on its business courier service Urbanfetch Express
in New York. Urbanfetch CEO, Ross Stevens, said
in a statement that "Urbanfetch Express is... now,
in fact, more profitable and larger than our combined
New York and London B2C operations." Mr. Ross also
said that the company "would not rule out the possibility
of re-entering the B2C market if conditions change."
Both Urbanfetch and rival Kozmo have had signifcant
layoffs in recent months, and in August Kozmo.com
pulled its intended IPO. Urbanfetch is backed by
VantagePoint Venture Partners.
http://www.kozmo.com/
http://www.urbanfetch.com/
_____________________________________________

o Scour, Embattled File-Sharing Service, Files For Chapter 11

LOS ANGELES -- Scour, which provides a digital entertainment
search engine and file-sharing service through its
Web site, said it filed for reorganization under
Chapter 11. The company said it took the measure
to review and develop recapitalization and restructuring
plans to reposition itself. Scour, which laid off
52 employees last month, has been embroiled in a
legal battle with the Motion Picture Association
of America, the Recording Industry Association of
America, and the National Music Publishers Association
over issues of copyright infringement. Dan Rodrigues,
president of Scour, said that during the Chapter
11 process, which stays all pending litigation against
the company, all of Scour's products will continue
to be available. Scour is backed by the Yucaipa
Companies and Michael Ovitz, the founder of Creative
Artists Agency.
http://www.scour.com/
_____________________________________________

o Online News Software Providers IFN and EntryPoint Merge

NEW YORK -- Internet Financial Network (IFN), which
provides free downloadable software for customized
news information, said it merged with its competitor
EntryPoint to form a newly created entity called
Infogate. IFN previously used the Infogate-name
for its business, financial, and breaking-news Web
site. In the combined company, IFN chairman and
CEO Clifford T. Boro will serve as executive chairman,
EntryPoint president and CEO Francis Costello will
serve as CEO, and IFN president and COO Thomas Pace
will be president. Entrypoint, which acquired the
pioneering push technology developer Pointcast last
year, is backed by idealab!, Citigroup, The Trump
Group, Intel Capital and Eastpeak Partners, and
Moore Capital. IFN is funded by CitiGroup's Travelers
Insurance Co., Data Broadcasting Corp., and The
Trump Group.
http://www.infogate.com/
_____________________________________________

o KLA-Tencor Launches $50 Million Early-Stage Electronics Fund

SAN JOSE, Calif. -- Publicly traded KLA-Tencor,
which provides products and services to semiconductor
manufacturers, said it has created KT Venture Group,
a $50 million venture fund which will invest in
early-stage startup companies in the electronics
industry. The company said the fund will target
the industries that complement KLA-Tencor's line
of products and services, including the semiconductor,
wafer manufacturing, and data storage markets.
http://www.kla-tencor.com/
_____________________________________________

o In Strategy Shift, Desktop.com Cuts Back On Employees

ATLANTA -- Desktop.com, which provides a Web-based
service that enables users to create the equivalent
of a cutomized computer desktop on the Internet
that integrates sites, services, and applications,
said it is reducing its staff. The company would
not disclose how many of its employees will lose
their jobs, but said it currently has more than
80 employees. Desktop.com said the lay-offs are
a result of the company's changed focus from the
consumer to the business market. The new direction,
the company said, requires different resource and
personnel allocation. Desktop.com has raised $29
million from Accel Partners, Kohlberg Kravis Roberts,
and Sequoia Capital.
http://www.desktop.com/
_____________________________________________

o Overstock.com Buys Gear.com, Miadora and Jewelry.com Assets

SALT LAKE CITY -- Overstock.com, a company that
acquires excess inventory and liquidates it through
the Internet, said it has acquired ailing sporting
goods retailer Gear.com, and the assets of the recently
shut-down online jewelry retailer Miadora.com. Miadora.com
announced that it was ceasing operations last month.
Gear.com has been struggling, losing its president
and laying off employees. Overstock.com did not
disclose how much it was acquiring Gear.com for,
but put the Miadora.com deal at over $2.5 million.
Inventories of Miadora.com, as well as Jewelry.com,
which Miadora acquired earlier this year, are being
relocated to Overstock.com's warehouse in Salt Lake
City and will be available on its Web site by November
1. Miadora was funded by Freeman Spogli, Aesop Capital,
Capital Research and Management, HarbourVest, Oracle
Venture Fund, Pivotal Partners, and Sequoia Capital.
Amazon owned almost half of Gear.com, which was
also backed by Elliott Associates, Kellett Investment,
Madrona Venture Group, Sugar Mountain Capital, and
Westgate International. Overstock is backed by individual
investors.
http://www.gear.com/
http://www.overstock.com/

======= New Money =======

o Bioinformatics Incubator LaunchCyte Secures $2 Million Seed

PITTSBURGH -- LaunchCyte, a newly formed bioinformatics
incubator that supports the convergence of life
sciences and information sciences, said it completed
a $2 million round of funding. LaunchCyte plans
to create new companies to commercialize bioinformatics
technologies. The funding enables the company to
begin providing services and seed capital to early-stage
digital biology firms.
http://www.launchcyte.com/
_____________________________________________

o Ethernet Provider Lantern Secures $59 Million in Round Two

SAN JOSE, Calif. -- Lantern Communications, a developer
of optical access technology for operators of metropolitan
area networks, said it raised $59 million in its
second round of financing. The round was led by
the Goldman Sachs Group and included participation
from Madison Dearborn Partners, Menlo Ventures,
Integral Capital, Tyco International, and previous
investor Mohr Davidow Ventures. The company will
use the funds to develop its resilient optical packet
ring system, which delivers Ethernet services, and
to expand its new subsidiary Lantern Communications,
located in Ottawa, Canada.
http://www.lanterncom.com/
_____________________________________________

o MAILnet Spins Out of DataMarketing With $8 Million

NASHVILLE, Tenn. -- MAILnet Services, which helps
businesses deliver electronic messages and direct
mail for marketing campaigns, said it is spinning
out of DataMarketing Network, a mail fulfillment
company, after three years of incubation. As part
of its launch, MAILnet raised $8 million from Massey
Burch Capital and Mellon Ventures. MAILnet also
said it named Don Leyrer as president and CEO and
Phil Pfeffer as chairman of the board. Mr. Leyrer
was previously a senior vice president and general
manager at Comdata. Mr. Pfeffer is president and
CEO of Treemont Capital, an equity investment company.
The company's flagship offering is listcleanup.com,
a list processing service.
http://www.mailnetservices.com /
_____________________________________________

o Managed Security Firm Netsec Ups First Round by $3.8 Million

HERNDON, Va. -- Netsec, which provides commercial
and government organizations with managed security
services, said it received $3.8 million from E*Trade
Venture Capital, closing its first round of funding
with $15 million. Softbank Ventures earlier invested
$11.2 million in this round. The company will use
the funds to expand its services.
http://www.netsec.net/
_____________________________________________

o Recommendation Platform Company TripleHop Gets Early Funds

NEW YORK -- TripleHop Technologies, which provides
matching platforms and recommendation systems for
Web sites, call centers, mobile and voice portals,
said it received an undisclosed amount of funding
from Artificial Life Ventures, the investment subsidiary
of Artifical Life, a publicly traded provider of
intelligent software robots for the Internet. The
company will use the funds to develop joint applications
with Artificial Life. TripleHop is the fund's first
investment. TripleHop said it will close its Series
A round of funding in the fall.
http://www.triplehop.com/
_____________________________________________

o Workforce Portal eLabor.com Gets $40 Million Second Round

CAMARILLO, Calif. -- Elabor.com, which provides
labor, contractor, and project management services,
said it has raised $40 million in its second round
of funding led by Lehman Brothers. The round also
included Redpoint Ventures and Microsoft. This investment
adds to the $7.5 million secured in the first round
from Brentwood Venture Capital.
http://www.elabor.com/
_____________________________________________

o Data Services Marketplace Bandwidth Place Raises Round One

CALGARY, Alberta -- The Bandwidth Place, an online
site where buyers can request quotes for Internet
data services, said it received an undisclosed amount
of first round funding from an individual investor.
The company will use the funds to expand marketing
and develop its Web site tools. The Bandwidth Place,
created in 1999, recently re-designed its site,
which includes bandwidth meters, online forums,
tutorials, and articles.
http://www.bandwidthplace.com/
_____________________________________________

o Digital Distribution Firm AudioSonix Gets $250,000 Seed

WASHINGTON -- AudioSonix, a Web-based service for
the distribution of digital content packages, said
it received $250,000 in its seed round from undisclosed
individual investors. AudioSonix will use the funds
for product development and sales and marketing.
AudioSonix is seeking an additional $2 million in
funding.
http://www.audiosonix.com/
_____________________________________________

o Engineering Software Firm Numetrics Raises $1.2 Million

SANTA CLARA, Calif. -- Numetrics Management Systems,
which provides Internet-based engineering management
software for electronics companies, received $1.2
million in early-stage funding from a group of individual
investors that includes Cadence Design Systems co-founder
Glen Antle. The company said it will use the funds
for further product development.
http://www.numetrics.com/
_____________________________________________

o ASP Delivery Managment Service Raises $20 Million Series B

MARLBOROUGH, Mass. -- Xevo, which provides infrastructure
technology, said it raised $20 million in its Series
B round of funding. New investors in the round include
Cisco Systems, KPMG Consulting, and Portal Software.
Previous investors Prism Venture Partners, Advanced
Technology Ventures, and Catalyst Health and Technology
Partners also contributed to the funding. The company
said it will use the funding for marketing and services,
expand internationally, and continue to develop
its product. Xevo's technology enables its users
to manage delivery of application services online.
http://www.xevo.com/
_____________________________________________

o Home Networking Tech Creator Sage Closes $2 Million Series B

ALAMEDA, Calif. -- Sage Systems, an intelligence
technologies developer, said it closed a $2 million
Series B round of funding led by Cardinal Venture
Capital. Existing shareholders and principals at
Costella Kirsch, which provides lease financing,
also participated in the round. Sage is the developer
of Aladn, a home networking technology that links
devices like light switches and thermostats to each
other and to the Internet. The company said it will
use the funds for product development. Derek Blazensky,
a founding partner of Cardinal, joins Sage's board
of directors.  Previous investors include Kaufman
& Broad Home, Kensington Investment Group, and Kenetech.
http://www.sagesys.com/
_____________________________________________

o Maritime ASP ShipServ Gets $5 Million in Second Round

SAN FRANCISCO -- ShipServ, a provider of Web-based
business-to-business applications for the global
maritime shipping industry, said it received more
than $5 million in its second round of financing.
Ionian Ventures, an investment group backed by Fenway
Partners; CNF Ventures; and Thomas Miller, a mutual
insurance manager, led the round. Temasek Holdings,
a group within the Singaporean Government, and Jan
Leschly, a board member of American Express, A.P.Moller,
Ventro and Viacom/CBS also participated in the round.
ShipServ said the funding will go toward global
expansion and product and services development.
Previous investors include senior executives from
Amazon.com, Sybase, CMGI/@Ventures, and Boston Consulting
Group.
http://www.shipserv.com/
_____________________________________________

o Automated Power Exchange Closes Third Round with $36 Million

SANTA CLARA, Calif. -- Automated Power Exchange,
a provider support services to the electric power
industry, said it received an additional $2.5 million
from Nissho Iwai, closing its third round with $36.1
million. Previous investors in this round included
Woodside Fund, Tokyo Electric Power, Itochu, Ontario
Hydro, Bechtel, Kinetic Ventures, Onset Ventures,
and Technology Partners. The company will use the
funds to expand in North America, Asia and Europe.
http://www.apx.com/
_____________________________________________

o Disease Surveillance Tech Firm MRL Raises $25 Million

HERNDON, Va. -- MRL, which develops technologic
services and products for the study, surveillance
and testing of infectious diseases, said it completed
a private placement, raising $25 million. Sprout
Group, the venture capital affiliate of Donaldson,
Lufkin & Jenrette, led the financing, with participation
from Global Health Care Partners and DLJ's Merchant
Banking Partners III and its affiliates. The Sprout
Group also purchased all non-management, equity
shares held by MRL's former parent company Focus
Technologies. The funds will be used for acquisitions
and expansion of the company's surveillance network.
http://www.mrlinfo.com/
_____________________________________________

o Wireless Technology Firm VoxSurf Receives $5 Million

DUBLIN -- VoxSurf, a developer of voice and wireless
application protocol technology for communications
infrastructure providers, said it raised $5 million
in a round of funding led by Delta Partners that
included BancBoston Capital and Murray Johnstone.
The funds will be used for development of new applications
and marketing.
http://www.voxsurf.com/
_____________________________________________

o Customer Relationship Management Service Raises $3.9 Million

SAN DIEGO -- V2Commerce, a provider of online customer
relationship management services, said it raised
$3.9 million in its Series B funding. Investors
in the round include Vanguard Atlantic, Mclean Watson
Capital, and private individuals. The company said
it will use the capital to support the continuing
development of the operation, technology, and distribution
of its services. Stanley Chan, of Mclean Watson,
Fred Applegate, founder of Nicolas Applegate Capital
Management, and Hugh Teitjen, founder of Computer
Intelligence, will take seats on the company's board
of directors following the round of funding.
http://www.v2commerce.com/
_____________________________________________

o S3 Invests $12.5 Million in Youth-Focused Tech Firm KB Gear

SANTA CLARA, Calif. -- The publicly traded digital
media company, S3, said it invested $12.5 million
in KB Gear Interactive, a developer of computer-enhanced
products for young people, in its fourth round of
funding. As part of the alliance, S3 will help with
KB Gear's international product distribution.  KB
Gear said it expects approximately another $8 million
in funding before the close of this round. KB Gear
has just launched a product line of digital cameras,
music players, and Web graphics as an extension
of its Web site, jamonline.com. KB Gear is also
backed by Point West Ventures.
http://www.s3.com/
http://www.kbgear.com/
_____________________________________________

o Asian Discount Brokerage Boom.com Secures $8.6 Million

HONG KONG -- Hong Kong-based Boom.com, an online
discount stock brokerage for the Asia Pacific region,
said Oversea-Chinese Banking Corp. (OCBC Bank) has
taken a minority stake in the company. The $8.6
million investment caps a $22 million round of financing
that includes investments from Australia and New
Zealand Banking Group (ANZ) and previous investors.
J.F. Shea Ventures, and WR Hambrecht & Co. have
also backed Boom.com.
http://www.boom.com/
_____________________________________________

o Ampal-American Invests $1.6 Million in Troubleshooter MuTek

NEW YORK -- Ampal-American Israel, said it has invested
$1.6 million in MuTek Solutions, a developer of
remote-troubleshooting technology for software professionals.
The investment was made as part of MuTek's $15 million
round of funding. Ampal holds approximately 6.3%
equity interest in MuTek. Other investors who participated
in the round include Star Ventures Enterprises,
Evergreen International Investments, Clal Venture
Capital and Mofet Israel Technology Fund. MuTek
is also funded by Early Bird and Nippon Investment.
Telephone 919-878-3717.
http://www.mutek.com/
_____________________________________________

o ESCO Capital Invests in Streaming Media Firm Nomad

ZURICH -- Nomad Media, a European streaming media
company, announced it has received an undisclosed
equity investment from ESCO Capital Management,
a private investment and management firm. Gayle
Eassary, principal of ESCO and chairman of Streamedia.net
will join Nomad's board of directors. Ms. Eassary
also has made an undisclosed equity investment in
the company.
http://www.nomad.ch/
_____________________________________________

o Online Investment Firm AccessBroker.com Gets Funding

DALLAS -- AccessBroker.com, which provides online
investing and trading services for self-directed,
active equity investors and traders, said it has
received an undisclosed amount of funding from PSINet
Ventures. AccessBroker, formerly 1800DayTrade.com,
said it will use PSINets's Web hosting facilities
to keep its Web site available 24-hours every day.
http://www.accessbroker.com/

======= New Products =======

o Eastern Europe Auction Site Vatera Launches with eQuest Seed

ATHENS, Greece -- Vatera.com, an online auction
site that will focus on Eastern European markets,
announced it has launched. EVision, the venture
capital arm of Latin America auction site DeRemate.com,
and CEO Panagiotis Gomopoulos founded the new site.
Vatera has raised $2 million in seed funding from
U.S.-based eQuest Partners, a venture capital fund
created by Edgar Bronfman of Seagram Co. and Alejandro
Zubillaga of Venezuelan broadband services provider
Veninfotel. The funds are earmarked for expansion
in Turkey, Hungary, Poland, and the Czech Republic
by the end of the year. In addition to DeRemate,
eQuest has invested in approximately ten firms in
Eastern Europe and Latin America, including Loquesea.com,
a Latin youth site, and healthcare site Salutia.
http://www.vatera.com/
_____________________________________________

o Wireless App Firm Pervasic Launches Pan-European Service

LONDON -- Pervasic, which provides wireless application
services, said it was launching its service in London
and across Europe. The company raised its initial
funding from the Wireless Internet Portfolio, a
fund supported by Carphone Warehouse, and E-vestment.
The rollout began in London and will continue in
major metropolitan areas across Europe including
Paris, Frankfurt, Amsterdam, and Stockholm. Pervasic
founder and CEO, Mark Potts, has developed a number
of Internet and technology initiatives including
Document Technologies and RAIR. Mr. Potts previously
worked as a consultant for International Computers,
Xerox's Palo Alto Research Center, and the World
Intellectual Property Association. Both investing
firms hold seats on the Pervasic board of directors
as a result of their initial financing.
http://www.pervasic.com/
_____________________________________________

o U.S. Creative Changes Name to Ci2i, Expands Services

SAN FRANCISCO -- U.S. Creative, an online provider
of creative marketing services, said it changed
its name to Ci2i. The company also said it will
evolve into an online infrastructure provider for
management of creative marketing projects. Ci2i's
core product, Streamline, an online integrated workflow
and collaboration system for broadcast, print, and
Web projects, is set to launch early next year.
Ci2i is funded by Convergence Partners and Sanchez
Capital Partners.
http://www.uscreative.com/
_____________________________________________

o Telecommunications Firm Unified Office Changes Name to Caleo

AUSTIN, Texas -- Unified Office, a telecommunications
and software company, is changing its name to Caleo
Networks and expanding its services to include business-to-consumer
products along with its current business-to-business
services. The company offers telecommunications
providers and carriers with communication applications,
such as voicemail, fax services, interactive voice
response, unified messaging, and other appplications.
Caleo's services also combine local phone and Internet
voice services. Caleo is funded by Mercury Ventures.
http://www.caleonetworks.com/
_____________________________________________

o ClothingAmerica Launches, Provides Donations to Charity

SAN JOSE, Calif. -- ClothingAmerica, an online clothing
portal for individuals, retailers and distributors,
announced its launch. Some of the company's vendor
partners pay the company a 3% to 18% commission
on every ClothingAmerica purchase, which in turn
gets donated to a charity that helps provide clothing
to underprivileged children and the homeless. The
company said short-term plans include a reselling
distribution channel from clothing manufacturers
to international retailers. ClothingAmerica is backed
by individual investors and raised approximately
$100,000 in seed funding.
http://www.clothingamerica.com/

======= M&A =======

o Dating Service MatchNet Acquires Messaging Firm doYOU2.com

BEVERLY HILLS, Calif. -- MatchNet, a publicly-traded
online dating services provider, said it acquired
doYOU2.com in a stock transaction. Terms of the
deal were undisclosed. DoYou2 has developed patented
annonymous messaging and matching technology for
teens. Founder and CEO of doYOU2 Gil Sudai will
remain with the company throughout the transition.
DoYou2 is funded by CAP Ventures and Capital Group.

http://www.doyou2.com/
http://www.matchnet.com/
_____________________________________________

o Bruce McGaw Graphics Buys Online Art Seller Artinside.com

SAN FRANCISCO -- Bruce McGaw Graphics, which publishes
and distributes print and poster images, said it
is acquiring Artinside.com, an art retail site that
provides technology for viewing art before purchase,
for an undisclosed amount of stock. The companies
said the acquisition enables Artinside.com to strengthen
its position in the market with the addition of
5000 new pieces of art. Bruce McGaw, the founder
and co-owner of Bruce McGaw Graphics will be the
chief executive officer of the combined entity.
Artinside.com's founder and acting CEO Rengan Rajaratnam
will be the president. The company said roughly
three employees at Artinside.com will be laid off
as a result of the acquisition. Artinside.com was
funded by Galleon Group, Redwood Ventures and Galaxy
Ventures.
http://www.bmcgaw.com/
http://www.artinside.com/
_____________________________________________

o CarParts.com Acquires Software Firm CR Computing Solutions

EL SEGUNDO, Calif. -- CarParts.com, which sells
automotive parts and accessories online, said it
acquired CR Computing Solutions in a stock transaction.
Financial terms of the deal were undisclosed. CR
is a provider of business management systems for
warehouse distributors in the automotive aftermarket
parts industry. Chuck Ruban, founder and former
CEO of CR, will remain with the company as vice
president of business development. CarParts is funded
by RHO Management, @Ventures, Barnard & Co., Investor
AB Group, Brand Equity, St. Paul Venture Capital,
and Ravenswood Capital.
http://www.carparts.com/
http://www.crcs.com/
_____________________________________________

o Law.com Buys Document Collaboration Site DocumentForum.com

SAN FRANCISCO -- Law.com, a Web site for legal professionals
and law students, said it acquired DocumentForum.com,
a provider of real-time document collaboration services,
for an undisclosed amount. Law.com recently acquired
application service provider PMT and realLegal.com,
an electronic transcript service for the legal community.
The company is majority owned by U.S. Equity Partners,
a private equity investment fund sponsored by Wasserstein
Perella & Co., and Softbank Capital Partners.
http://www.law.com/
_____________________________________________

o Securities Firm Siebert Acquires Women's Financial Network

NEW YORK -- Siebert Financial, a publicly-traded
securities firm, announced the acquisition of Women's
Financial Network (WFN), a financial Web site targeted
to women. Financial terms were not disclosed. The
site will become a subsidiary of Siebert and be
called Women's Financial Network by Siebert. WFN
founder and chief executive officer Jennifer Openshaw
will serve as the company's vice chairman. The site
will include online trading, free checking, online
bill-paying, and other financial management services.
WFN is backed by New Vector.
http://www.wfn.com/
http://www.siebertnet.com/
_____________________________________________

o Writing Site eNovel.com to Buy AOL-Linked Novel Products

RICHMOND, Va. -- ENovel.com, a site for aspiring
authors, said it intends to acquire Novel Products,
which owns The Amazing Instant Novelist site available
on the Web and through America Online, for an undisclosed
amount. ENovel said the acquisition gives it access
to AOL's 26 million members. Enovel.com is backed
by individual investors and is presently seeking
additional venture capital.
http://www.enovel.com/
http://www.instantnovelist.com/

======= New Directors =======

o PrecisionMatters Taps Ex-Precision Partners CEO for Board

SAN FRANCISCO -- PrecisionMatters, a developer of
specialized online collaborative marketplaces for
engineers, buyers, and suppliers of precision components
within vertical industries, said it appointed James
Ashton as the fourth member of its board of directors.
Mr. Ashton formerly served as chairman and CEO of
Precision Partners, a company that offers contract
mechanical manufacturing services to original equipment
manufacturers. Precision Partners is not affiliated
with PrecisionMatters, which recently introduced
its first product, PartQuoteMedical, a database-driven
online marketplace for precision medical device
components. The company is backed by individual
investors.
http://www.precisionmatters.com/

======= New People =======

o B2B Communications Firm Planet Exchange Names New CEO

KING OF PRUSSIA, Pa. -- Planet Exchange, which provides
business-to-business communications technology,
said it promoted vice president of sales,  Joseph
Rose, to CEO. Mr Rose replaces Ron Rock, who left
the company in September. Planet Exchange is backed
by Unified Communications.
http://www.planetexchange.com/
_____________________________________________

o E-Commerce Site eScout Names Former Unbound COO as President

LEE'S SUMMIT, Mo. -- eScout.com, an Internet commerce
site for independent businesses and banks, said
its board elected Jude Dieterman as president.
Mr. Dieterman previously served as president and
COO of Unbound Communications, a Vtech Holdings
company.  Mr. Dieterman replaces Sandy Kemper who
will become eScout's chairman and CEO. In addition
to an equity position held by UMB Financial, eScout
is backed by Mayfield Fund Oak Hill Venture Partners,
Tarrant Venture Partners, and Commerce One.
http://www.escout.com/
_____________________________________________

o Transport Management Firm DriverNet Appoints CEO and COO

KANSAS CITY, Mo. -- DriverNet, which provides Internet
and intranet network management services to the
transportation industry, said it appointed David
Buckley as its first CEO and Tad DeOrio as its first
president and COO. Mr. Buckley was previously the
senior vice president and e-business leader for
Transport International Pool (TIP). Mr. DeOrio was
promoted from CFO. Backers for DriverNet include
GE Capital, a wholly owned subsidiary of General
Electric Company.
http://www.drivernet.com/

======= VC Fund News =======

o Bayerische Landesbank Founds New $89 Million VC Fund

MUNICH, Germany -- German banking firm Bayerische
Landesbank said it launched a new DEM 200 million
venture capital fund, BayTech Venture Capital Partners.
The fund willl operate internationally with its
headquarters established in Munich. Bayerische Landesbank
leads all investors in the fund with financing of
DEM 100 million. The European Investment Bank contributed
DEM 50 million to the new fund. Investors expected
to follow suit include Bayerische versicherungskammer
and the French bank Caisse des Depots et Consignations.
The fund will invest in information and communications,
life sciences, and industrial technologies. Bayerische
Landesbank has selected Rolf Schneider-Gunther,
former general partner of Atlas Venture in Germany,
to manage the fund.
http://www.bayernlb.de/

======= VW Corrections =======

o Cardinal Venture Capital

NEW YORK -- An item in yesterday's VentureWire about
a new $75 million fund created by Cardinal Venture
Capital contained an incorrect dateline. Cardinal
Venture Capital is located in Menlo Park, Calif.,
not Seattle.
_____________________________________________

o Kamoon

NEW YORK -- Due to incorrect information provided
by the company, an item in Thursday's VentureWire
incorrectly listed the BRM Group as the lead investor
in Kamoon. The lead investor was Patricof. Also,
Apax Partners was an investor, not Apex.

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