?	
?	VentureWire
	Wednesday, May 30, 2001		?
?	CONTENTS | COMPANIES | INVESTORS | ADVERTISE | TELL A FRIEND	VentureWire Index
		'VentureWire
		today: 699.6 ? -1.40%	?
? 		
		
		top stories
		
		  NotifyMe Networks Fails to Close Series D, Shuts Down
		  Software Firm MetaStorm Captures $20 Million in Round Two
		  Boxerjam Lays Off 37 to Stay Afloat, Searches for Buyers
		  Real Media's Co-Founder Leaving To Start New Online Company 
		
		
		TODAY'S FEATURES 
		Koch Ventures Investing Less But Expanding Presence
		By Matthew Sheahan
		Although the venture capital unit of Wichita, Kan.-based Koch Industries will 
see a drop of between 10% and 15% in its investments this year, the unit is 
expanding with new offices in the Southwest, including Dallas and southern 
California. more>>
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		new money
		
		  Voice and Data Co. Spotwave Wireless Has $1.9M Series A 
		 Bernina Biosystems Raises $6.5M in Second Round 
		 Telecom Software Firm Trendium Closes Round Two at $25M
		  Australian Seek Communications Closes $1.6M Round
		  Newtek Capital Puts $3.6M in Universal Processing Services
		  vSimplify Closes Series B at $2.75 Million
		  Core Networks Receives Follow-On Financing in Series B
		  Speech Recognition Software Firm InfoTalk Nabs $12M
		  Meetings and Events Firm StarCite Closes $10M Round Three
		  Communications Provider eKit Raises $6.2 Million Series C
		  Biotech Firm Encelle Gets $7 Million Series C
		  Pegasus VC Invests in Info Security Firm Core SDI
		  Software Firm Esterel Raises $10.5 Million Third Round 
		
		
		bad news
		
		  Sports and Fitness Portal Asimba Winds Down Operations
		  StockHouse Slashes 68% of Staff, Closes Four Offices
		  Hookt.com Files For Chapter 11, Seeks Buyer
		
		
		new products
		
		  Software Vendor Exteriority Launches, Buys Assets of PaperX 
		 cPower Launches To Assist Tech Firms with Product Marketing
		
		
		m&a
		
		  IT Factory Makes Eighth Acquisition with NotesHouse
		  Online Sales Tech Firm NetSales Seeks Buyer
		  Sonik Acquires Broadbank Assets of RadioConnect
		  Chordiant Software Acquires Assests of ASP Outfitter
		  focusCORE Accepts Acquisition Offer by Avrio Group
		
		
		new directors
		
		  NETdelivery Adds Ex-AT&T President to Board
		  Systems Design Firm Nallatech Names Pentair Exec As Chair
		
		
		new people
		
		  Converged Switching Firm Gluon Names President & CEO
		  Enterprise Security Firm Solsoft Names New Chairman and CEO 
		 Corechange Names Charles F. Kane President
		  InfoImage Appoints Thomas Niccoli as COO, President
		  Knowledge Management Firm QED Solutions Names President
		
		
		vc fund news
		
		  Woodside Investing On An Upswing Despite Market Woes
		  Pakistani Firm KASB TechVentures to Close Down in June
		  Southern Capitol Partners with State-Funded Biotech Center
		
		
		vc personnel
		
		  Ex-Pequot Capital VP Joins Partech as Portfolio Manager
		
		 TOP STORIES... NEW MONEY... BAD NEWS... NEW PRODUCTS... M&A... NEW 
DIRECTORS... NEW PEOPLE... VC FUND NEWS... VC PERSONNEL
		
		
		top
		
		
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		 top stories 
		?
		NotifyMe Networks Fails to Close Series D, Shuts Down
		 mail? top
		
		 SUNNYVALE, Calif. (VENTUREWIRE) -- NotifyMe Networks, which distributed 
customizable interactive alerting services that enable real-time, two-way 
communication across phones, pagers, and e-mail platforms, has shut down, 
according to CEO Chuck Dietrick. Mr. Dietrick said that despite securing a 
lead investor and raising half of the approximately $15 million Series D 
financing, the company was unable to close the round and thus shut down. The 
company employed a staff of 50. NotifyMe Networks now looks to sell off its 
business assets through assignment company DSI. Ideally, said Mr. Dietrick, 
the company will sell for "north of $5 million." Potential buyers include 
large telecommunications and software companies. Prior to its efforts to 
raise a Series D, NotifyMe Networks had raised $14.2 million from Attractor 
Investment Management and individuals.
		http://www.notifyme.com
		
		
		Software Firm MetaStorm Captures $20 Million in Round Two
		 mail? top
		
		 SEVERNA PARK, Md. (VENTUREWIRE) -- MetaStorm, which develops software that 
enables companies to integrate data and systems, announced the close of $20 
million in second round financing. New investor UBS Capital Americas II led 
the round, which also included new investor Ironside Ventures and 3i Group, 
an existing investor. A company spokesperson declined to reveal post-money 
valuation, but said it was "down moderately." Lawrence Handen, partner at UBS 
Capital Americas, joins the board, which now has seven directors. Funds will 
be used for sales, marketing, distribution, and customer support in North 
American and international markets, expanding the company's presence in 
Germany, Italy, South Africa, Australia, France, Spain, and Switzerland. 
Metastorm, which employs about 150 people, expects to add another 20 to 25 
employees by the end of the year. The company expects to see roughly $25 
million in revenues for 2001.
		http://www.metastorm.com
		
		
		Boxerjam Lays Off 37 to Stay Afloat, Searches for Buyers
		 mail? top
		
		 CHARLOTTESVILLE, Va. (VENTUREWIRE) -- Boxerjam, a producer and distributor 
of games and game shows for online, wireless, and broadcast networks is 
looking for a buyer, according to CEO Alan Cunningham, who confirmed Tuesday 
that 37 employees have been laid off and seven people remain at the company. 
He said the company is currently engaged in discussions with prospective 
buyers, adding that it was too early to say if anyone is interested. Mr. 
Cunningham blamed the move on the present market environment, stating that 
Boxerjam is still in business, but "operating on a low budget." All the 
laid-off employees received a severance package consistent with market 
standards, he said. Boxerjam, which has raised $15 million in funding to 
date, is backed by New Enterprise Associates and Oak Investment Partners. 
		http://www.boxerjam.com
		
		
		Real Media's Co-Founder Leaving To Start New Online Company 
		mail? top
		
		 NEW YORK (VENTUREWIRE) -- Real Media, an online advertising firm, said David 
Morgan, a co-founder and co-chairman of the company, will be leaving the 
company on June 30 to start a new online company. Mr. Heinz Waegli, the CFO 
of the PubliGroupe, will replace Mr. Morgan as co-chairman of the company. 
The PubliGroupe holds a majority interest stake in Real Media. Mr. Morgan, 
who said he was leaving to find another entrepreneurial challenge, also said 
the new company would develop software tools to enable media companies to 
capture and manage data about their audiences. For the moment Mr. Morgan said 
he is financing the new venture by himself and has no plans for outside 
funding. Real Media's other co-founders, CTO Gil Beyda and executive vice 
president Charles Smith, will remain with the firm. Real Media said it 
expects to reach profitability before the end of the year. The company has 
raised more than $30 million from Advance Internet, Destination Group, and 
PubliGroupe.  
		http://www.realmedia.com
		
		
		 new money 
		?
		Voice and Data Co. Spotwave Wireless Has $1.9M Series A 
		mail? top
		
		 OTTAWA (VENTUREWIRE) -- Spotwave Wireless, a provider of voice and wireless 
data services, said it raised CAD $3 million ($1.9 million) in Series A 
financing, co-led by Venture Coaches and Primaxis Technology Ventures of 
Toronto. The company plans to use the funding for product development. 
Post-money, Spotwave has a valuation of $9.1 million. As a result of this 
financing, Kerri Golden, a vice president of Primaxis Technology Ventures, 
has been granted the sixth seat on the company's board of directors, which 
also includes Claude Haw, managing partner of Venture Coaches; Conrad Lewis, 
principal of Eagle One Ventures Corporation; and Luc Lussier, president and 
CEO of Lumic Electuronics. A company spokesperson declined to reveal a burn 
rate, but said Spotwave expected the funds to last through to the end of the 
year. The company is currently raising a Series B round of $10 million to $15 
million, to close before the year's end.
		http://www.spotwave.com
		
		
		Bernina Biosystems Raises $6.5M in Second Round 
		mail? top
		
		 TUTZING, Germany  (VENTUREWIRE) -- Bernina Biosystems, which develops drug 
delivery technology, said it raised DEM 15 million ($6.5 million) in 
second-round funding led by new investor High Tech Beteiligungen, which 
invested $3.5 million. Belgian Fonds Rendex, another new investor, invested 
$1.3 million, and previous investors Earlybird and BioM invested $1.7 
million. Bernina said the financing would be used to develop its 
organ-specific drug delivery platform technology. The company also said it 
has established partnerships with departments at the University of 
Duesseldorf and the Regensburg University in Germany. Bernina said it is 
targeting to reach profitability in 2003 or 2004. 
		http://www.bernina-biosystems.com
		
		
		Telecom Software Firm Trendium Closes Round Two at $25M
		 mail? top
		
		 SUNRISE, Fla. (VENTUREWIRE) -- Trendium, a provider of high-end specialized 
software for telecommunications firms, Internet service providers, and 
broadband carriers, said it has closed its second round of funding at $25 
million led by Mellon Ventures. Mellon was joined by other new investors 
Vertex Management, Crossbow Ventures, GKM Venture Partners, as well as 
individuals from the communications industry. Previous investors M/C Venture 
Partners and Trinity Ventures also participated in the round. Trendium, which 
raised $13.5 million in its first round of funding, said it will use the 
latest funds to expand its sales and marketing in North America and Europe 
and add new functions and features to its products, which are being tested 
and deployed by several service providers.
		http://www.trendium.com
		
		
		Australian Seek Communications Closes $1.6M Round
		 mail? top
		
		 MELBOURNE, Australia (VENTUREWIRE) -- Seek Communications, an Internet job 
site for Australia and New Zealand, said it raised AUD 3.1 million ($1.6 
million) from return investors Yahoo!, AMWIN, Macquarie Technology Ventures, 
AMCF, and new investor Acer Technology Partners Fund. No new board seats were 
granted as a result of this funding. In July of 2000, the company received an 
investment of $3.2 million from Yahoo!. Seek Communications' chairman Irvin 
Rockman is also an investor in the company. Seek has raised $12.9 million to 
date. 
		http://www.seek.com.au
		
		
		Newtek Capital Puts $3.6M in Universal Processing Services
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- Newtek Capital, a publicly traded firm which 
invests in early-stage technology and Internet companies, said it invested 
$3.6 million in first-round funding for Universal Processing Services, a 
provider of electronic processing technology for retail commerce 
transactions. Universal Processing Services plans to dedicate the new funds 
to expansion of its marketing programs, corporate infrastructure, and team. 
As a result of this financing, Newtek received a 60% ownership interest in 
Universal Processing Services and was granted three seats on the company's 
five-member board. 
		http://www.newtekcapital.com
		
		
		vSimplify Closes Series B at $2.75 Million
		 mail? top
		
		 STAMFORD, Conn. (VENTUREWIRE) -- vSimplify, which hosts corporate intranets, 
online benefit enrollment, and voluntary benefits for small to midsize 
companies, said it closed its Series B at $2.75 million with funding from 
strategic lead investor Skandia Innovation U.S., previous investor 
Connecticut Innovations, and Lexam Capital. The company said it will use the 
money for infrastructure development and sales and marketing. America 
Skandia, a subsidiary of Sweden-based Skandia Insurance, will co-market 
vSimplify's products. Connecticut Innovations will provide marketing and 
business development for the company. vSimplify closed its Series A round in 
June 2000, led by Connecticut Innovations, at $4.5 million with participation 
from American Skandia and individual investors. Founded in 1999, the company 
reports a $300,000 monthly burn rate. The company also announced the addition 
of three board members: Anders O. Soderstrom, president of Skandia 
Innovation, US; Peter Longo, managing director of Connecticut Innovations; 
and David W. Mullins Jr., former vice chairman of the Federal Reserve Board 
under Alan Greenspan, and assistant secretary of the treasury for domestic 
affairs in the first Bush administration. Mr. Mullins previously sat on the 
advisory board of vSimplify.
		http://www.vsimplify.com
		
		
		Core Networks Receives Follow-On Financing in Series B
		 mail? top
		
		 HALIFAX, Nova Scotia (VENTUREWIRE) -- Core Networks, which develops 
activation and network management software applications for the high-speed 
Internet-over-cable industry, said it received follow-on financing to its 
Series B round, in which the company raised $10.5 million in March. The 
amount of this investment was not disclosed. Return investor Royal Bank 
Capital Partners and new investor Intel Capital provided the new financing, 
which will be used for business development. The deal was based on the same 
valuation as the March funding, which was provided by Royal Bank Capital 
Partners Telecommunications Fund, ACF Equity Atlantic, and Skypoint Capital. 
		http://www.corenetworks.com
		
		
		Speech Recognition Software Firm InfoTalk Nabs $12M
		 mail? top
		
		 HONG KONG (VENTUREWIRE) -- InfoTalk, which develops conversational speech 
recognition technology, said it has closed $12 million in a round of 
financing. New investor imGO led the round, with participation from other new 
investors Accenture Technology Ventures and HSBC Private Equity Asia. 
Existing investor Walden International also participated in the round. J.P. 
Morgan acted as placement agent. Funds will be used for expansion. Prior to 
this round, InfoTalk had received $4 million from Walden International and $1 
million from Singaporean technology fund TDF Management.
		http://www.infotalk.com.hk
		
		
		Meetings and Events Firm StarCite Closes $10M Round Three
		 mail? top
		
		 PHILADELPHIA (VENTUREWIRE) -- StarCite, a provider of supply-chain 
purchasing and management technology for the meetings and events industry, 
said it raised $10 million in third round of financing led by new investor 
American Express with participation from Breakaway Solutions, Maritz Travel, 
Starwood Hotels & Resorts Worldwide, Strattech Partners, and VerticalNet. 
Previous investors Internet Capital Group, McGettigan Partners, Mellon Bank, 
and Networld also participated in this round. The company plans to dedicate 
the new funds to working capital and expansion. A company spokesperson 
declined to reveal the valuation, but indicated that this was a down round. 
As a result of this financing, American Express and Starwood Hotels & Resorts 
Worldwide have each been granted one seat on the company's seven-member 
board, which includes Mike Forster of the Internet Capital Group and Davor 
Gjivoje of Networld. Prior to this round, StarCite raised a first round of $6 
million in October of 1999 from the Internet Capital Group and McGettigan 
Partners. In June of 2000 the company closed $14 million in second-round 
financing from the Internet Capital Group, Mellon Bank, and Networld. 
		http://www.starcite.com
		
		
		Communications Provider eKit Raises $6.2 Million Series C
		 mail? top
		
		 MELBOURNE, Australia (VENTUREWIRE) -- eKit, a provider of unified messaging 
technology services for travelers, said that it received AUD $12 million 
($6.2 million) in Series C financing led by previous investor Allen & 
Buckeridge, with unnamed existing investors participating. Intel Capital, a 
new investor, also participated in this round. The company plans to use the 
new funds for product development and international expansion in Europe, 
North America, and Asia. As a result of this financing, Intel was granted a 
non-voting observer seat on the company's four-member board, which includes 
Frank Foster of Arllen & Buckeridge. According to co-CEO Bryan Rowe, this was 
a down round, with a post-money valuation of approximately $13 million. With 
a burn rate of "between $100,000 and $200,000" per month, Mr. Rowe 
anticipates that the company will reach profitability by the fourth quarter 
of this year and does not expect to raise additional capital in the near 
future. Prior to this round the company raised approximately $7 million from 
Allen & Buckeridge, AMP Investments, Escor, JGL Investments, and unnamed 
individuals. 
		http://www.ekit-inc.com
		
		
		Biotech Firm Encelle Gets $7 Million Series C
		 mail? top
		
		 RALEIGH, N.C. (VENTUREWIRE) -- Encelle, which develops an injectable 
biopolymer that helps skin ulcers heal, announced that it has raised a Series 
C round of $7 million co-led by previous investor InterSouth Partners and new 
investor Koerner Capital. There has also been participation from previous 
investors Child Health Investment, Cordova Ventures, the N.C. Enterprise 
Fund, and North Carolina BioScience Fund/Eno River Capital. New investors 
Hibernia Capital and Coastal Growth Partners also participated in this round, 
which had its first close at $4 million in December of 1999. The company 
plans to use the new funds for continued human clinical trials and staff 
expansion. According to Encelle CEO James D. Woodward, this round was "just 
slightly up," with a post-money valuation of $20 million. As a result of this 
financing, John Koerner of Koerner Capital has joined as the seventh member 
of the company's board of directors, which includes Dr. Teo Dagi of Cordova 
Ventures and Dennis Dougherty of Intersouth Partners. Mr. Koerner will be 
taking the seat of company co-founder John Sherwin Jr., who has resigned from 
the board. Encelle is currently raising a Series D round of $8 million in a 
combination of strategic and venture capital, to close this fall.
		http://www.encelle.com
		
		
		Pegasus VC Invests in Info Security Firm Core SDI
		 mail? top
		
		 BUENOS AIRES, Argentina (VENTUREWIRE) -- Pegasus Venture Capital, a Latin 
American investment fund, said it led a $3 million round of financing for 
Core SDI, a provider of security products and services for information 
systems. Pegasus contributed $2.5 million, while individuals invested the 
remaining $500,000. Core's flagship product, Core Security Solution, provides 
services for security administration and management for large enterprises. 
Customers include Ernst & Young, Amazon.com, Microsoft , Bank of Boston, and 
PricewaterhouseCoopers.
		http://www.core-sdi.com
		
		
		Software Firm Esterel Raises $10.5 Million Third Round 
		mail? top
		
		 GUYANCOURT, France (VENTUREWIRE) -- Esterel Technologies, which develops 
software tools for verification and validation of embedded systems, said it 
secured EUR 12.3 million ($10.5 million) in third-round funding from Advanced 
Capital Europe, CDC Innovation Partners, Galileo Partners, and Intel Capital. 
The company said the funding would be used for its expansion in North 
America, the U.K., Germany, Scandinavia, and Asia. Esterel Technologies has 
received funding from eNgenuity Technologies, which owns a 22.7% equity stake 
in the firm, and from Financiere de Brienne, Inria Transfert, Innoven, 
Innotech, Finno, and Thales Corporate Ventures. 
		http://www.esterel-technologies.com
		
		
		 bad news 
		?
		Sports and Fitness Portal Asimba Winds Down Operations
		 mail? top
		
		 REDWOOD CITY, Calif. (VENTUREWIRE) -- Asimba, a sports and fitness lifestyle 
site, has ceased operations and is "actively" looking for a buyer, a 
spokesman for the company said. Asimba did not say what led to the shut down, 
but said it will continue to operate its Web site and service its existing 
customers. However, the company will not "be taking on new businesses." 
Asimba is backed by McCown De Leeuw & Co., I-Hatch Ventures, CMGI@Ventures, 
Global Retail Partners, and Fayez Sarofim & Co. 
		http://www.asimba.com
		
		
		StockHouse Slashes 68% of Staff, Closes Four Offices
		 mail? top
		
		 VANCOUVER, British Columbia (VENTUREWIRE) -- StockHouse Media, which 
provides online financial content and development products and services, said 
it cut 85 positions, or 68% of its staff, last Wednesday as the company 
restructures in response to market conditions. StockHouse also said it closed 
its offices in Australia, Hong Kong, Singapore, and the U.K., but will 
continue to operate its Web sites for these countries out of its North 
American offices. StockHouse said the cuts were concentrated in content and 
software development and all the laid-off employees received severance. Forty 
people remain with StockHouse Media in its offices in Toronto, Sarasota, 
Fla., and Vancouver. StockHouse said it would continue to provide its free 
online services but also plans to launch a fee-based, real-time stock 
information service this summer. The company, which said the layoffs reduced 
the monthly burn rate by almost 50%, is targeting to reach profitability by 
the end of the year. In addition, StockHouse said it plans to raise a $10 
million to $15 million third round within the next six months. To date, 
StockHouse has raised over $30 million from chinadotcom, New World CyberBase, 
SCMP.com, and individual investors. 
		http://www.stockhouse.com
		
		
		Hookt.com Files For Chapter 11, Seeks Buyer
		 mail? top
		
		 NEW YORK (VENTUREWIRE) -- Hookt.com, an online destination for hip-hop 
music, news, culture, fashion, and shopping, said it has filed for 
reorganization under Chapter 11 bankruptcy. The company said pending lawsuits 
against the company by two of its former Web developers prompted it to file. 
Hookt said Chapter 11 filing will result in an automatic stay of all actual 
and pending litigation and that the company will continue its day-to-day 
operations while it evaluates its alternatives--including the potential sale 
of the company. In January, Hookt merged with Platform.net, an urban 
lifestyle portal and e-commerce network. The merged companies consolidated 
staff and operations at Hookt's Manhattan offices, but remained separately 
branded Web sites. A Hookt spokesperson said Platform is a subsidiary of 
Hookt and has not filed for bankruptcy. Hookt has a staff of 25. Hookt, which 
recently raised a $5 million round of funding, is backed by investors 
including Warburg Pincus, Chase Capital Entertainment Partners, and 
Quetzal/Chase Capital Partners. Platform.net's backers include Spinnaker 
Capital, Sony Music Entertainment, and individual investor Michael Tannen.
		http://www.hookt.com
		http://www.platform.net
		
		
		 new products 
		?
		Software Vendor Exteriority Launches, Buys Assets of PaperX 
		mail? top
		
		 LONDON (VENTUREWIRE) -- Exteriority said it acquired the software assets of 
PaperX, a defunct London-based paper marketplace, and is launching a new 
e-commerce software business. The terms of the deal were not disclosed. 
Exteriority was founded by Borge Bogaard, Christoph Ferch, and Ian Leader, 
former members of the PaperX management team. Mr. Leader, who was PaperX's 
technology director, said Exteriority will not continue the marketplace 
business of PaperX. Instead, it will provide private marketplace and 
supply-chain software to businesses. PaperX closed down in February and laid 
off all of its employees. Mr. Leader said three people from PaperX's 
technology team have joined Exteriority, which is headed by Mr. Ferch, the 
CEO. Mr. Bogaard is chairman and chief operating officer, and Mr. Leader is 
the chief technology officer. According to Exteriority, PaperX invested more 
than EUR 11 million ($9.5 million) in the development of its software, with 
venture capital provided by Apax Ventures, Finnish investor Menire, and 
Insight Capital's European fund. PaperX had raised a total of $12.9 million 
in venture financing, Mr. Leader said. Exteriority is backed by undisclosed 
individual investors. The company also announced it has teamed up with the 
European Bio-Energy Exchange to develop an e-procurement software platform 
for bio fuels. 
		http://www.exteriority.com
		
		
		cPower Launches To Assist Tech Firms with Product Marketing
		 mail? top
		
		 SAN DIEGO (VENTUREWIRE) -- cPower, a consulting firm providing marketing 
services to business-to-business firms, announced the company's launch and 
spin off from the advertising firm DRB Partners. cPower will help both high 
technology and other types of companies launch new products. P. Griffith 
Lindell, a former senior partner at DRB, founded the company with Richard P. 
Fedchenko, Raymond Brown, Karen Milne, and Victor Chinn. cPower also said it 
aims to close a first round of funding for between $1.6 million and $5 
million within the next six months. It also said it expects to be profitable 
in three years.  
		http://www.cpowerinc.com
		
		
		 m&a 
		?
		IT Factory Makes Eighth Acquisition with NotesHouse
		 mail? top
		
		 BOSTON (VENTUREWIRE) -- IT Factory, an international supplier of 
collaborative Internet business products and services and a Lotus independent 
software vendor, said it plans to complete its acquisition of NotesHouse, a 
Lotus Notes consultancy firm, within the next 30 days. No financial details 
were disclosed. This is IT Factory's eighth acquisition. The company said the 
acquisition would be fully incorporated but also said there would be no 
changes to NotesHouse's Copenhagen, Denmark-based office and 16-person staff. 
Christian Holst Jensen, the managing director of NotesHouse, will continue 
with the company and become a vice president with IT Factory. NotesHouse had 
not received outside funding. IT Factory, which is backed by 2M Invest, 
BankInvest, Den Danske Bank, and Gilde, also said it plans on closing a $20 
million to $30 million round with all new investors within the next 60 to 90 
days. Salomon Smith Barney is acting as the placement agent for the round. 
Edwards & Angell provided legal counsel to IT Factory. 
		http://www.itfactory.com
		
		
		Online Sales Tech Firm NetSales Seeks Buyer
		 mail? top
		
		 OVERLAND PARK, Kan. (VENTUREWIRE) -- NetSales, a provider of technology and 
support services aimed at connecting buyers and suppliers to each other via 
the Internet, said it is seeking a buyer. "They are in discussions concerning 
potential sale of assets or the whole company," said a company spokesperson. 
The company laid off 63 employees across the board last December, saying it 
was focusing more on supplier integration. Last summer NetSales sold its 
online software sales division, eliminating 70 jobs, as part of its shift 
from a business-to-consumer focus to a business-to-business market. The 
spokesperson said while there have been no more layoffs, the company is 
"constantly evaluating." NetSales' backers include Advanta Partners, Chase 
Manhattan, HarbourVest Partners, and Kansas City Equity Partners, Norwest 
Equity Partners, Time Warner, and Wells Fargo. 
		http://www.netsales.com
		
		
		Sonik Acquires Broadbank Assets of RadioConnect
		 mail? top
		
		 VISTA, Calif.  (VENTUREWIRE) -- Sonik Technologies, which develops and 
manufactures radio frequency-based systems for wireless networks, said it 
acquired the Broadband Wireless Spread Spectrum product line of RadioConnect, 
and that RadioConnect's founder and employees have joined Sonik. Financial 
details were not disclosed. RadioConnect's founder H. Maurice France is now 
vice president of RadioConnect products at Sonik. All of RadioConnect's 
employees, which numbered less than ten, have relocated from their Torrance, 
Calif. location to Sonik's headquarters in Vista, Calif. Sonik Technologies 
is a subsidiary of Vytek Wireless, a wireless data firm. Sonik Technologies 
is profitable and was acquired by Vytek in October 2000. Vytek Wireless is 
backed by CIBC World Markets, Charterhouse Group International, and Softbank. 
		http://www.sonik.com
		http://www.vytek.com
		
		
		Chordiant Software Acquires Assests of ASP Outfitter
		 mail? top
		
		 CUPERTINO, Calif. (VENTUREWIRE) -- Chordiant Software, a publicly traded 
company that provides CRM applications, said it acquired certain assets of 
ASP Outfitter. While full terms of the deal were not revealed, Chordiant did 
receive intellectual property assets and server technology. According to a 
Chordiant spokesman, the remaining assets of ASP Outfitter have been merged 
with a hardware company that is part of the portfolio of Palo Alto, 
Calif.-based venture capital firm Crescendo Ventures, which was a majority 
investor in ASP Outfitter. Crescendo could not be reached for comment. ASP 
Outfitter was also backed by West Covina, Calif.-based Falcon Fund. 
		http://www.chordiant.com
		
		
		focusCORE Accepts Acquisition Offer by Avrio Group
		 mail? top
		
		 IRVINE, Calif. (VENTUREWIRE) -- focusCORE, a provider of subscription-based 
computing services and managed application hosting, announced that it has 
accepted an acquisition offer by Avrio Group, a management advisory and 
investment group specializing in communications and Internet technologies. 
The companies expect the transaction, the terms of which were not disclosed, 
to close by June 15. focusCORE's backers include Network Ventures and unnamed 
individuals. 
		http://www.focuscore.com
		
		
		 new directors 
		?
		NETdelivery Adds Ex-AT&T President to Board
		 mail? top
		
		 BOULDER, Colo. (VENTUREWIRE) -- NETdelivery, which provides digital 
applications for next generation online data management, said John R. Walter 
has become the seventh member of the board of directors. He was introduced to 
the company through the board. Previously, Mr. Walter was AT&T's president 
and COO and R.R. Donnelley and Sons's chairman, president, and COO. He is 
currently a member of the following boards: Abbott Laboratories, Deere & 
Company, Celestica, Manpower, and Jones Lang LaSalle. Founded in 1995, 
NETdelivery's investors are Apex Venture Partners, First Analysis, Keystone 
Venture Capital, and the Productivity Fund. The company expects to announce 
an eighth member to its board by the end of the week and will also appoint a 
new vice president of sales within the next few weeks. 
		http://www.netdelivery.com
		
		
		Systems Design Firm Nallatech Names Pentair Exec As Chair
		 mail? top
		
		 GLASGOW, Scotland (VENTUREWIRE) -- Nallatech, an electronic systems design 
and supply company, said it appointed Ken Lewandowski as chairman of its 
board of directors. Mr. Lewandowski currently serves as president of Pentair 
Enclosures Group Europe, a division of publicly traded Pentair, a 
manufacturer with core businesses in the tools, water technologies, and 
enclosures markets. In December 2000 Nallatech raised $2.9 million in its 
first round of funding from 3i and Scottish Equity Partners. 
		http://www.nallatech.com
		
		
		 new people 
		?
		Converged Switching Firm Gluon Names President & CEO
		 mail? top
		
		 PETALUMA, Calif. (VENTUREWIRE) -- Gluon Networks, a developer of converged 
switching and management systems for local service providers, said it has 
appointed Jo Anne Heywood Miller as president and CEO. Ms. Miller, who 
officially joins the company on June 26, replaces George Hawley, who will 
continue with the company as chairman of the board and will also serve as a 
senior advisor to the company. Prior to joining Gluon Networks, Ms. Miller 
was founding vice president of engineering for wireless and voice-over-IP 
firm JetCell, which was acquired by Cisco Systems in May 2000. Gluon Networks 
has a seven-member board which includes investor representatives David Britts 
of J.P. Morgan and Tom McConnell of New Enterprise Associates. The company is 
also backed by the Texas Pacific Group. 
		http://www.gluonnetworks.com
		
		
		Enterprise Security Firm Solsoft Names New Chairman and CEO 
		mail? top
		
		 MOUNTAIN VIEW, Calif. (VENTUREWIRE) -- Solsoft, a provider of a management 
system for enterprise security, said it named Robert de Monts as chairman and 
CEO. Mr. de Monts previously served as president and COO of BoostWorks, an 
Internet infrastructure software company. He replaces Victor C. Langford, who 
was promoted from  president and chief operating officer last October. A 
company spokesperson said Mr. Langford has joined Avaya, a Lucent spinoff, 
but remains a large shareholder of Solsoft. The company is backed by Carlyle 
Internet Partners Europe, Intel Capital, Cita, Innovacom-Technocom, Societe 
Generale Asset Management, Sofinnova Partners, Vantech, and Viventures. 
		http://www.solsoft.com
		
		
		Corechange Names Charles F. Kane President
		 mail? top
		
		 BOSTON (VENTUREWIRE) -- Corechange, a provider of e-business access software 
for deploying portals, said it named Charles F. Kane as president of the 
company. Mr. Kane joined Corechange as COO and CFO, and will continue to 
serve in those positions. He replaces Corechange founder and CEO Ulf Arnetz, 
who has been named chairman of the board of directors and remains CEO. Mr. 
Arnetz replaces Martin Hart as chairman, who will remain on the board. Prior 
to joining Corechange, Mr. Kane served as vice president and CFO of Ardent 
Software. Earlier this month, Corechange announced it raised a $25 million 
Series C round led by UBS Capital Americas that included new investors Exelon 
Capital Partners, Nortel Networks, and SG Cowen Ventures, as well as previous 
investors ABN AMRO Private Equity and HarbourVest Venture Partners.
		http://www.corechange.com
		
		
		InfoImage Appoints Thomas Niccoli as COO, President
		 mail? top
		
		 PHOENIX (VENTUREWIRE) -- InfoImage, which provides enterprise decision 
software, said Thomas Niccoli has joined as president and the company's first 
chief operating officer. CEO Randy Eckel had held those responsibilities 
before Mr. Niccoli's appointment. Prior to InfoImage, Mr. Niccoli founded and 
served as managing partner for the USWeb office in Phoenix. He also held 
senior positions at Xantel and ComputerLand. He was introduced to Mr. Eckel 
by a mutual associate. InfoImage has raised $38 million to date from Boston 
Millennia Partners, Geo Capital, Global Technology Group, meVC Draper Fisher 
Jurvetson, Microsoft, National Bank of Kuwait, and Tudor Investment 
Corporation. 
		http://www.infoimage.com
		
		
		Knowledge Management Firm QED Solutions Names President
		 mail? top
		
		 TYSONS CORNER, Va. (VENTUREWIRE) -- QED Solutions, which provides software 
platforms that support data conversion, cleanup, coding, training, and 
process development for drug safety information, said Richard B. Toren has 
joined the company as its first president. Mr. Torens, who takes over some 
duties from CEO and chairman Victor Gogolak, was introduced to QED by search 
firm J. Robert Scott. As president, Mr. Torens will focus on business 
development, product development, and expanding database capabilities. The 
company is backed by Westport, Conn.-based Oxford Bioscience Partners.
		http://www.qedrx.com
		
		
		 vc fund news 
		?
		Woodside Investing On An Upswing Despite Market Woes
		 mail? top
		
		 REDWOOD SHORES, Calif. (VENTUREWIRE) -- At a time when many venture firms 
are slowing the pace of investing, Redwood Shores, Calif.-based Woodside Fund 
is looking to invest more aggressively. According to Woodside Fund principal 
Daniel H. Ahn, the firm is shooting for eight new deals this year, two more 
than usual.  "We're investing like gangbusters," Mr. Ahn said. While many 
firms have hit the brakes when it comes to new deals, in part because they're 
busy mending weak investments, Mr. Ahn believes now is the best time to buy 
because fewer investors means lower valuations. "When everyone is buying, 
everyone bids up prices and that's not the time to make deals," he said. 
Woodside, which has made four new investments this year, is close to closing 
on two new deals, and is in the process of examining two others. Mr. Ahn 
would not comment on the new investments, only to say they involved companies 
in the semiconductor and networking spaces. The companies Woodside has 
invested in this year include TrueSAN Networks, a San Jose, Calif.-based 
provider of enterprise storage network services; Milpitas, Calif.-based 
General Nutronics, a developer of multi-petabit optical switches; and San 
Francisco-based Intelligent Markets, a maker of trading platforms for 
financial institutions. In other developments at Woodside, Mr. Ahn said all 
the firm's limited partners have agreed to reinvest in its next fund, which 
Woodside expects to raise early next year. "They're all re-upping between one 
and two times as much," he said. Woodside raised a $135 million fund in April 
2000 and has about one-third remaining, Mr. Ahn said. 
		http://www.woodsidefund.com
		
		
		Pakistani Firm KASB TechVentures to Close Down in June
		 mail? top
		
		 LAHORE, Pakistan (VENTUREWIRE) -- KASB TechVentures, an incubator and 
early-stage venture capital unit, will close its doors next month, according 
to the venture fund's chief executive officer, Altaf Khan. The company was 
started by Pakistani investment firm Khadim Ali Shah Buhari & Co. this past 
autumn. In a company statement Mr. Khan said that its investor has 
"terminated the money supply" rather than waiting for returns from an IT 
remote access initiative. The incubator had planned to focus on Pakistani 
businesses in the infrastructure, networking, software, hardware, Internet, 
telecommunications, and financial service sectors, with investments of 
between $100,000 and $1 million in portfolio companies. Khadim Ali Shah 
Buhari & Co. could not be reached for comment.
		http://www.kasbtv.com
		
		
		Southern Capitol Partners with State-Funded Biotech Center
		 mail? top
		
		 RESEARCH TRIANGLE PARK, N.C. (VENTUREWIRE) -- Southern Capitol Ventures, a 
Research Triangle Park, N.C.-based venture capital firm, said it has formed a 
partnership with North Carolina Biotechnology Center, a state-funded 
biotechnology research and development center. Ben Brooks, the founder and 
managing director of Southern Capitol, said his firm will have access to NC 
Biotechnology Center's resources, including its management expertise. Through 
the partnership, Southern Capitol will receive $100,000 towards a $20 million 
fund it is planning to close by November. Southern Capitol, which was formed 
in December of 2000, invests in early-stage companies, focusing 60% of its 
investments on information technology companies and 40% on biotechnology. The 
company has invested in branded e-mail technology firm FullSeven 
Technologies, its first and only investment to date. Southern Capitol is also 
an investor in The Atlantis Group, an early-stage venture capital firm. 
		http://www.southcapitalventures.com
		
		
		 vc personnel 
		?
		Ex-Pequot Capital VP Joins Partech as Portfolio Manager
		 mail? top
		
		 SAN FRANCISCO (VENTUREWIRE) -- Partech International, a venture capital 
firm, announced that Kevin Carrington has joined the firm as a portfolio 
manager for its $130 million AXA U.S. Growth Fund. Prior to joining Partech, 
Mr. Carrington was a vice president at Pequot Capital Management, where he 
focused on enterprise software and technology services. Partech focuses on 
expansion and later-stage investments in Web services, e-business 
infrastructure software and services, communications software and services, 
and collaborative vertical services and products.
		http://www.partechvc.com
		
		
		company index
		top
		
		Asimba, Asimba, Axerra Networks, Bernina Biosystems, Bernina Biosystems, 
BitFlash, Boxerjam, ChipData.com, Chordiant Software, CommerceFlow, Converge, 
Core Networks, Core SDI, Core SDI, Corechange, Corechange, cPower, cPower, 
CryoCor, Delphi Communication Systems, DigitalMoJo, eKit.com, Elagent, 
Encelle, Esterel Technologies, Esterel Technologies, Exteriority, focusCORE, 
focusCORE, Gluon Networks, Gluon Networks, Gluon Networks, Hookt.com, 
Hookt.com, InfoImage, InfoImage, InfoTalk, InfoTalk, iSovia, IT Factory, IT 
Factory, KASB TechVentures, Koch Ventures Group, Metastorm, Metastorm, 
Nallatech, Nerve Wireless, NetByTel, NETdelivery, NetSales, Newtek Capital, 
Newtek Capital, NotifyMe Networks, octopus.com, Optimight Communications, 
Outstart, Partech International, Partech International, Partech 
International, Pelago Networks, Platform.net, Platform.net, Proteus, 
PurpleYogi, QED Solutions, QED Solutions, Real Media, Real Media, Real Media, 
Riptech, Seek Communications, Seek Communications, Solsoft, Solsoft, Solsoft, 
Sonik Technologies, South Capital Ventures, South Capital Ventures, Spotwave 
Wireless, Spotwave Wireless, StarCite, StockHouse Media, Trendium, vSimplify, 
vSimplify, Vytek Wireless, Woodside Fund, World Wide Packets 
		
		
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		investor index
		top
		
		Accenture Technology Ventures, Accenture Technology Ventures, Acer Technology 
Ventures, Acer Technology Ventures, Advanced Capital Europe, Advanced Capital 
Europe, Allen & Buckeridge, AMCF, AMCF, Amwin Management, Amwin Management, 
Belgian Fonds Rendex, Belgian Fonds Rendex, BioM, BioM, CDC Innovation, CDC 
Innovation, Child Health Investment, Coastal Growth Partners, Connecticut 
Innovations, Connecticut Innovations, Cordova Ventures, Earlybird, Earlybird, 
Eno River Capital, Galileo Partners, Galileo Partners, Hibernia Capital 
Partners, High Tech Beteiligungen, High Tech Beteiligungen, HSBC Private 
Equity Asia, HSBC Private Equity Asia, imGO, imGO, Intel Capital, Intel 
Capital, Intel Capital, Intel Capital, Intersouth Partners, Koerner Capital, 
Lexam Capital, Lexam Capital, Macquarie Technology Ventures, Macquarie 
Technology Ventures, North Carolina BioScience Fund, North Carolina 
Enterprise Fund, Pegasus Venture Capital, Pegasus Venture Capital, Royal Bank 
of Canada Capital Partners, Skandia Innovation U.S., Skandia Innovation U.S., 
Walden International Investment Group, Walden International Investment Group, 
Yahoo!, Yahoo!
		
		
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