Thursday, April 23, 2009Power-One Gets $60M InjectionCamarillo-based Power-One, a developer of power supplies and related products, said late Thursady that the firm has agreed to a $60M investment from investment firm Silver Lake Sumeru. According to the publicly held firm, the new capital comes in a combination of convertible preferred stock and senior convertible notes, plus warrants. The firm said it will use the funding to restructure its debt, plus for working capital and strategic initiatives. The capital injection came as the firm said it h (More info...)
posted on Thursday, April 23, 2009(Full story)
Sequenom Chops 30 EmployeesSan Diego-based Sequenom, a developer of genetic analysis equipment, announced late Thursday that the firm has cut approximately 30 employees as part of a cost cutting measure. According to the firm, the cuts were a result of a "continuing weak outlook in 2009" for sales of its equipment, particularly in the U.S. The firm said the cuts were made in its Genetic Analysis business. Sequenom said the moves should save it approximately $8M in costs in 2009, and $10M annually. The firm is taking a ch (More info...)
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X Prize Foundation Puts DNA Mapping Up For Bid On eBayPlaya Vista-based X Prize Foundation is taking an unusual approach to fund its nonprofit efforts, and is auctioning off a complete gene sequencing to the highest bidder on eBay. The auction--which starts at $68,000--will give the winner a completely sequenced, readout of their genetic map. The foundation is tapping DNA sequencing firm Knome for the prize, which usually costs nearly $100,000. Full mapping of a DNA sequence is still a labor-intensive process, and usually only done as part of more (More info...)
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Yahoo To Shut GeocitiesInternet portal Yahoo is quietly shutting Geocities, the Internet home page portal it acquired in 1999. Yahoo said it is no longer accepting new customers, and will discontinue the service later this year. Geocities was one of Southern California's original, dot com successes, having both a successful IPO in August of 1998, and a $4.5 billion stock-and-option acquisition by Yahoo in 1999. The firm was later moved to the Bay Area by Yahoo. Geocities founder David Bohnett is now running his own in (More info...)
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NuVasive Agrees to Acquire Cervitech for up to $80M San Diego-based NuVasive, a manufacturer of products used in the surgical treatment of spine disorders, announced Wednesday that it has agreed to acquire Cervitech, a New Jersey-based firm developing a cervical disc replacement device. NuVasive said it will initially pay some $47 million for Cervitech, plus an additional $33 million contingent upon FDA approval of Cervitech's PCM cervical disc system. As much as half of the payment will be made in NuVasive stock, the San Diego-based company said (More info...)
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VMIX Taps Sun For Marketing VPSan Diego-based VMIX Media, which is devleoping software for managing online video and other digital media, said Thursday that it has hired on Bill Curci as the firm's new Vice President of Marketing. Curci joins the firm from Sun Microsystems, where he was focused on product marketing of Java. Curci has also served at Microsoft. VMIX develops a platform which is used by brands to manage their online videos.
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DivX Ties with LG ElectronicsSan Diego-based DivX, a provider of media coding and decoding technology, said yesterday that LG Electronics is about to ship a new line of digital TVs using the firm's DivX HD 1080p video technology. The firm said the new devices will be the first consumer electronic devices with its HD 1080p capability. DivX said that more than 200 models of LG's digital TVs have now been DivX Certified.
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MySpace CEO DeWolfe LeavesNews Corporation, the parent firm of Los Angeles-based Myspace, said late Wednesday that MySpace CEO and co-founder Chris DeWolfe is leaving the firm. According to New Corp., DeWolfe will not be renewing his contract, and will be stepping down in "the near future" at the company, while remaining on the board of MySpace China and acting as a strategic advisor. Reasons for the departure of DeWolfe were not given. In a statement announcing DeWolfe's departure, MySpace said that News Corp. Chief Dig (More info...)
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EPS Corp Gets $30MCosta Mesa-based EPS Corp, a provider of energy intelligence software to help manage corporate energy and carbon reduction efforts, said today that it has raised $30M in a Series B funding round. According to EPS, the funding was led by Altira Group LLC, and also included prior investors NGEN Partners and Robeco. EPS said the funding will go to further expand its energy and carbon emissions management system, along with to fund strategic acquisitions.
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Autobytel, Leadpoint, Internet Brands Settle Patent SuitIrvine-based Autobytel, Los Angeles-based LeadPoint, and El Segundo-based Internet Brands have settled a multi-party, patent lawsuit that was filed by Autobytel against the other firms. According to the companies, LeadPoint, Autobytel, Internet Brands, and Insweb have all entered into a settlement agreement over a patent lawsuit filed by Autobytel, and a retaliatory lawsuit by the others against Autobytel. Financial terms of the settlement were not disclosed. As part of the settlements, Autobyte (More info...)
posted on Thursday, April 23, 2009(Full story)