Wednesday, March 31, 2010Clearstone Gets Big Win With MeruSanta Monica-based venture capital firm Clearstone Ventures was among the big winners Wednesday in the IPO debut of Sunnyvale-based Meru Networks, a developer of virtual wireless LAN products. Meru had an IPO on the NASDAQ Global Market under the symbol MERU, opening at $15.00, at the high range of its estimated open price of $13.00 to $15.00, and closing at $19.17 for the day--up 27.8%. Clearstone was the biggest shareholder in Meru before the IPO, with 20.9 percent of the firm before the IPO; (More info...)
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Break.com, Total Beauty Partner On ModernMan.comLos Angeles-based Break.com and Santa Monica-based Total Beauty Media announced Wednesday afternoon that the two firms have partnered on the launch of a new site, called ModernMan.com. According to the two firms, the new site will focus on grooming advice, style tips, and product information and review for men 18-39. The firm said the new site will be jointly owned and promoted by both of the companies, with independent management. Financial details of the joint venture were not disclosed. Total (More info...)
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AeroVironment Loses CFOMonrovia-based Aerovironment, a developer of unmanned aircraft systems and electric charging systems for the transportation industry, reported today that its Chief Financial Officer, Stephen C. Wright, has resigned. The firm said that Wright has departed to "pursue other business opportunities." The firm has named Jikun Kim, the firm's VP and Controller, as interim Chief Financial Officer at the firm. Kim previously has also served at Raytheon Company.
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MegaPath Merges With Covad CommunicationsCosta Mesa-based MegaPath, a provider of IP, voice, and security services, has merged with broadband provider Covad Communications, the firm announced today. Financial details of the merger were not given, however, the companies said that the combined businesses will be owned by private equity firm Platinum Equity and MegaPath investors. According to the firms, pending fedreal and state regulatory approval, the merger will create one of the largest, managed service local exchange carriers (MSLE (More info...)
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Aptera Raises $9.8MVista-based electric vehicle manufacturer Aptera Motors has raised $9.8M in an equity funding round, according to a filing from the firm today. Source of the new funding was not disclosed, however, the firm has previously raised funding from Esenjay Investments, Google, Idealab, The Beall Family Trust, and The Simons Family. Aptera is building lightweight, 3-wheel electric vehicles. The filing indicates there were 6 investors in the new round of funding. Details on the funding have not yet been (More info...)
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WebVisible Reports Big Hiring PlansIrvine-based WebVisible, the provider of local online marketing services to small and mid-sized businesses, said today that it has big hiring plans, and is looking to hire 50 people for sales positions at the firm. The firm said that as part of the big hiring push it is looking to run a big open house and tour of the company's headquarters to help recruit employees for the company. The big hiring push comes as the firm comes off a $20M, Series C venture funding round; the company also said it mo (More info...)
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MIR3 Expands In EuropeSan Diego-based MIR3, a developer of mass communications software for the enterprise, said today that it has opened up a new European headquarters in London. The firm said its new European Operations group, MIR3 UK Ltd., will serve enterprise companies, colleges, universities, and governments throughout Europe.
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Local.com Renews SuperMediaIrvine-based Local.com, an online local search site, reported today that it has renewed and expanded a local advertising distribution agreement with SuperMedia LLC, the parent firm of Superpages.com. According to the firms, SuperMedia's advertisers will receive preferred placement on Local.com's web site, including ratings and reviews, lnks to business profile pages, and video content. Financial details of the distribution agreement were not disclosed. Local.com said it expects the deal to incre (More info...)
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Xirrus Wins Atlanta SchoolThousand Oaks-based Xirrus, a developer of Wi-Fi arrays, announced today that it has deployed its products at a school in Atlanta, Georgia. Xirrus said it has deployed its products at the Paideia School, a 16-acre school serving 900 students from age three through 12th grade. Financial impact of the win was not disclosed. The firm said it is providing 802.11n Wi-Fi coverage across 14 buildings on the campus.
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EcoDog Selected By Home BuilderSan Diego-based EcoDog, a developer of home energy efficiency and management products, announced Tuesday that the firm's products have been selected by a Carlsbad-based new home builder. According to the firm, its FIDO Home Energy Watchdog system has been selected as an option for the Rockrose at The Foothills neighborhood being built by Brookfield Homes. The system is being featured in the model homes at the neighborhood. EcoDog did not say how much a typical system will cost for new home owner (More info...)
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Advanced Telemetry Gets Win At Green House ShowcaseSan Diego-based Advanced Telemetry, a developer of smart energy management systems for the residential and light commercial market, reported Tuesday that it has been selected for the ZENERGY House, a demonstration net-zero-energy remodeling project in Studio City. According to the firm, the firm's energy management systems are being used as part of the showcase for environmentally friendly improvements and remodeling. Financial impact of the win was not disclosed. The firm said the company's pro (More info...)
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