Connie Loizos
TriNovus, a Birmingham, Ala.-based software-as-a-service company focused on compliance issues, has been acquired by banking software systems company Temenos. Founders Investment Banking, an M&A advisory firm based in Birmingham, acted as the exclusive adviser to TriNovus’ shareholders.
Source Refrigeration & HVAC, an Anaheim, Calif.-based provider of commercial refrigeration and HVAC services in North America and a portfolio company of the private equity firm Arsenal Capital Partners, has acquired Fournier Air Conditioning and Refrigeration, based in Jacksonville, Fla. Terms of the deal aren't being disclosed.
Brad Feld, cofounder of the Boulder-based venture capital firm Foundry Group, has joined the board of Harmonix Music Systems, a video game development company in Cambridge, Mass.
The Carlyle Group, the publicly traded asset manager, has closed a $623 million C.L.O. fund (typically a collection of large loans made by banks to corporations with higher amounts of leverage). It's the firm’s second new-issue CLO of the year. Carlyle Global Market Strategies CLO 2013-2 will invest in corporate leveraged loans and high yield bonds. Morgan Stanley arranged the transaction.
It's clear that fewer seed-funded companies are receiving follow-on rounds right now. For nascent startups, it's certainly cause for hand-wringing. But already venture-backed companies that are gaining traction should also be concerned about what this trend means for them -- specifically, more investor visits.
Egnyte, a Mountain View, Calif.-based company focused on enterprise file sharing and synchronization, has appointed Mike Klayko to its board of directors. Klayko is an enterprise storage veteran and a former CEO of Brocade.
JMP Group, a San Francisco-based investment bank and asset management firm, has appointed Jeffrey Porphy as a managing director. Porphy, who will focus on M&A and serve as head of financial sponsors coverage, comes to JMP from Cowen & Co., where he held the same role.
Greenbriar Equity Groupis moving forward with its previously-announced plans to acquire all outstanding shares of EDAC Technologies, a Farmington, Conn.-based maker of aerospace and industrial components.
Debra Chrapaty has left her post as Zynga's CIO to become the CEO of cloud-storage startup Nirvanix. But to get the company on track, the tech veteran may have to overcome morale issues first.
Today, Debra Chrapaty, appointed Zynga's chief information officer in 2011, announced that she has left the company to join cloud-stage startup Nirvanix as CEO. As a result, Zynga has appointed longtime employee Dorion Carroll as CIO of the company. Carroll joined Zynga in 2009 as CTO of the popular game "Mafia Wars." He was later promoted to CTO of Zynga's Shared Technology Group and in October 2011 made the CTO of Zynga's mobile efforts. Before joining Zynga, Carroll was the VP of engineering at the blog search engine Technorati.