Iris Dorbian
Salesforce.com has agreed to buy ExactTarget in a transaction valued at approximately $2.5 billion. Terms of the deal call for Salesforce.com to make a tender offer for all of ExactTarget's outstanding shares at $33.75 per share cash. The transaction, expected to close by the end of July, has been approved by boards for both companies. ExactTarget shareholders include Greenspring Associates, Technology Crossover Ventures and Battery Ventures. ExactTarget is a cloud marketing platform. BofA Merrill Lynch advised Salesforce.com while JP Morgan advised ExactTarget.
Delivery.com, LLC, an online service that connects customers to local businesses, said on Tuesday that it will buy the key assets of Brinkmat, LLC. This acquisition includes Brinkmat.com, a New York-based site for free local pick-up and delivery of laundry, dry cleaning and tailoring. No financial terms were disclosed. Delivery.com is a portfolio company of Cantor Ventures, the venture capital and enterprise development division of Cantor Fitzgerald.
Umpqua Holdings Corp., parent company of Umpqua Bank and Umpqua Investments, said on Tuesday that it has signed an agreement to acquire Financial Pacific Holding Corp. for $158 million in cash. FinPac is currently a portfolio company of Flexpoint Ford LLC, a Chicago-based private equity firm. Based in Federal Way, Washington, FinPac is the parent company of Financial Pacific Leasing, LLP, a provider of commercial equipment leases and loans.
Trimble, a provider of construction technology, said on Tuesday that it has it has acquired Trade Service Company, LLC, from the GF Capital Private Equity Fund, LP and senior management. No financial terms were disclosed. Based in San Diego, Calif., Trade Service is a provider of products for the architecture, engineering, and construction industries.
Praesidian Capital, a provider of senior and subordinated debt for small and mid-sized businesses, said on Tuesday that it has successfully exited $7.6 million in senior notes in K1 Speed. . Based in Irvine, Calif., K1 Speed is a provider of indoor go-kart racing tracks. Praesidian made its initial investment in September 2011 to fund K1’s expansion strategy.
IBM said on Tuesday that it has entered an agreement to acquire SoftLayer Technologies, a portfolio company of GI Partners. No financial terms were disclosed. The transaction is expected to close in the third quarter of 2013. Based in Dallas, TX, SoftLayer Technologies is a provider of cloud computing infrastructure.
TYRX said on Tuesday that it has received a private investment from the California-based MemorialCare Innovation Fund. No financial terms were disclosed. Based in Monmouth Junction, NJ, TYRX is a provider of implantable medical devices designed to help reduce infections associated with implantable devices, such as pacemakers and defibrillators. MCIF is a strategic investment company owned by MemorialCare Health System.
American Surgical Assistants, a Houston, TX-based provider of outsourced surgical assistant services, said on Tuesday that it has named Tom Kirk as CEO, effective June 3rd, 2013. Kirk succeeds Zak Elgamal, American Surgical’s co-founder and president, who has served as CEO since ASA was founded in 1999. Elgamal will remain on ASA's board of directors. American Surgical Assistants is a portfolio company of Great Point Partners.
Wochit, a New York-based provider of videos for various outlets, said on Tuesday that it has named Keith McAllister as CEO. Prior to his joining Wochit, McAllister was general manager of global consumer media for Thomson Reuters. Wochit is backed by Redpoint Ventures, Cedar Fund and Greycroft Partners.
The Gores Group, a global investment firm, and France Telecom-Orange, a worldwide telecom operator, said on on Monday that The Gores Group has completed the acquisition of Etrali, Orange Business Services – Trading Solutions, a subsidiary of France Telecom Orange. No financial terms were disclosed. As a result of the transaction, Etrali, Orange Business Services – Trading Solutions will be renamed Etrali Trading Solutions. Headquartered in Paris, France, Etrali Trading Solutions is a provider of convergent voice and electronic trading services for the financial communities.