EMC Acquisitions Could Include Isilon, LFB Buys GTC, Tremor Media Snaps Up ScanScout, & More Boston-Area Deals News
Diagnostics and software startups were active on the New England-area deals front this week. We saw news of acquisitions, financings, and stock purchases, and also covered some more in-depth strategy at a big area tech name.
—Pathogenetix, a Woburn, MA-based diagnostics startup formerly named U.S. Genomics, brought in $1.3 million in equity-based funding, and $900,000 of a targeted $1.2 million debt offering, according to two SEC filings. While under the U.S. Genomics name, the firm raised $4.5 million in private equity funding from Becton, Dickinson, & Co. to develop infectious disease diagnostics technology.
—Cambridge, MA-based Daktari Diagnostics wrapped up a $1.8 million equity investment, a regulatory filing revealed. The deal brings the funding pot to more than $5.5 million for Daktari, a biotech that is pursuing a system for testing HIV patients’ blood in locations lacking sophisticated lab technology.
—GTC Biotherapeutics, a Framingham, MA-based company that was the first to get FDA approval for a drug produced by genetically modified animals, was bought by LFB Biotechnologies for 30 cents per share, a total of $18.3 million. The deal will give France-based LFB Biotechnologies a 90 percent stake in GTC. The firm will also cash out all of GTC’s minority shareholders for $2.7 million total.
—Greg took a look at the acquisition and innovation strategies at Hopkinton, MA-based data storage giant EMC (NYSE: EMC). The firm, which last year bought Santa Clara, CA-based Data Domain for $2 billion and is rumored to be eyeing Seattle-based Isilon Systems (NASDAQ: ISLN), plans to spend as much on R&D as it does on acquisitions.
—Woburn, MA-based healthcare HR management software maker HealthcareSource said that it had bought its Grand Rapids, MI-based partner TestSource. Financial details of the deal were not disclosed, but regulatory filings last week revealed that Healthcaresource had raised $3.2 million and $8 million in two separate equity- and rights-based deals.
—GT Solar, a Merrimack, NH-based developer of solar and LED technologies, revealed its plans to repurchase and retire 26.5 million of its shares of common stock at $7.66 per share, for a total of $203 million. The deal, expected to close November 12, will shrink its shares outstanding from 151 million to about 124 million.
—Boston-based video ad provider ScanScout was bought by its New York-based competitor Tremor Media, in order for the two companies to form a video ad distribution network that could rival leading digital players like Hulu and YouTube. The terms of the deal weren’t revealed. ScanScout has raised about $17.5 million since 2005, from investors such as General Catalyst Partners, EDBI, First Round Capital, Baseline Ventures, Time Warner, and angel investor Ron Conway.
—Boston-based ConnectEDU, a provider of Web-based software for college admissions and career counseling, brought in $4.9 million of a potential $7 million equity-based funding round, according to an SEC filing.
—Envista, a Beverly, MA-based maker of software for managing construction and utility projects and infrastructure, raised $4.1 million of a planned $7.6 million funding round. Its previous backers include Point Judith Capital, Borealis Ventures, and Egan-Managed Capital.