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Enron Mail |
o New Investors Take 5% Stake in Ariba, Softbank Joint Venture
MOUNTAIN VIEW, Calif. -- Publicly traded e-commerce platform provider Ariba and Softbank said that 20 corporate investors will take a combined 5% equity stake in their recently formed joint venture, Nihon Ariba KK, which provides business-to-business Internet commerce products and services in Japan. The firms are still negotiating the terms of the investment agreement. After the close of the deal, Softbank E-Commerce and Softbank Corp. will each hold 20% stakes in the venture, Ariba will hold 55%, and the 20 new investors will hold the remaining 5%. The new investors include CAC, CSK, Deutsche Bank, Fujitsu, Hewlett-Packard, Hitachi, IBM, Itochu, Mitsubishi, Mitsui, Mogan Stanley Dean Witter, NEC, NTT, OBIC, Sumitomo, Toshiba, and Toyo Information Systems. http://www.softbank.com/ http://www.ariba.com/ _____________________________________________ o Crosspoint Confirms It is Delaying $1 Billion Fund WOODSIDE, Calif. -- Crosspoint Venture Partners confirmed reports that it has postponed its ninth fund, which had commitments totaling over $1 billion. The company cited the dip in the stock market; market congestion for young companies; and a concern that good companies will have a hard time in the current market as the main reasons for the postponement. The firm said it wants to make sure it generates returns its limited partners are used to getting. Crosspoint said there is enough money in its $854 million 2000 fund to finance a few new companies should it see fit, but will now mainly focus on bringing its existing young companies to profitability. The firm said it plans to continue with the fund at an undetermined point in the future and expects that its committed limited partners will continue with the firm. http://www.cpvp.com/ o 724 Solutions to Acquire Tantau Software for $375 Million TORONTO -- 724 Solutions, an Internet infrastructure software firm that is traded on the Nasdaq and Toronto stock exchanges, said it agreed to acquire Tantau Software, an Austin, Texas-based provider of software and services that enable mobile Internet commerce. 724 Solutions will make the acquisition with 19 million shares of stock, valued at approximately $375 million. 724 Solutions shareholders will own about 68% of Tantau. 724 Solutions founder, chairman, and CEO Greg Wolfond will continue to serve as chairman. Tantau co-founder, president, and CEO John Sims will be CEO of 724 Solutions. Four members will be added to 724 Solutions' board of directors, including Mr. Sims. Tantau Softare is backed by Chase Capital Partners, General Motors Investment Management, Hewlett-Packard, Nokia, the Texas Growth Fund, Austin Ventures, Compaq Computer, and Techno Venture Management. http://www.724.com/ http://www.tantau.com/ _____________________________________________ o Analytics Application Firm INEA Raises $3 Million Round One TORONTO -- INEA Corp., a provider of enterprise analytics application software, said it has secured CDN $4.5 million ($3 million) in first round funding from Canadian venture capital firm Ventures West. The company develops software that automates data integration, analytic processes, online reporting, and secure information dissemination. The funds will be used for sales and marketing. http://www.ineacorp.com/ _____________________________________________ o New Investors Take 5% Stake in Ariba, Softbank Joint Venture MOUNTAIN VIEW, Calif. -- Publicly traded e-commerce platform provider Ariba and Softbank said that 20 corporate investors will take a combined 5% equity stake in their recently formed joint venture, Nihon Ariba KK, which provides business-to-business Internet commerce products and services in Japan. The firms are still negotiating the terms of the investment agreement. After the close of the deal, Softbank E-Commerce and Softbank Corp. will each hold 20% stakes in the venture, Ariba will hold 55%, and the 20 new investors will hold the remaining 5%. The new investors include CAC, CSK, Deutsche Bank, Fujitsu, Hewlett-Packard, Hitachi, IBM, Itochu, Mitsubishi, Mitsui, Mogan Stanley Dean Witter, NEC, NTT, OBIC, Sumitomo, Toshiba, and Toyo Information Systems. http://www.softbank.com/ http://www.ariba.com/ _____________________________________________ o Crosspoint Confirms It is Delaying $1 Billion Fund WOODSIDE, Calif. -- Crosspoint Venture Partners confirmed reports that it has postponed its ninth fund, which had commitments totaling over $1 billion. The company cited the dip in the stock market; market congestion for young companies; and a concern that good companies will have a hard time in the current market as the main reasons for the postponement. The firm said it wants to make sure it generates returns its limited partners are used to getting. Crosspoint said there is enough money in its $854 million 2000 fund to finance a few new companies should it see fit, but will now mainly focus on bringing its existing young companies to profitability. The firm said it plans to continue with the fund at an undetermined point in the future and expects that its committed limited partners will continue with the firm. http://www.cpvp.com/
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