Exit watch, April 16, 2007

Fandango just the ticket for Comcast

Comcast Corp. (Nasdaq: CMCSA) has agreed to acquire Fandango Inc., a Los Angeles-based movie ticket reseller via the Internet, which is known for its humorous in-theater commercials. No financial terms were disclosed for the deal, which is expected to close later this quarter. Comcast said that it plans to fold the existing Fandango website into a new site called Fancast.com. Fandango has raised about $61 million in VC funding since 2000 from such firms as Accretive Technology Partners, Cinemark, General Atlantic, Lowes Corp. and Technology Crossover Ventures. It was advised on the sale by Banc of America Securities.

NextWave soaks up IPWireless

NextWave Wireless Inc. (Nasdaq: WAVE) has agreed to acquire IPWireless Inc., a San Bruno, Calif.-based provider of mobile broadband and multimedia equipment. The deal includes an initial payment valued at $100 million, plus up to $135 million in additional stock and cash milestone payments through 2010. IPWireless had raised about $155 million in VC funding since its 1999 inception from such firms as Bay Partners, DCM, Gabriel Venture Partners, GIC Special Investments, J.F. Shea Venture Capital, Northwood Ventures, Oak Hill Capital Management and Sprint Nextel.

Verso to acquire SentitO

Verso Technologies Inc. (Nasdaq: VRSO) has agreed to acquire SentitO Networks Inc., an Acton, Mass.-based provider of voice gateway and signaling solutions for telecom service providers. The deal is expected to close later this month, with SentitO backers to receive 7.7 million restricted shares of Verso common stock (2.2 million subject to escrow provisions) and about 841,000 warrants to purchase Verso common stock. SentitO has raised about $69 million in total VC funding since its 2000 inception from such firms as Core Capital Partners, Columbus Nova Capital, Inflection Point Ventures, Kodiak Venture Partners, Mid-Atlantic Venture Funds and Technology Venture Partners.

Entropic to buy RF Magic

Entropic Communications Inc., a San Diego-based provider of home networking for digital entertainment, has agreed to acquire RF Magic Inc., a San Diego–based developer of RF systems-on-a-chip. No financial terms were disclosed. The companies share four venture backers: Anthem Venture Partners, CMEA Ventures, Comcast Interactive Capital and Revolution Ventures. RF Magic has raised about $60 million in total VC funding, with a most recent post-money valuation of $90 million. Backers include Anthem, CMEA, Comcast, Revolution, Conexant Systems, Finaventures, Granite Ventures, Hamilton BioVentures, RPM Ventures, STMicroelectronics and TI Ventures. Entropic has raised more than $75 million in total VC funding since 2001 from such firms as Anthem, CMEA, Comcast, Revolution, Cisco Systems, Intel Capital, Liberty Associated Partners, Mission Ventures, Motorola Ventures, Panasonic Ventures, Redpoint Ventures, Time Warner and YAS Broadband Ventures.