Exit watch, Jan. 22, 2007

Zebra gallops to WhereNet for $126M

Zebra Technologies Corp.

(Nasdaq: ZBRA) has agreed to acquire WhereNet Corp., a Santa Clara, Calif.-based provider of active RFID-based wireless solutions to track and manage enterprise assets. The deal is valued at $126 million in cash. WhereNet has raised about $82 million in total VC funding since its 1997 inception, including a $10 million Series F infusion in 2003 at a post-money valuation of about $76 million. Backers include Bay Partners, Crescendo Ventures, Crosspoint Venture Partners, Foundation Capital and Invesco. After buying WhereNet, Zebra still has about $450 million in cash reserves that the industry newsletter RFID Update said could be used for future acquisitions as Zebra expands in the RFID space.

Acquisition gives Fortify secure feeling

Fortify Software Inc.,

a Palo Alto, Calif.-based provider of software security products, has agreed to acquire Secure Software Inc., a McLean, Va.-based provider of application security. No financial terms were disclosed. Fortify has raised more than $19 million in VC funding from DAG Ventures, Sigma Partners and Kleiner Perkins Caufield & Byers. Secure Software had raised about $14.5 million from Charles River Ventures, Updata Partners and Valhalla Partners.

Cognos buys software developer

Cognos (Nasdaq: COGN) has acquired Celequest Corp., a Redwood City, Calif.-based provider of operational business intelligence solutions. No financial terms were disclosed for the deal. Celequest had raised about $17 million in VC funding from Bay Partners and Lightspeed Venture Partners.

GE acquires Terion

GE Equipment Services

has acquired Terion Inc., a Plano, Texas-based provider of two-way wireless data communication and information solutions for the transportation industry. No financial terms were disclosed. Terion had raised about $47 million in VC funding since emerging from bankruptcy protection in 2002 from such firms as Crossbow Equity Partners, Harris Corp. and SCP Private Equity Partners.

Knology buys Midwest wireless company for $255M

Knology Inc.

(Nasdaq: KNOL) has agreed to acquire PrairieWave Communications Inc., a Sioux Falls, S.D.-based provider of communications services in South Dakota, Minnesota and Iowa. The deal is valued at about $255 million, and is expected to close by June 30. PrairieWave is backed by Alta Communications and Banc of America Capital Investors.

Swedish GPS provider sold


(LSE: CSR) has acquired NordNav Technologies AB and Cambridge Positioning Systems Ltd. No financial terms were disclosed for the deal, which will help CSR provide low-cost GPS for mass-market mobile phones and personal navigation devices. Sweden-based NordNav had raised VC funding from 3i Group, InnovationsKapital and Siemens Business Accelerator. U.K.-based CPS shareholders included 3i, Alta Berkeley Venture Partners, Capitalia Sofipa, CapMan, Ericsson Venture Partners, Cipio Partners, Intel Capital, Prelude Ventures, Siemens Venture Capital and Telesystem-Argo Global Capital. —PE Week staff