Exit watch, July 16, 2007

Motorola jumps at Leapstone

Motorola

announced last week its intent to purchase Somerset, N.J.-based communications software developer Leapstone Systems Inc. The company has raised about $14 million in backing from Accel Partners, Goldman Sachs Ventures, Mayfield Fund, New Enterprise Associates, Oak Investment Partners, Redwood Venture Partners and Soros Fund Management. Leapstone works with such clients as AT&T Inc. and Verizon Wireless to deliver and manage video, voice and data services across multiple networks.

Fast buys AgentArts

Fast Search & Transfer

, a Norway-based provider of search technologies, announced last week it has acquired AgentArts Inc., a developer of recommendation technology. Financial terms were not disclosed. San Francisco-based AgentArts has raised about $3.5 million in funding. Investors include Aegis Partners Proprietary, Amphion Capital Management and Tinished Corp.

Elevation to acquire subtitler SDI

Elevation Partners, the private equity firm whose co-founders include industry veteran Roger McNamee and U2 frontman Bono, has agreed to buy the SDI Media Group, a provider of subtitling and language dubbing services to media companies. Terms of the deal were not disclosed. Elevation is buying Culver City, Calif.-based SDI from Warburg Pincus, which acquired the subtitler in 2004 for $60 million.

Noven buys JDS

JDS Pharmaceuticals

, a New York-based developer of drugs that target neurological conditions, agreed to be acquired last week by Noven Pharmaceuticals Inc. (Nasdaq: NOVN) for $125 million in cash and the assumption of $10 million in debt. JDS was founded in 2004 with a $62 million infusion from Galen Associates and AIG Capital Partners.

The deal is expected to close in early August.