Exit watch, Nov. 6, 2006

Turin buys bankrupt company

, a Petaluma, Calif.-based provider of IP and multi-service optical transport solutions, has acquired the product portfolio and most material assets of White Rock Networks, a bankrupt provider of next-generation optical transport products for metro networks. The deal reportedly is valued at less than $4 million.

Turin last month competed in a bid for White Rock, which filed for Chapter 11 bankruptcy protection and closed its doors on Aug. 31.

White Rock, based in Richardson, Texas, had raised about $160 million from 3i Group, Cypress Semiconductor, Dali Hook Partners, Fremont Ventures, Investor Growth Capital, Mayfield, Meritech Capital Partners, Oak Investment Partners and Pacesetter Capital. Turin has raised nearly $190 million in total VC funding since its 1999 inception from such firms as Bay Partners, Baker Capital, DCM-Doll Capital Management, Motorola Ventures, RWI Group, Sequoia Capital, Telos Venture Partners and Van Wagoner Capital.

IronPort acquires email encryption company

, a San Bruno, Calif.-based Internet gateway security provider, has acquired PostX Corp., a Cupertino, Calif.-based provider of enterprise email encryption technology. No pricing terms of the all-stock transaction were disclosed. PostX has raised about $58 million from such firms as Draper Richards, Mayfield, Alloy Ventures, Palo Alto Venture Partners, Charles Schwab and Sunrise Ventures. IronPort has raised about $95 million in VC funding from such firms as Allegis Capital, ChevronTexaco Technology Ventures, General Motors, Menlo Ventures, New Enterprise Associates and Rembrandt Venture Partners.

SideStep makes play for travel site

, a Santa Clara, Calif.-based online comparison shopping site for travel, has acquired TravelPost.com, a San Mateo, Calif.-based website for hotel reviews and ratings. No financial terms were disclosed. TravelPost has raised some seed funding from Amicus and Arba Seed Investment Group. SideStep has raised more than $17 million in VC funding from Trident Capital, PAR Capital and individual investors.

China’s IPCore sold to Analogic

(Nasdaq: AATI) has acquired the power management analog business of China-based IPCore Technologies Corp., including subsidiary AP Semi and certain related assets. The deal is valued at $21.5 million in cash. IPCore raised $25 million in an expansion stage funding in early 2004. Backers include 3i Group, Pacific Venture Partners and Walden International. Walden had invested an undisclosed amount of seed capital in IPCore.

Kanbay acquisition benefits VC shareholders

, a France-based provider of tech consulting and outsourcing, has agreed to acquire Kanbay International (Nasdaq: KBAY), a Rosemont, Ill.-based provider of IT services for the financial services market. The total deal is valued at $1.25 billion, with Kanbay shareholders to receive $29 per share in cash. Kanbay launched an IPO in 2004, but venture backers, such as Cross Atlantic Capital Partners, remain shareholders. —PE Week staff