Exit watch, week of Dec. 17, 2007

Seagate scoops up MetaLINCS

Seagate Technology

(NYSE: STX) has agreed to acquire MetaLINCS, a San Jose, Calif.-based provider of enterprise e-discovery solutions. No financial terms were disclosed. MetaLINCS has raised about $13 million in VC funding from ArrowPath Venture Capital, Newbury Ventures and Rembrandt Venture Partners. MetaLINCS is the brainchild of Richard Ling, a managing partner at Rembrandt. Ling served as CEO while the company was incubated at the Menlo Park, Calif.-based venture firm, and he continues to serve as chairman.

Big Blue loads up with Arsenal


(NYSE: IBM) has agreed to acquire Arsenal Digital Solutions, a Cary, N.C.-based provider of on-demand computer protection solutions. No financial terms were disclosed. Arsenal Digital has raised about $80 million in VC funding since 2000 from such firms as Southeast Interactive Technology Funds, Beacon Partners, Tyco Capital and Convestco Seteura.

PNC buys Albridge

PNC Financial Services Group

has completed its acquisition of Albridge Solutions Inc., a Lawrenceville, N.J.-based provider of portfolio accounting and enterprise wealth management services. No financial terms were disclosed. Albridge Solutions had raised $23 million in VC funding between 2000 and 2003 from such firms as Boston Ventures, Charterhouse Group International, Desai Capital Management, Axiom Venture Partners, Hudson Venture Partners, ING Aetna Financial and Allianz Private Equity Partners.

Exactech acquires Altiva

Exactech Inc.

(Nasdaq: EXAC) has agreed to acquire Altiva Corp., a Charlotte, N.C.-based maker of spinal implant devices and related products. The deal represents Exactech’s decision to exercise a buyout option that was included in a 2003 investment agreement. The pre-determined purchase price is $25 million in cash and stock. Altiva had raised about $18 million in VC funding from Exatech, Frazier Healthcare Ventures, Pequot Capital and SightLine Partners.

Volcano buys CardioSpectra

Volcano Corp. (Nasdaq: VOLC) has agreed to acquire CardioSpectra Inc., a San Antonio, Texas-based developer of a fiber optic-based cardiac catheter to produce real-time, high-resolution images of vulnerable plaque. The deal includes a $25 million up-front cash payment, plus earn-outs. CardioSpectra raised about $4 million in VC funding from such firms as ATP Partners, Scientific Health Development Ltd. and the University of Texas.

Verigy acquires Inovys

Verigy (Nasdaq: VRGY) has agreed to acquire Inovys Corp., a Pleasanton, Calif.-based provider of semiconductor testing equipment. No financial terms were disclosed for the deal, which is expected to close within the next two months. Inovys raised about $39 million in VC funding from such firms as Storm Ventures, H.I.G. Ventures, Hotung Ventures, Revolution Ventures, CMEA Ventures, Palomar Ventures, TechFarm and Synopsys Inc.

Adknowledge buys Cubics

Adknowledge, a Kansas City-based provider of behavioral online advertising solutions, has acquired Cubics, an online advertising network created to focus on the Facebook developer community. No financial terms were disclosed. Adknowledge raised $48 million in funding last year from Technology Crossover Ventures.

VC-backed NeoScale sells assets

nCipher PLC

(LSE: NCH) has acquired the IP and certain assets of NeoScale Systems Inc., a Milpitas, Calif.-based provider of appliance-based encryption products, for about $1.95 million in cash. NeoScale had raised just over $60 million in VC funding since 2000 from such firms as Bay Partners, Lightspeed Venture Partners, Sevin Rosen Funds and Advanced Technology Ventures.

Linsalata sells Overton

Linsalata Capital Partners has sold portfolio company Overton’s Inc. to Gander Mountain Co. (Nasdaq: GMTN). The deal was valued at about $70 million, including the repayment of indebtedness. Overton’s is a Greenville, N.C.-based direct marketer of specialty water sports and related marine accessories. Linsalata bought the company from the Audax Group for an undisclosed price in April 2006.