Bankrupt Expresso Fitness pedals off assets
Expresso Fitness Corp., a maker of cardio fitness systems that filed for Chapter 7 bankruptcy, has agreed to sell its assets to Interactive Fitness Holdings. The company had raised at least $44 million in venture backing from Sierra Ventures, Enterprise Partners Venture Capital and Physic Ventures. Most recently, Expresso Fitness raised a $6 million infusion in June. A Chapter 7 bankruptcy filing in November lists Sierra Ventures as the largest shareholder (with 44.6% ownership), followed by Enterprise Partners (19%) and Physic Ventures (14.9%).
Shanda buys Beijing-based video site Ku6
Shanda Interactive Entertainment Ltd. has agreed to acquire a 58% stake in Chinese video sharing website Ku6.com for a reported $44 million, according to Chinese news reports. Ku6 has raised more than $7 million in VC funding from Draper Fisher Jurvetson, Hotung International, Itochu Corp., UMC Capital, SBI Investment Co. and DT Capital Partners.
Broadcom sweeps up Dune
(Nasdaq: BRCM) has agreed to buy Dune Networks, a Sunnyvale, Calif.-based maker of networking devices, for $178 million in cash. Dune had raised about $50 million in VC funding from Alta Berkeley Venture Partners, Aurum-SBC Ventures, Evergreen Venture Partners, Jerusalem Venture Partners, Pitango Venture Capital and U.S. Venture Partners.
Adconion jumps for Joost
Adconion Media Group
, a Santa Monica, Calif.-based online advertising network, has acquired the assets of Joost Inc., a bankrupt provider of Internet television services. No financial terms were disclosed. Joost had raised $45 million from Index Ventures, Sequoia Capital, Li Ka Shing Foundation, CBS Worldwide and Viacom International Inc. Adconion last year raised the equivalent of $80 million in Series C funding from Index Ventures and Wellington Partners.
IBM buys Guardium
reportedly has agreed to acquire Guardium, an Israel-based provider of data security solutions, for $225 million. Guardium has raised $21 million in VC funding from Ascent Venture Partners, StageOne Ventures, Veritas Capital and Cisco Systems.