Exit watch, week of June 23, 2008

Medicis scoops up LipoSonix for $150MMedicis (NYSE: MRX) has agreed to acquire LipoSonix, a Seattle-based maker of an ultrasound technology for cosmetic body contouring. The deal includes a $150 million upfront cash payment and up to $150 million in future milestone payments. LipoSonix had raised nearly $40 million in VC funding since 2001, including a $27 million Series C round in 2004 at a post-money valuation of about $67 million. Backers include Versant Ventures, Accuitive Medical Ventures, Carlyle Venture Partners, Delphi Ventures, SV Life Sciences, Three Arch Partners and Essex Woodlands Health Ventures.

Microsoft nabs Navic Networks
Microsoft Corp. has acquired Navic Networks, a Waltham, Mass.-based provider of television advertising solutions. No financial terms were disclosed. Navic raised about $52 million in 2000 and 2001 from such firms as Highland Capital Partners, Himalaya Capital, Pequot Capital and Pilot House Ventures.

SAP buys Visiprise
SAP AG (NYSE: SAP) has agreed to acquire Visiprise Inc., an Alpharetta, Ga.-based provider of manufacturing execution software. No financial terms were disclosed. Visiprise has raised about $100 million in VC funding since late 1999 from such firms as RRE Ventures, Wheatley Partners, Canaan Partners, Westbury Partners, Morgan Stanley Venture Partners, Internet Capital Group, Accenture Technology Ventures, Investor Growth Capital, BlueVector, RB Webber & Co. and Teradyne.

IntelliNet acquires Azaire
IntelliNet Technologies has acquired the assets of Azaire Networks Inc., a Santa Clara, Calif.-based provider of WLAN solutions for mobile operators. No financial terms were disclosed. Azaire had raised more than $40 million in venture funding from such firms as Rustic Canyon Partners, Woodside Fund, Convergence Partners and Investor Growth Capital.

Boehringer buys actinic
Boehringer Ingelheim GmbH has agreed to acquire Actimis Pharmaceuticals Inc., a San Diego-based biotech company focused on respiratory and inflammatory disorders. The deal would be valued at $515 million, with the condition that Boehringer is able to move Actimis’ lead asthma candidate from Phase 1 to Phase III clinical trials. Additional financial terms were not disclosed. Actimis has raised $7.5 million from Mitsui & Co. and Sanderling Ventures.

BMC acquires ITM
BMC Software (NYSE: BMC) has acquired ITM Software, a Santa Clara, Calif.-based provider of IT business management solutions. No financial terms were disclosed. ITM has raised nearly $35 million in VC funding from such firms as Red Rock Ventures, InnoCal Venture Capital, Ascend Venture Group, Technology Partners, RBC Technology Ventures and Square 1 Bank.

FTI buys Attenex
FTI Consulting Inc. (NYSE: FCN) has agreed to acquire Attenex Corp., a Seattle-based provider of document analysis and visualization software for electronic discovery. The deal is valued at about $88 million in cash, and is expected to close next quarter. Attenex raised $5 million from Voyager Capital in 2005.

N2N assets auctioned
DemandWare Inc. won an auction to buy the assets of N2N Commerce, a Cambridge, Mass-based maker of on-demand commerce management software for multichannel retailers. No financial terms were disclosed. N2N had raised $30 million in January 2007 from General Catalyst Partners and Limited Brands, but ceased operations earlier this year. DemandWare is also venture-backed and has raised about $44 million in VC funding from General Catalyst, North Bridge Venture Partners and T-Venture Holding.