Exit watch, week of May 10, 2010

Symantec buys two VC-backed companies

Symantec Corp.

(Nasdaq: SYMC) has agreed to buy PGP Corp., a Palo Alto, Calif.-based provider of enterprise data protection, and GuardianEdge, a San Francisco-based provider of endpoint data protection for the enterprise. The PGP deal will be for about $300 million in cash, while the GuardianEdge deal will be for about $70 million in cash.

PGP had raised about $45 million in venture funding from D.E. Shaw Group, Intel Capital, DCM and Venrock. GuardianEdge, meanwhile, raised more than $10 million from Cargill Ventures, Thomvest Ventures, Altos Ventures and Cardinal Venture Capital.

Infoblox buys Netcordia


, a Santa Clara, Calif.-based provider of real-time network infrastructure solutions, has acquired Netcordia Inc., an Annapolis, Md.-based provider of network change and configuration management solutions. No financial terms were disclosed. Netcordia has raised more than $17 million from Novak Biddle Venture Partners and Trinity Ventures. Infoblox is also venture-backed, having raised more than $75 million in VC funding from Focus Ventures, Chess Ventures, Duchossois Technology Partners, Sequoia Capital, Open Prairie Ventures and Tenaya Capital.

Tessera scoops up Siimpel for $15M

Tessera Technologies Inc. (Nasdaq: TSRA) has agreed to acquire Siimpel Inc., an Arcadia, Calif.-based maker of integrated optical microsystems. The deal is valued at $15 million in cash. Siimpel had raised more than $75 million from Motorola Ventures, NTT DOCOMO, Draper Fisher Jurvetson, Global Catalyst Partners, LG Innotek, Portage Venture Partners, Scale Venture Partners, Sun America Ventures and Zone Venture Partners.

Flexera acquires ManageSoft

Flexera Software, a portfolio company of private equity firm Thoma Bravo, has acquired ManageSoft, a Boston-based provider of enterprise software management solutions. No financial terms were disclosed. ManageSoft had raised more than $38 million in VC funding from Accede Capital Venture Partners, Technology Venture Partners and Siemens Venture Capital.

IBM makes play for Cast Iron Systems


has acquired Cast Iron Systems Inc., a Mountain View, Calif.-based maker of cloud integration software, appliances and services. No financial terms were disclosed. Cast Iron had raised more than $61 million in venture funding since 2001 from Lehman Brothers Venture Capital, Sequoia Capital, Norwest Venture Partners and Invesco Private Capital.

Medtronic acquires ATS

Medtronic Inc.

(NYSE: MDT) has agreed to acquire ATS Medical Inc. (Nasdaq: ATSI) for about $370 million, or $4 per share. Sellers include Alta Partners, which bought 9.8 million shares of ATS in at $1.65 per share, and Essex Woodlands Health Ventures, which in late 2008 invested $20 million for 8.5 million common shares at $2.35 per share.

CardioMind looking for buyer


, a Sunnyvale, Calif.-based cardiovascular stent maker, has put its assets up for sale, as first reported by VentureWire. Gerbsman Partners is managing the process, which is expected to be concluded by early June. CardioMind has raised nearly $75 million in VC funding since 2003 from SV Life Sciences, De Novo Ventures, InterWest Partners, Latterell Venture Partners, Morgenthaler Ventures and Onset Ventures.

CubeTree sells for $30M in cash, plus stock


(Nasdaq: SFSF) has agreed to acquire CubeTree, a Redwood City, Calif.-based developer of a freemium enterprise collaboration suite built on a social networking platform. The deal includes a $20 million up-front stock payment and up to $30 million in cash earnouts. CubeTree has raised $11.5 million in VC funding from InterWest Partners and Trinity Ventures.

Tektronix buys SyntheSys

Tektronix Inc.

has acquired SyntheSys Research Inc., a Menlo Park, Calif.-based maker of high-speed signal integrity test and measurement instrumentation. No financial terms were disclosed. SyntheSys had raised more $18 million in funding from Advent International.