Exit watch, week of Nov. 10, 2008

Cardiovascular Systems goes public via reverse merger

Cardiovascular Systems Inc. (CSI), a St. Paul, Minn.-based maker of a minimally invasive catheter system for the treatment of peripheral arterial disease, has agreed to go public via a reverse merger with Replidyne Inc. (Nasdaq: RDYN). CSI shareholders will hold about 83% of the combined company, while Replidyne shareholders will hold the remaining 17 percent. CSI is currently in registration for an $86 million IPO. The company has raised about $65 million in VC funding from Maverick Capital (15% pre-IPO stake), Easton Hunt Capital Partners (9.1%) and Mitsui & Co. (5.6%). Replidyne was VC-backed prior to its June 2006 IPO, with shares still held by HealthCare Ventures, TPG Ventures, Morgenthaler Ventures, Perseus-Soros and Sequel Venture Partners.

Oracle buys Tacit assets

Oracle has acquired the IP assets of Tacit Software, a Palo Alto, Calif.-based provider of automated profiling technology for enterprise collaboration. No financial terms were disclosed. Tacit had raised about $36 million in total VC funding. Investors include Draper Fisher Jurvetson, Royal Bank of Canada Pension Fund, Woodside Fund and Alta Partners.

Reunion consumes rival Wink

Reunion.com, a Los Angeles-based operator of a people search engine that covers social networking sites, has acquired rival Wink. No financial terms were disclosed. Wink had raised about $6 million from Cambrian Ventures and Greylock Partners. Reunion is also venture-backed, having raised more than $27 million in VC funding from Oak Investment Partners.

VC-backed Tatara sells some assets

Tatara Systems, an Acton, Mass.-based provider of mobile convergence products for network operators, has sold some of its Mobile Broadband unit assets to Smith Micro Software (Nasdaq: SMSI) for an undisclosed amount. Tatara has raised about $36 million in total VC funding from Highland Capital Partners and North Bridge Venture Partners.