MILWAUKEE ? Robert W. Baird & Co. Incorporated (Baird), an international wealth management, investment banking, asset management and private equity firm, has named Paul Carbone and Michael Proudlock co-directors of its billion-dollar global private equity business. Carbone will also continue to serve as Managing Partner of Baird?s U.S. private equity business, which includes both Baird Venture Partners (BVP) and Baird Capital Partners (BCP). Proudlock will continue to serve as chairman and CEO of Granville Baird Capital Partners (GBCP), Baird?s European private equity business.MINNEAPOLIS — TestQuest Inc., the leader in automated, non-intrusive product testing for computer and embedded systems, today announced that it has received $9 million in venture capital funding. TestQuest received $6 million in funding from Norwest Venture Partners, RRE Investors, Essex Venture Partners, Travellers, Gideon Hixon Fund and PathFinder Venture Capital, all of whom participated in TestQuest’s $6 million round of funding in Spring 2000. TestQuest also received $3 million from new investor, Needham Capital Partners. The new investment builds upon momentum from TestQuest’s strong firstquarter in fiscal year 2001, during which the company nearly tripled itsrevenues over the previous fiscal year’s first quarter, expanded sales inEurope and Asia, and added new customers Nokia, Sun and AOL to its alreadyextensive customer base.TestQuest will leverage the investment to support sales and marketingexpansion in the United States and abroad; continue the development of newtest automation solutions; and meet increasing demand for its testing productsand services in the handheld/wireless, interactive television and generalcomputing industries.CHICAGO — Divine Inc. (Nasdaq: DVIN), a premier providerof services, technology and managed applications that extend the enterprisethrough collaboration, interaction and knowledge solutions, and Open Market,Inc. (Nasdaq: OMKT), a provider of content-driven e-business solutions thatenable enterprises to better manage interactions with their site visitors,customers, employees and channels, today announced that they have signed adefinitive agreement for divine’s acquisition of Open Market in astock-for-stock merger. Under the terms of the merger agreement, divinewill acquire all of the outstanding shares of Open Market common andpreferred stock in exchange for approximately 44,285,000 shares of divineClass A common stock. Based upon divine’s closing price on August 14, 2001,the transaction would have an aggregate value of approximately $59.3million. Open Market stockholders are expected to receive betweenapproximately 0.8230 and 0.8598 shares of divine Class A common stock inexchange for each share of Open Market common stock.
COLUMBUS, OHIO — Ultryx Corporation, the Enterprise Channel Management solution provider for global manufacturers, today announced that it has completed a second round of venture funding, raising $6.5 million in Series B financing. The round was lead by ABB New Ventures Ltd. of Zurich, Switzerland, with full participation from Series A investors. ABB announced its investment in Ultryx on July 30.NEW YORK — Palladium Equity Partners, LLC, a leading private equity firm, announced today that it has made a controlling investment of $40 million in Haden International Group, Inc., a privately-held company that is one of the world leaders in providing paint finishing systems. In addition, it was also announced that Haden has entered into a new $25 million senior credit facility with Comerica Bank. With 2000 sales of approximately $300 million, Haden, based in Auburn Hills, Michigan, is one of the world’s largest suppliers of paint finishing systems and equipment to leading original equipment manufacturers such as DaimlerChrysler, Toyota, General Motors, Ford, BMW and Boeing. The Company is a pioneer in the development of powder-based paint systems and has installed 10 automotive powder systems worldwide, making Haden the industry leader in this environmentally friendly technology. Haden will use the proceeds from the Palladium investment to strengthen its balance sheet and provide adequate working capital, enhancing its ability to meet the needs of its growing customer base.SOUTH PLAINFIELD, N.J. — Able Laboratories, Inc. (OTCBB:ABRX) today announced the completion of a private placement resulting in net proceeds of $6,000,000 to the Company. The lead investor in the transaction is a private equity fund, Corporate Opportunity Fund, L.P., which is managed by a Houston-based investment management and investment banking firm, Sanders Morris Harris. In addition, certain managing and limited partners of the firm as well as several individuals knowledgeable with the generic industry also invested in the placement. Over $1,000,000 of the placement was funded by Able’s senior management, directors and their affiliates. Under the terms of the private placement agreement, the investors will receive certain rights including the right to vote as a class on certain matters related to major actions of the Company. In addition, the agreement specifically prohibits the Company from raising capital through the sale of floating rate convertibles, borrowing money in excess of mutually agreed levels or amending the Company’s charter without the consent of new investors. The agreement also contains a condition allowing the new investors majority board of directors representation if the Company defaults on the terms of the agreement or does not meet certain profitability criteria. The investors purchased a series of preferred stock that is convertible in the aggregate into 25% of the Company’s outstanding shares of common stock, after giving effect to conversions of currently outstanding preferred stock, but excluding director and employee options.For yesterday?s Wire, click here.