| ============================================ BAY AREA TECH WIRE -- Jan. 16, 2014 ============================================ To Subscribe: www.bayareatechwire.com o Palo Alto-Based WePay Raises $15 Million in Third Round o SanDisk Ventures Invests in Santa Clara-Based Nexenta o San Jose-Based Tessera to Restructure DOC Business, Halt Manufacturing o AOL Sells Majority Stake in Patch to Hale Global o Pleasanton-Based Ellie Mae Completes Deal for MortgageCEO o Santa Clara-Based Marvell Technology Group Changes CTOs o Briefly Noted: Brandwatch, eBay Enterprise _____________________________________________ > Job/Event/Marketplace Classified Listings (Full Listings Below Stories) --Don't Quit Your Day Job to Become an Entrepreneur: You Can Do Both! --14 Ideas for Marketing Your Business Online --Siteworx Complimentary Report: Best Practices: Digital Asset Management --Enterprise Connect – March 17-20, 2014 --Corporate Food-Service - Catering to Cafe Management --Investment Adviser Executive --Digital Entertainment World: Register Now and Save $200 --Advertise on Bay Area Tech Wire and Reach More than 6,000 Subscribers Ad Descriptions Below Briefly Noted Section Post Job/Event/Marketplace ad: http://www.bayareatechwire.com _____________________________________________ o Palo Alto-Based WePay Raises $15 Million in Third Round Palo Alto, Calif. -- WePay, a Palo Alto-based developer of online payment services, said on Thursday it has raised $15 million in its third round of funding, led by Phil Purcell of Continental Investors. Previous backers Highland Capital Partners, August Capital and Ignition Partners also participated in this round, which raised the company's total financing to $35 million. WePay said it will use the latest funds to bolster its payments API product, as well as for international expansion. The company's payment API is built specifically for platform businesses like marketplaces, crowdfunding sites and small business software. http://www.wepay.com http://www.marketwatch.com/story/wepay-raises-15-million-in-series-c-funding-to-grow-its-payments-api-for-platform-businesses-2014-01-16?reflink=MW_news_stmp _____________________________________________ o SanDisk Ventures Invests in Santa Clara-Based Nexenta Milpitas, Calif. -- SanDisk Ventures, a Milpitas-based investor in flash storage companies, said on Thursday it has invested an unspecified amount in Nexenta, a Santa Clara-based developer of software-defined storage tools. The news comes nearly a year after Nexenta raised $24 million in its fourth round of funding, led by Four Rivers Group. Focused on the fast-growing software defined storage (SDS) market, Nexenta currently boasts more than 5,000 customer deployments with more than 800 petabytes of storage under management. The company has previously partnered with several technology vendors, including Dell and Cisco. "We are looking forward to collaborating with Nexenta to optimize SDS solutions for flash technology in enterprise applications," said Sumit Sadana, the executive vice president and chief strategy officer at SanDisk. http://www.nexenta.com http://www.sandisk.com/about-sandisk/corporate/ventures/ http://www.businesswire.com/news/home/20140116005328/en/SanDisk-Ventures-Invests-Software-Defined-Storage-Solutions#.UthB5tJdXng _____________________________________________ o San Jose-Based Tessera to Restructure DOC Business, Halt Manufacturing San Jose, Calif. -- Looking to substantially reduce its operating costs, San Jose-based Tessera Technologies said on Thursday it will restructure its DigitalOptics (DOC) business, halting manufacturing operations to focus on monetizing imaging and MEMS technologies. The decision, expected to save roughly $17 million a quarter, follows a lengthy review of DOC by Tessera and its financial advisors. "After an exhaustive process of exploring multiple options, we have decided to cease DOC manufacturing operations and focus our resources in DOC on continuing to operate our image enhancement business, while also exploring new ways to realize value from our extensive DOC intellectual property portfolio, including a sale, licensing or other means," said CEO Tom Lacey. "While the strategic process ultimately did not lead to a sale of the mems|cam business, we achieved solid proof of concept by demonstrating working mems|cam camera modules, including shipping pre-production units that generated substantial customer interest." The company will take a one-time charge of $50-$55 million as a result of the decision. http://www.tessera.com http://www.tessera.com/abouttessera/pressroom/Pages/newsreleases.aspx?releaseId=819651 _____________________________________________ o AOL Sells Majority Stake in Patch to Hale Global New York -- Following more than four years of unrealized expectations, AOL will sell a majority stake in hyperlocal news network Patch to turnaround specialist Hale Global. Financial terms of the deal, expected to close early in the first quarter, were not disclosed. Patch will become a new limited liability company, with AOL keeping a minority stake. The companies said they plan to re-launch Patch as "an efficient platform that allows citizens and businesses to create and share locally-themed news and content." Patch had been a particular focus for AOL CEO Tim Armstrong, who co-founded the news service in 2007 in Connecticut. AOL paid approximately $7 million to acquire the company in 2009, and currently operates more than 900 Patch sites. The project, however, has failed to live up to expectations, and began weighing heavily on AOL's financial performance. In the most recent quarter, the company took a pre-tax restructuring charge of $19 million and an impairment charge of $25 million, both related to Patch. http://www.haleglobal.com http://corp.aol.com/2014/01/15/aol-to-partner-with-hale-global-on-patch/ _____________________________________________ o Pleasanton-Based Ellie Mae Completes Deal for MortgageCEO Pleasanton, Calif. -- Ellie Mae, a Pleasanton-based developer of web-based automated software tools to the residential mortgage industry, said on Thursday it has completed its acquisition of Massachusetts-based MortgageCEO, a developer of customer relationship management and marketing automation tools for the mortgage industry. Financial terms of the all-cash deal, first announced in October, were not disclosed. Ellie Mae said the acquisition will help it automate every aspect of the mortgage process. All existing MortgageCEO employees will join Ellie Mae, including Jaret Christopher, its founder and CEO. http://www.elliemae.com/ http://www.mortgageceo.com http://www.businesswire.com/news/home/20140115006426/en/Ellie-Mae-Completes-MortgageCEO-Acquisition#.UthSL9JdXng _____________________________________________ o Santa Clara-Based Marvell Technology Group Changes CTOs Santa Clara, Calif. -- Marvell Technology Group, a Santa Clara-based developer of storage, communications and consumer silicon products, said on Thursday that Pantas Sutardja has resigned as CTO. To fill the void, the company has promoted Zining Wu to the same role. Wu has worked at Marvell since 1999, most recently as its vice president of data storage technology. "His elevation to the role of CTO was a natural choice and the transition will be seamless," said co-founder and CEO Sehat Sutardja. http://www.marvell.com http://finance.yahoo.com/news/marvell-technology-group-ltd-announces-213000049.html;_ylt=A0oG7m9WVthSGzoAsLtXNyoA;_ylu=X3o DMTEzZWI3djZiBHNlYwNzcgRwb3MDMQRjb2xvA2FjMgR2dGlkA1ZJUDM0M18x _____________________________________________ o Briefly Noted: (San Francisco) U.K.-based Brandwatch, developer of a social media monitoring platform, said it has opened a new office in San Francisco that it will stock with former employees of San Francisco-based Topsy Labs, which was acquired by Apple last month. New hires include former Topsy executives Even Walser and Aaron Hayes-Roth, who will serve as vice president of enterprise sales and vice president of strategic alliances, respectively. http://www.brandwatch.com http://www.prnewswire.com/news-releases/brandwatch-scoops-up-key-talent-in-apple-topsy-aftermath-240314841.html (San Jose, Calif.) eBay Enterprise, a division of San Jose-based eBay, said that Chris Saridakis, its president, has resigned for personal reasons. Tobias Hartmann, the company's vice president of omnichannel operations and international, will fill the role on an acting basis until a successor is found. Saridakis had served as the president of eBay Enterprise since 2011, following the company's acquisition of GSI Commerce. http://www.ebayinc.com http://www.businesswire.com/news/home/20140115006275/en/Chris-Saridakis-Resigns-eBay#.UthTv9JdXng =================================================== Job/Event/Marketplace Listings: =================================================== To Post in Job/Event/Marketplace: http://www.bayareatechwire.com 6000 Readers: 5 day ad: $120--10 day ad: $175--20 day ad: $300 > Don't Quit Your Day Job to Become an Entrepreneur: You Can (and Should) Do Both! Dissatisfied with your job? Create your own! Becoming a part-time entrepreneur is easier than you think. Many dream of being their own boss but aren’t willing to risk leaving the stability of their 9 to 5s. 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