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BAY AREA TECH WIRE -- Jan. 22, 2015
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o San Jose-Based eBay to Cut 2,400 Jobs Ahead of PayPal Spinoff
o S.F.-Based Uber Raises Another $1.6 Billion in Convertible Debt
o Palo Alto-Based BlueVine Raises $18.5 Million in New Funding Round
o San Jose-Based Fastback Networks Lands $15 Million in Third Round
o San Francisco-Based Lookout Launches Federal Unit in Washington
o Burlingame-Based Sentient Energy Names Jim Keener as CEO
o Briefly Noted: California Public Utilities Commission, Opus Global,
Castlight Health
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o San Jose-Based eBay to Cut 2,400 Jobs Ahead of PayPal Spinoff
San Jose, Calif. -- Looking to cut costs ahead of the planned spinoff of its PayPal business, San Jose-based eBay said it will cut approximately 2,400 jobs, or 7% of its total workforce. The company also plans to explore strategic options for its eBay Enterprise business, which manages e-commerce initiatives for large retailers, including a possible sale or initial public offering (IPO). "eBay, while facing challenges, continues to be a great business and is focused on stabilizing performance and engaging its core customers," said John Donahoe, the company's president and CEO. Looking ahead, Donahoe said the company remains on track to separate eBay and its PayPal payments unit into independent companies during the second half of 2015.
http://www.ebayinc.com/in_the_news/story/ebay-inc-reports-fourth-quarter-and-full-year-results
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o S.F.-Based Uber Raises Another $1.6 Billion in Convertible Debt
San Francisco -- Uber Technologies, the San Francisco-based operator of an on-demand car service, has raised $1.6 billion in convertible debt from wealth management clients of Goldman Sachs Group, Bloomberg reported. Citing people with knowledge of the matter, the company-- which just raised $1.2 billion from investors in December -- also is still in talks to raise another $600 million from hedge funds and unspecified international investors. Uber reportedly plans to use the funds to expand to several more foreign cities, as well as to bolster research and development. The company, which was valued at $40 billion at the time of December's funding, already operates in nearly 300 worldwide markets.
https://www.uber.com/
http://www.bloomberg.com/news/2015-01-21/uber-said-to-raise-1-6-billion-in-convertible-debt-to-expand.html
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o Palo Alto-Based BlueVine Raises $18.5 Million in New Funding Round
Palo Alto, Calif. -- BlueVine, a Palo Alto-based online provider of working capital financing to small businesses, said on Thursday it has raised $18.5 million in a new round of funding, co-led led by 83North (formerly Greylock IL) and Lightspeed Venture Partners. Silicon Valley Bank, Correlation Ventures and other private investors also took part. The company said it will use the proceeds to expand into new vertical markets, add software integrations and double its employee base in 2015. BlueVine's cloud-based online invoice financing service has processed thousands of invoices since its beta launch last March. Businesses can qualify for credit lines of $5,000-$50,000, allowing them to get paid immediately for invoices due in 15-90 days. In addition, BlueVine has named Ido Lustig as its vice president of risk management. Lustig previously served as the fraud analytics group manager at PayPal.
https://www.bluevine.com/
http://www.businesswire.com/news/home/20150122005035/en/Fintech-Startup-BlueVine-Secures-18.5-Million-Funding#.VME-wdLF_ng
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o San Jose-Based Fastback Networks Lands $15 Million in Third Round
San Jose, Calif. -- Fastback Networks, a San Jose-based developer of LTE backhaul technology, said on Thursday it has landed $15 million in its third round of funding. Harmony Partners led the round, which also included participation from previous backers Foundation Capital, Granite Ventures, Juniper Networks and Matrix Partners. The company said it will use the funds to expand customer service and support, operations, marketing, sales and product development activities. The company's Fastback Intelligent Backhaul Radio is designed to help service providers accelerate the deployment of LTE services. The technology is currently deployed in mobile networks in five U.S. cities. The company previously had raised $15 million in 2013 and $11 million in 2011.
http://www.fastbacknetworks.com
http://www.fastbacknetworks.com/news-events/
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o San Francisco-Based Lookout Launches Federal Unit in Washington
San Francisco -- Lookout, a San Francisco-based developer of mobile security tools, said on Thursday it has launched a new federal government unit based in Washington. The new unit, Lookout Federal Systems, will focus on helping federal agencies make employees more productive through the use of mobile devices. The company has partnered with government IT firm Carahsoft to connect with potential federal clients. "Mobile is already a significant cybersecurity threat vector and the risks are only increasing as private and public sector organizations alike embark on mobility initiatives," said Roger Cressey, chair of Lookout's newly established Federal Systems advisory board. "To protect their missions, federal cybersecurity leaders need a stronger understanding of the risks mobile devices introduce to their organizations." Cressey is a former director on the National Security Council.
http://www.lookout.com
https://www.lookout.com/news-mobile-security/lookout-brings-predictive-mobile-security-to-federal-agencies-with-lookout
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o Burlingame-Based Sentient Energy Names Jim Keener as CEO
Burlingame, Calif. -- Sentient Energy, a Burlingame-based developer of grid monitoring and analytics tools for electric utilities, on Thursday named Jim Keener as its new CEO. He succeeds company founder Michael Bauer, who will assume the roles of president and chief product officer. Keener had been serving as an advisor to the Sentient management team since last year, and was previously vice president of technical services for the power generation division of NextEra Energy. Sentient's monitoring systems are designed to help electric utilities find problems and cut costs anywhere along the distribution grid.
http://www.sentient-energy.com
http://www.sentient-energy.com/about-us/news-and-events/sentient-energy-appoints-james-keener-chief-executive-officer/
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o Briefly Noted:
(San Francisco) The California Public Utilities Commission said Thursday that residents and businesses with 415 area codes must begin dialing "1" plus the area code plus the phone number when making all phone calls beginning Feb. 21. The change will pave the way for the introduction of a new 628 area code for new telephone lines. The 415 area code covers the County of San Francisco, most of Marin County and a small portion of San Mateo County.
http://www.prnewswire.com/news-releases/san-francisco-and-parts-of-marin-county-to-dial-calls-differently-beginning-february-21-2015-300024019.html
(Palo Alto, Calif.) Palo Alto-based Opus Global, developer of a risk and compliance platform, on Thursday named Bruce Grant as its senior vice president and CMO. Grant previously spent seven years at Calypso Technology, where he served as head of strategic and business intelligence and director of strategic marketing. Earlier, he was the founder and CEO of digital marketing agency New Beach Media.
http://opusglobal.com/
http://www.businesswire.com/news/home/20150122005317/en/Opus-Global-Appoints-Bruce-Grant-Senior-Vice#.VME4etLF_ng
(San Francisco) San Francisco-based Castlight Health, a developer of enterprise healthcare cloud tools, on Thursday named John McCracken as its senior vice president of worldwide sales. Most recently, McCracken most recently served as the senior vice president of sales at Jive Software, and previously was the senior vice president of sales at Inovis.
http://www.castlighthealth.com/
http://www.businesswire.com/news/home/20150122005248/en/Castlight-Health-Hires-Enterprise-Software-Executive-John#.VME7BtLF_ng
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> Do Your Employees Think Like Owners? 10 Tips for Building an Entrepreneurial Culture
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