Friday, June 26, 2015

Bay Area Tech Wire -- June 26

BAY AREA TECH WIRE -- June 26, 2015
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San Jose-Based Xactly Raises $54.8 Million in IPO, Shares Rise 9%
Milpitas-Based ISSI Rejects "Best and Final Offer" from Cypress
Bristol-Myers Squibb to Expand R&D Hub in Redwood City
S.F.-Based Meteor Development Group Acquires Percolate Studio
o Study: Internet Use Nears Saturation for Young, Educated and Affluent
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Logitech International, - Google Maps

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--Director of Information Technology - City of Berkeley, CA

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o San Jose-Based Xactly Raises $54.8 Million in IPO, Shares Rise 9%

San Jose, Calif. -- Shares of San Jose-based Xactly rose 9% on their first day of trading Friday after the developer of a cloud-based incentive compensation platform designed to manage employee and sales performance raised $54.8 million in its initial public offering (IPO). The company priced 6.85 million shares at $8 each -- below its earlier target of $10-$12 -- with stockholders also selling an additional 184,000 shares. The company's stock began trading Friday on the New York Stock Exchange under the symbol "XTLY." J.P. Morgan and Deutsche Bank Securities served as lead underwriters. As of Jan. 31, Xactly had approximately 194,000 subscribers, up 54,000 from the prior year. The company posted $61.1 million in revenue last fiscal year, with a net loss of $18.5 million.
926/d685408d424b4.htm (IPO filing)

o Milpitas-Based ISSI Rejects "Best and Final Offer" from Cypress

Milpitas, Calif. -- Seemingly ending a protracted bidding war, Milpitas-based Integrated Silicon Solution Inc. (ISSI) said on Friday that San Jose-based Cypress Semiconductor's "best and final offer" won't be good enough to beat out a competing acquisition bid from Uphill Investment. Cypress on Thursday offered $22.60 a share for ISSI, plus a $0.10-a-share ticking fee for each additional quarter required to obtain regulatory approval. The company, however, said it wouldn't match Uphill's $23-a-share offer, submitted on Tuesday. After considering both offers, ISSI's board said its board "has determined that the revised proposal from Cypress does not constitute, and would not be reasonably expected to lead to a superior proposal," and has recommended that shareholders approve the Uphill deal at a special meeting scheduled for Monday. 

o Bristol-Myers Squibb to Expand R&D Hub in Redwood City

Redwood City, Calif. -- Bristol-Myers Squibb, the New York-based biopharmaceutical giant, said it plans to further expand its existing research and development facility in Redwood City. The project, expected to be completed in 2016, will add 61,000 square feet of lab and office space at the Woodside Technology Park life science campus. The campus serves as company's hub for researching cancer immunotherapies. With the additional square footage, Bristol-Myers Squibb will fully occupy two of the three buildings at the campus, totaling 194,100 square feet. The company plans to relocate approximately 40 scientists from its Seattle, Wash. site, as well as recruit scientists from the Bay Area. Francis Cuss, the company's executive vice president and chief scientific officer, said the expanded facility, along with the building of a new site in Massachusetts, "positions the company and our scientists in the heart of vibrant ecosystems of world class science, innovation and business opportunities, which offer ideal environments for fostering external collaboration."

o S.F.-Based Meteor Development Group Acquires Percolate Studio

San Francisco -- Meteor Development Group (MDG), the San Francisco-based developer of a unified JavaScript app development platform for mobile and web, said on Friday it will acquire Percolate Studio, a San Francisco-based creator of production apps built with Meteor. Financial terms of the deal were not disclosed. Zoltan Olah, the co-founder of Percolate, will lead Meteor's customer success activities. With the acquisition, Meteor will begin offering a commercial developer subscription to provide technical support and design review assistance to customers. Meteor Development Group is backed by Andreessen Horowitz, Matrix Partners, Trinity Ventures, Y Combinator and individual investors. 

o Study: Internet Use Nears Saturation for Young, Educated and Affluent

Washington, DC -- Nearly all young adults, those with high education levels and those in relatively affluent households now use the Internet, according to a new study by the Pew Research Center analyzing 15 years of data on internet adoption. All told, 96% of those ages 18-29 now use the Internet, up from 70% in 2000. In addition, almost all adults (95%) with a college or graduate degree say they are internet users, and 97% of those who live in households earning more than $75,000 also are online. "There are two broad trends in these data," said Maeve Duggan, a research associate at Pew. "The first is that the groups traditionally leading the way in tech adoption -- the young, highly educated and relatively well off -- are now nearly all internet users. The second is that groups traditionally less likely to be early adopters have steadily increased their internet use. Especially in recent years, the rate of adoption has been particularly rapid." Fifty-eight percent of seniors and 66% of those who have not completed high school now use the Internet, up from 14% and 19% in 2000, respectively.  

o Briefly Noted:

(Newark, Calif.) Logitech International, the Swiss maker of personal peripherals with U.S. headquarters in Newark, said it has nominated three new members to its board of directors. They include: Sue Gove, the president of Excelsior Advisors and former president and CEO of Golfsmith International; Lung Yeh, the managing director of Enspire Capital; and Edouard Bugnion, professor at the École Polytechnique Fédérale de Lausanne (EPFL) and a founder of both VMware and Nuova Systems. Monika Ribar and Matthew Bousquette have decided not to stand for re-election to the board, along with Daniel Borel, Logitech's co-founder. 

(Mountain View, Calif.), a New Jersey-based city-to-city bus company with a major hub in San Francisco, said it has partnered with Mountain View-based Google. Through the deal, Megabus's complete scheduling data now has been integrated into Google Maps, allowing travelers to search for available routes by inputting a city name, address, business or location. Users also can compare estimated fares on available travel options. 

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> Director of Information Technology - City of Berkeley, CA

The Director of Information Technology leads a large municipal department in providing a diverse array of digital services to its employees, citizens, and beyond. Reporting to the City Manager, the Director of IT will be seen as the technology leader working across the organization to ensure a forward-thinking and strategic approach to technology in support of all municipal business units. Bachelor’s degree is required. This position requires six years responsible experience in information technology, four years of which must have been at a supervisory or management level. Salary range $137,772 to $189,396 DOQ, plus benefit package including CalPERS. Detailed brochure by clicking here. Confidential inquiries to Greg Nelson at (916) 630-4900. Submit cover letter and resume to prior to Friday, July 3, 2015.

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