Tuesday, November 24, 2015

Bay Area Tech Wire -- Nov. 24

BAY AREA TECH WIRE -- Nov. 24, 2015
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o Microsemi Wins Battle to Acquire Sunnyvale-Based PMC-Sierra
San Francisco-Based Fortscale Security Lands Two New Investments
o San Francisco-Based Lenda Raises $2 Million in Seed Funding
Covata Lands $5 Million Investment from Fidelity International
o San Jose-Based LifeMap Solutions Names Robert Peabody as CFO
o Briefly Noted: UniPixel, Palo Alto Networks

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o Microsemi Wins Battle to Acquire Sunnyvale-Based PMC-Sierra

Sunnyvale, Calif. -- After weeks of having its bids for the company rejected, Aliso Viejo-based Microsemi said Tuesday it finally has reached a deal to acquire Sunnyvale-based big data semiconductor and software company PMC-Sierra. The company's $2.5 billion cash and stock offer beat out a previously accepted offer from Massachusetts-based Skyworks Solutions. Skyworks said PMC terminated its deal after it refused to modify its offer, and is entitled to an $88.5 million termination fee. Under the winning bid, Microsemi will pay $9.22 a share in cash and 0.08 of a share of stock for each share of PMC. The deal is expected to close during the first quarter of 2016. "We are pleased PMC has accepted our compelling strategic offer, which clearly benefits shareholders of both Microsemi and PMC," said James Peterson, Microsemi's chairman and CEO. "This acquisition will provide Microsemi with a leading position in high performance and scalable storage solutions, while also adding a complementary portfolio of high-value communications products."

o San Francisco-Based Fortscale Security Lands Two New Investments

San Francisco -- Fortscale Security, the San Francisco-based developer of a user behavior analytics tool designed to thwart insider cyber attacks and data breaches, said on Tuesday it has landed new investments from CME Ventures and UST Global. Financial terms of the deals were not disclosed. Fortscale, which now has raised $16 million since its inception, said it will use the latest proceeds to bolster its sales and marketing activities. Fortscale's user behavior technology -- which features machine learning, analytics capabilities and context-based alerting -- is designed to identify and eliminate insider threats.

o San Francisco-Based Lenda Raises $2 Million in Seed Funding

San Francisco -- Lenda, the San Francisco-based developer of a platform designed to let homeowners refinance their mortgages completely online, said on Tuesday it has raised $2 million in seed funding. Lakestar led the round, which also included previous backers Rubicon Ventures and 500 Startups. The company graduated from tech accelerator 500 Startups in 2014, and now has surpassed $60 million in loans processed for homeowners in California, Washington and Oregon, with additional states launching early next year. Lenda's software allows homeowners to compare loan options, receive a free credit report, upload documentation and check loan status in real time. The company said its process reduces the traditional time to close from 2 months to 2.5 weeks, saving an average of $20,000 in fees per borrower.

o Covata Lands $5 Million Investment from Fidelity International

San Francisco -- Covata, a developer of data protection tools with West Coast offices in San Francisco, said it has landed a $5 million investment from Fidelity International. The company, which is based in Virginia, said it will issue 34.7 million shares for a little over $0.14 each, using the proceeds for working capital. The news comes after eight-year-old Covata recently expanded its San Francisco offices and signed a 10-year deal to license its technology to networking giant Cisco. The company's technology is designed to protect data in the cloud and on mobile services.

o San Jose-Based LifeMap Solutions Names Robert Peabody as CFO

San Jose, Calif. -- LifeMap Solutions, a San Jose-based unit of BioTime developing digital health products, on Tuesday named Robert Peabody as its CFO. Peabody previously served as the senior vice president and interim CFO of BioTime, helping that company acquire and develop companies in the fields of regenerative medicine, diagnostics, and Internet-based genetic research. "Bob has a substantial track record and has played an instrumental role in developing past early-stage companies, having participated in the founding of Geron Corporation, Ocata Therapeutics and Asterias Therapeutics," said Michael West, the co-CEO of BioTime. "In this new role, Bob is expected to help guide LifeMap Solutions through its critical early stage." LifeMap develops its digital health products in partnership with the Icahn Institute for Genomics and Multiscale Biology, located within the Icahn School of Medicine at Mount Sinai.

o Briefly Noted:

(Santa Clara, Calif.) Santa Clara-based UniPixel, a maker of engineered films for the touch screen and flexible electronics markets, said on Tuesday it plans to raise $8.1 million through a public offering. The company will sell 9.6 million shares of its stock for $0.85 each. The offering is expected to close by Nov. 30.

(Santa Clara, Calif.) Santa Clara-based Palo Alto Networks, developer of an enterprise cybersecurity platform, on Tuesday named Lucas Moody as its chief information security officer (CISO). Moody most recently served as the director of information security operations and engineering at Intuit, and previously held senior security positions at eBay, KPMG and Oracle.

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