One Gets Bought and Another Gets Funded
Two good notes for Atlanta technology.
First, Procuri announced their agreement to be acquired by Ariba. The price tag amounts to $93m with $8m as debt (it isn’t clear if the $8m is part of the $93m or in addition to that amount). Payment of the price will be half cash, half stock. I’m a fan of cash acquisiton deals since that lets founders and employees diversify their holding immediately.
Second, Streetfire.net has apparently raised $6.1m in Series A funding. I don’t have any more details on this. If you know something about this deal, feel free to comment.
UPDATE: It appears that the $8m in debt paid for Procuri is in addition to the $93m purchase price. Also note that Procuri raised $22.5m in lifetime VC funding from Advent International (Boston) and Insight Venture Partners (New York). That’s right, no Atlanta or southeast investors. But that’s another post altogether.
Make A Comment: ( 4 so far )
4 Responses to “One Gets Bought and Another Gets Funded”
Josh
September 21st, 2007
As for Streetfire, I’m not so sure it’s good news for Atlanta anymore. Per one of their MySpace pages (and their job listing page), they’ve moved the company to California. I’d imagine the move was a condition of the funding, though it may also place them physically closer to stronger auto enthusiast markets. http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=22036261
Rob Kischuk
September 21st, 2007
Apparently Streetfire.net has already moved to Santa Monica. Kind of a sad story - an Atlanta company doing well, being recognized by out-of-towners, raising money and moving away. I guess they could not find money here in Atlanta (because there is none for forward thinking Internet companies?)
Paul Freet
September 21st, 2007
Streetfire.net is no longer in Atlanta - they’re in California now.
http://www.thealarmclock.com/mt/archives/2007/09/streetfire_vide.html