Daily Deal Activity 06/27/12


DataSolv Services, which provides medical management software and services for Physician’s Offices, IPAs, PPOs, HMO Systems, and self-managed medical insurance programs, was acquired by Atlantic Health Solutions, a marketing services and revenue cycle management company servicing physicians in both the hospital and outpatient settings. The acquisition provides Atlantic Health Solutions, which is based on the East Coast, with the opportunity to increase its presence in the Western portion of the U.S. Terms were not disclosed.

HARD Events, an electronic music concert promoter and festival operator, was acquired by concert giant Live Nation Entertainment (NYSE:LYV). Financial terms were not disclosed. The sale marks Live Nation’s second foray into the electronic dance music space, following its purchase of global concert promoter Cream Holdings in May 2012.

Veddio Cloud Solutions, which operates a cloud services management platform for managed services providers, was acquired by independenceIT, which also operates as a cloud services provider that fully integrates its users’ data and critical business applications. With the purchase, independenceIT gains Veddio’s 150 partners and adds cloud management tools to its portfolio. Combined, the companies will help managed services providers and channel partners overcome the complexity involved in migrating customers’ IT resources to the cloud. Terms were not disclosed.

Allowance-Plus, which offers a Web-based software and graphics program intended to help families manage, motivate, and reward desirable financial behavior, was acquired by DoughMain, which operates a free financial education and family organization Website. DoughMain will add the company to its suite of on- and off-line services, including an integrated family calendar, chore tracker, allowance/rewards tool, and three age-relevant gaming Websites. Terms were not disclosed.

HubEdu, a four-month old company that helps colleges and their bookstores improve efficiency and operations while reducing costs for students, was acquired by Rafter, an education technology company offering cloud based course material management solutions. HubEdu’s offerings include textbook adoption, comparison shopping, and pricing technology. Terms were not disclosed.

India-based targeted mobile marketing platform provider mGinger, was acquired by India-based digital media firm ValueFirst Messaging. The strategic acquisition will give ValueFirst another four million opted-in registered users in addition to the 50 million opted-in subscribers which the company already has across various other assets. Since its inception in 2007, mGinger has raised $2 million from Draper Fisher Jurvetson and NEA-IndoUS Venture Partners. Terms of the acquisition were not disclosed.


Video conferencing software provider Blue Jeans Network, raised $25 million in Series C funding led by New Enterprise Associates, with participation from Accel Partners and Norwest Venture Partners. Blue Jeans has now raised $48.5 million. The new round is expected to take the company to profitability.

Avalara, a sales tax management company providing Web-based sales, use, and tax automation solutions for various sized business, raised $20 million in financing led by Battery Ventures. The funds will be used to fuel growth in domestic, international, and mobile opportunities. The company has now raised a total of $49 million from investors, including The Benaroya Company, Pioneer Venture Partners, and Sageview Capital.

Mobile payments software company Kuapay, raised $4 million in funding from private investor Joaquin Ayuso de Paul, best known as a co-founder of Tuenti, a company often referred to as the “Spanish Facebook,” which later sold to Telefonica for $100 million. Kuapay aims to make its mobile app a more social and engaging experience, while also integrating customer loyalty programs for merchants. The company has raised $6 million in funding to date.

IQ Engines, a company that provides image recognition software, raised $3.8 million in Series B funding from Third Point Ventures. The funds will go toward building new tools for developers to integrate visual search into their mobile and Web applications and improving the speed and accuracy of the company’s image recognition technology. This round brings the company’s total investments to nearly $10 million.

Big Frame, a talent agency that helps YouTube stars increase their audiences and better monetize their online videos, raised $3 million  in seed funding from Anthem Venture Partners, Daher Capital, DFJ Frontier, LaunchPad LA, New World Ventures, The Media Farm, and Social Starts, as well as a number of angel investors. The funding will be used to increase the company’s marketing and sales team.

CloudByte, a company that provides cloud-based storage system software, raised $2.1 million in Series A funding led by Nexus Venture Partners, with participation from Kae Capital. The company’s software is used by enterprises and could service providers to manage storage. The new funding will be used to expand sales efforts in the U.S. and Asia and continue product development.

About Petsky Prunier
Petsky Prunier is one of the leading investment banks in the technology, media, marketing, eCommerce, and healthcare industries. Our firm's mergers and acquisitions and private placements advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, our organization represents one of the largest industry-specific advisors providing strategic and transactional services. In addition, we offer international reach through our partnership with investment bank Altium, which operates from nine offices across Europe. Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity.

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