Integrian Considering Buy Out Opportunities
Morrisville, N.C. — High-tech startup Integrian, which is backed by several well-known investors such as Credit Suisse and Motorola, is in negotiations to be acquired by another firm.
“We have a lot of people looking to acquire this business,” said Chief Executive Officer Pete Durand, “I’m in discussions on the merger-and-acquisition front. We definitely have people trying to buy the company.”
Durand dismissed any talk that the company might close.
“We’re not shutting our doors today,” he said. “That is not something we have discussed right now.”
Integrian recently did convert $14.8 million in debt into equity in the firm as part of a restructuring, Durand added. PricewaterhouseCoopers reported in its most recent “MoneyTree” venture survey that Integrian had raised that amount in new financing.
“There wasn’t new funding,” Durand said. “We converted a bridge [financing] note.”
Integrian employs around 100 people. The company has raised more than $60 million from investors since it launched in 1999. Intersouth, which is based in Durham, and Wakefield Group in Chapel Hill are Integrian backers along with Polaris Ventures, Motorola and Credit Suisse.
Suzanne Cantando, a spokesperson for Integrian investor Intersouth, deferred comments about the company to Durand.
Integrian, which is focused on mobile video technology, launched in 1999 and raised more than $14 million in venture capital before making a big acquisition move in 2005 that didn’t work out.
With Credit Suisse coming onboard as a major backer, Integrian put together a syndicate of $36 million and then spent $30 million of it to buy Innovonics, a competitor based in Australia. Innovonics concentrated on technology for video surveillance in environments such as railroad stations. Integrian shut down that part of the business last November and cut its headcount by about half.
Integrian also acquired two other companies over the past three years, Signal Innovations Group in RTP and Digital Safety Technologies.
“We have a lot of people looking to acquire this business,” said Chief Executive Officer Pete Durand, “I’m in discussions on the merger-and-acquisition front. We definitely have people trying to buy the company.”
Durand dismissed any talk that the company might close.
“We’re not shutting our doors today,” he said. “That is not something we have discussed right now.”
Integrian recently did convert $14.8 million in debt into equity in the firm as part of a restructuring, Durand added. PricewaterhouseCoopers reported in its most recent “MoneyTree” venture survey that Integrian had raised that amount in new financing.
“There wasn’t new funding,” Durand said. “We converted a bridge [financing] note.”
Integrian employs around 100 people. The company has raised more than $60 million from investors since it launched in 1999. Intersouth, which is based in Durham, and Wakefield Group in Chapel Hill are Integrian backers along with Polaris Ventures, Motorola and Credit Suisse.
Suzanne Cantando, a spokesperson for Integrian investor Intersouth, deferred comments about the company to Durand.
Integrian, which is focused on mobile video technology, launched in 1999 and raised more than $14 million in venture capital before making a big acquisition move in 2005 that didn’t work out.
With Credit Suisse coming onboard as a major backer, Integrian put together a syndicate of $36 million and then spent $30 million of it to buy Innovonics, a competitor based in Australia. Innovonics concentrated on technology for video surveillance in environments such as railroad stations. Integrian shut down that part of the business last November and cut its headcount by about half.
Integrian also acquired two other companies over the past three years, Signal Innovations Group in RTP and Digital Safety Technologies.
posted by Steve Hemenway at
Friday, November 14, 2008
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