Subject: Venture News, Thursday, November 30, 2000
From: [email-masked]
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Date: Thu, 30 Nov 2000 02:04:00 -0800 (PST)

o New Investors Take 5% Stake in Ariba, Softbank Joint Venture

MOUNTAIN VIEW, Calif. -- Publicly traded e-commerce
platform provider Ariba and Softbank said that 20
corporate investors will take a combined 5% equity
stake in their recently formed joint venture, Nihon
Ariba KK, which provides business-to-business Internet
commerce products and services in Japan. The firms
are still negotiating the terms of the investment
agreement. After the close of the deal, Softbank
E-Commerce and Softbank Corp. will each hold 20%
stakes in the venture, Ariba will hold 55%, and
the 20 new investors will hold the remaining 5%.
The new investors include CAC, CSK, Deutsche Bank,
Fujitsu, Hewlett-Packard, Hitachi, IBM, Itochu,
Mitsubishi, Mitsui, Mogan Stanley Dean Witter, NEC,
NTT, OBIC, Sumitomo, Toshiba, and Toyo Information
Systems.
http://www.softbank.com/
http://www.ariba.com/
_____________________________________________

o Crosspoint Confirms It is Delaying $1 Billion Fund

WOODSIDE, Calif. -- Crosspoint Venture Partners
confirmed reports that it has postponed its ninth
fund, which had commitments totaling over $1 billion.
The company cited the dip in the stock market; market
congestion for young companies; and a concern that
good companies will have a hard time in the current
market as the main reasons for the postponement.
The firm said it wants to make sure it generates
returns its limited partners are used to getting.
Crosspoint said there is enough money in its $854
million 2000 fund to finance a few new companies
should it see fit, but will now mainly focus on
bringing its existing young companies to profitability.
The firm said it plans to continue with the fund
at an undetermined point in the future and expects
that its committed limited partners will continue
with the firm.
http://www.cpvp.com/

o 724 Solutions to Acquire Tantau Software for $375 Million

TORONTO -- 724 Solutions, an Internet infrastructure
software firm that is traded on the Nasdaq and Toronto
stock exchanges, said it agreed to acquire Tantau
Software, an Austin, Texas-based provider of software
and services that enable mobile Internet commerce.
724 Solutions will make the acquisition with 19
million shares of stock, valued at approximately
$375 million. 724 Solutions shareholders will own
about 68% of Tantau. 724 Solutions founder, chairman,
and CEO Greg Wolfond will continue to serve as chairman.
Tantau co-founder, president, and CEO John Sims
will be CEO of 724 Solutions. Four members will
be added to 724 Solutions' board of directors, including
Mr. Sims. Tantau Softare is backed by Chase Capital
Partners, General Motors Investment Management,
Hewlett-Packard, Nokia, the Texas Growth Fund, Austin
Ventures, Compaq Computer, and Techno Venture Management.
http://www.724.com/
http://www.tantau.com/
_____________________________________________

o Analytics Application Firm INEA Raises $3 Million Round One

TORONTO -- INEA Corp., a provider of enterprise
analytics application software, said it has secured
CDN $4.5 million ($3 million) in first round funding
from Canadian venture capital firm Ventures West.
The company develops software that automates data
integration, analytic processes, online reporting,
and secure information dissemination. The funds
will be used for sales and marketing.
http://www.ineacorp.com/
_____________________________________________

o New Investors Take 5% Stake in Ariba, Softbank Joint Venture

MOUNTAIN VIEW, Calif. -- Publicly traded e-commerce
platform provider Ariba and Softbank said that 20
corporate investors will take a combined 5% equity
stake in their recently formed joint venture, Nihon
Ariba KK, which provides business-to-business Internet
commerce products and services in Japan. The firms
are still negotiating the terms of the investment
agreement. After the close of the deal, Softbank
E-Commerce and Softbank Corp. will each hold 20%
stakes in the venture, Ariba will hold 55%, and
the 20 new investors will hold the remaining 5%.
The new investors include CAC, CSK, Deutsche Bank,
Fujitsu, Hewlett-Packard, Hitachi, IBM, Itochu,
Mitsubishi, Mitsui, Mogan Stanley Dean Witter, NEC,
NTT, OBIC, Sumitomo, Toshiba, and Toyo Information
Systems.
http://www.softbank.com/
http://www.ariba.com/
_____________________________________________

o Crosspoint Confirms It is Delaying $1 Billion Fund

WOODSIDE, Calif. -- Crosspoint Venture Partners
confirmed reports that it has postponed its ninth
fund, which had commitments totaling over $1 billion.
The company cited the dip in the stock market; market
congestion for young companies; and a concern that
good companies will have a hard time in the current
market as the main reasons for the postponement.
The firm said it wants to make sure it generates
returns its limited partners are used to getting.
Crosspoint said there is enough money in its $854
million 2000 fund to finance a few new companies
should it see fit, but will now mainly focus on
bringing its existing young companies to profitability.
The firm said it plans to continue with the fund
at an undetermined point in the future and expects
that its committed limited partners will continue
with the firm.
http://www.cpvp.com/