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FRANKFURT/LONDON - Europe's biotechnology industry, already lagging well behind the United States, faces an unprecedented funding squeeze that may drive some companies to the wall.
Harold Bradley manages $2.1 billion for the Kansas City, Mo.-based Ewing Marion Kauffman Foundation.
Markets change. Competitors change. Customers change. Regulations change. Suppliers change. But people rarely change. What differentiates a great venture capitalist from a good one is the ability to identify and invest in the right people or "six sigma" entrepreneurs as we like to call them at Nexus India Capital.
TOP 10 TRAITS OF A "SIX-SIGMA" ENTREPRENEUR :
1. Smart - High on common sense
2. Passionate - Really believes in the idea
3. Quick - Acts on things immediately
4. Great listener - Understands the customer's needs
5. Adaptive - Willing to change course midway if needed
6. Team builder - Can attract and retain a leadership team
7. Self aware - Understands own strengths and weaknesses, leverages the strengths and finds ways to compensate for the weaknesses.
8. Focused on execution - Spends majority of the time on the high priority issues. Does what it takes to achieve a task.
9. Visionary - Dreams big. Spots trends in the future before anyone else
10. Ethical - Honest. Genuine. Can be trusted
More often than not, companies fail because of the wrong person at the helm. It is better to back an "A" entrepreneur with a "B" idea than to back a "B" entrepreneur with an "A" idea. Many of us Venture Capitalists get swayed by domain experience and/or top tier eduation as that is something tangible we can relate to. For e.g., we are more likely to fund someone from the travel industry to start an online travel company than someone who has worked in garment exports. We are more likely to fund an IIM MBA who has worked at Infosys or Tata than someone who has worked at a small software shop with a local chartered accountancy degree. While domain expertise and a decent education can be a plus, it is not what makes a six sigma entrepreneur.
Identifying six sigma entrepreneurs is more of an art than a science. It requires a killer observation, good listening skills, laser focus and a lot of intuition. And those who are good spotting these entrepreneurs make great venture capitalists.
The promoters of India's largest company, Reliance Industries Ltd, have increased their stake in the company by converting preferential warrants into equity shares. With this, Mukesh Ambani has invested a whopping Rs 16,842 crore to raise his stake from 44.8% to 54.99%. Increasing the promoters stake to 55% would have triggered an open offer, which Mukesh Ambani would not have wanted. The amount for warrant conversion has been raised by diluting his stake in other privately held companies, according to this report.
Ambani had paid 10% of the amount during the time of the allotment of preferential warrants in February 2007. The balance amount had to be paid in the next 18 months. The equity shares are subject to lock in for 3 years from the date of allotment of the warrants. The conversion has been done at a price of Rs 1,402 per share.
The cash infusion would also increase the RIL's equity capital base increases from Rs 1,393 crore to Rs 1,513 crore.
The stock price of RIL fell to Rs 1760 yesterday, closing at its 52-week low. The share price fell by 7.67% yesterday, dragging down the Bombay Stock Exchange to 530 points down.
Lehman Brothers Venture Partners, the venture-capital arm of the bankrupt investment bank, is in late-stage talks to spin off as an independent firm, VentureWire's Tomio Geron reported Tuesday.
The man who inherited Priyamvada Birla's assets (valued at Rs 5,000 crore) is no more. Chartered accountant and industry leader Rajendra S Lodha died of heart attack in London on Friday. He was the chairman of MP Birla Group of companies, whiuch included Birla Corporation, Universal Cables, Birla Ericsson Optical, Vindhya Telelinks and Hindustan Gum and Chemicals.
RS Lodha, 66, a former chairman of Federation of Indian Chambers of Commerce, a board member of State Bank of India, and a former director of Reserve Bank of India, came into limelight when he claimed rights to the Rs 5,000-crore worth property of MP Birla Group after the death of Priyamvada (MP's wife) in July 2004.
Lodha claimed Priyamvada had left a will bequeathing all her properties (which included cement to jute to cable businesses) to Lodha and his son Harsh Vardhan in 1999. He took control of these businesses.
The events took an ugly turn when the Birla clan opposed the move by Lodha, and several cases are pending in the court.
Interestingly, Lodha died on his way to see the Birla family elder BK Birla who was in his London flat. BK Birla has been quoted as saying by Mint: "(Lodha is a) good, nice, intelligent and hardworking man. The (pending) court cases are not important anymore."
It remains to be seen if the Birlas will fight the battle as vigorously as it did earlier. The MP Birla Group companies will be run by Lodha's son Harsh unless the court orders in reverse.
Since the credit crisis began gripping the financial world, Silicon Valley has watched from the sidelines, secure in the faith that it was insulated from the coming storm.
Finally, Wall Street rescue package has been cleared by the US House of Representatives. The lawmakers, who were wary of a crisis in the nation's economy, voted in favour of the $700-billion bailout package. The bill will be now sent to President George W. Bush for his signature.
The bill has won 263 in favour and 171 votes against. On Monday, the same House had rejected the plan by 228-205 votes, which resulted in a massive behind the scene action to get the bill passed at Senate (74-25)on Wednesday.
The bailout plan was also revised to appeal to a large number of law makers and public opinion. So the package also included $152 billion in unrelated tax breaks.
Tata Motors has pulled out its Nano car project from Singur in West Bengal, announced Ratan Tata in a press conference in Kolkata, later in the evening today. The decision was taken after Tata Group Chairman Ratan Tata met West Bengal Chief Minister Buddhadeb Bhattacharjee in the state secretariat. "A decison like this becomes a lonely decision. It comes with a lot of pain," said Ratan Tata.
Not withstanding the increasing agitation and aggression from the opposition party led by Mamata Banerjee, Tata's finally decided to pull out of Singur to safegauard their employees. In his address to the media, Ratan Tata attributed the non-cooperation from the opposition party to be the sole reason for this decision. He said that "there could be a dialogue when there is a human approach to things, not when there is aggression and agitation".
No matter, the Tata's had to bid a farewell to Singur, Ratan Tata said that he will not deter from his promise of providing the one lac car and will keep to the Nano timeline. Ratan Tata also added that they will ensure that all the employees are relocated.
The decision to move out of Singur was taken today and the management is yet to evaluate the financial impact of this development. They have received offers from other state governments and will announce where the plant will be moved.
BMR Advisors has taken over a Chennai-based tax advisory firm, K Ravi &Co.The Chennai based tax advisory company was set up in 1980 and has capabilities in the area of direct and indirect tax work.
Under an arrangement, K Ravi & Co will combine its 20 people team in Chennai with BMR, helping the latter build its practice at a national level. BMR Advisors is already present in South India with an office at Bangalore. "This is a strategic acquisition for us. It will give us an on-the ground presence in Chennai to meaningfully serve our existing clients in Chennai and tap new relationship and clientele," Bobby Parikh, Managing Partner, BMR Advisors, told VC Circle.
Going forward the company wants to establish presence in other geographies through acquisitions. "We are exploring opportunities in the areas of Pune, Hyderabad and Ahmedabad," Parikh said. This means BMR is looking at similar acquisitions in these cities.
BMR Advisors, formed in 2004 by Parikh and Mukesh Butani, former partners at Arthur Anderson and Ernst & Young, currently has offices in Delhi, Mumbai and Bangalore, besides New York, London, and San Francisco. It opened an office in Bahrain earlier this year. It has 26 partners and over 375 people.
For years, venture capitalists have complained about the burdensome regulation preventing their start-ups from reaching the public markets, and thereby cheating the young companies' backers of extravagant ...
Start-up firm Equitas Micro Finance India (P) Ltd plans to raise close to 10 billion rupees through a mix of equity and debt to help expand its micro-lending business, a top official said on Friday.
The company, which raised Rs 50 crore worth of private equity funds in August, plans to raise around Rs 400 crore via debt by March and another Rs 600 crore through equity by January, Managing Director, P.N. Vasudevan said.
"We are in the process of leveraging our equity by raising debt and will raise equity capital to fund our growth for the next year," he said.
The firm was in talks with banks for raising debt and was also talking to investors including private equity firms to raise equity, which would be done through issue of fresh shares.
Equitas, which is currently present only in the southern state of Tamil Nadu, plans to expand to seven other states by March, he said.
The annual demand for microfinance is around 2 trillion rupees while the supply is only around 200 billion rupees, Vasudevan, who was earlier with Development Credit Bank (DCBA.BO: Quote, Profile, Research), said.
"There is a 90 percent unmet client demand," he said.
In August, the company issued convertible preference shares to private equity firms, Bellwether Microfinance Fund Pvt. Ltd., India Financial Inclusion Fund and MVA Ventures and the shares would be converted to equity by August 2009.
(This article is provided by Reuters)
Pulak Prasad-led Nalanda Capital has upped its holding in engineering firm Kirloskar Oil Engines to 5.72%. It bought around 4.9 million shares, out of which more than half came through a bulk deal with Sundaram BNP Paribas midcap fund. It is estimated that Nalanda would have paid around Rs 38 crore for picking these shares translating into a deal worth $8 million.
Nalanda India Fund had been holding 3.16% in Kirloskar Oil Engines before this deal was struck. It is not clear when did the fund pick this stake and at what price. At current market price this stake is valued at Rs 85 crore ($18 million).
Kirloskar Oil Engines which manufactures diesel engines, irrigation pumpsets, diesel generating sets, engine bearings and valves besides grey iron castings. It had revenues of Rs 2,211.7 crore($470 million) with net profit of Rs 118.95 crore($25.3 million) during FY08.
Nalanda Capital, started by Prasad in 2007, is a Singapore-headquartered private equity fund with a $400 million corpus. Its mandate is to invest only in publicly-listed companies.
Earlier, Nalanda Capital had picked up a 5% stake in Chennai-based Carborundum Universal for Rs 65 crore through a bulk deal with Merrill Lynch. Its other investments include Jaipur-based jewellery maker Vaibhav Gems, US-listed BPO firm WNS (Holdings).
Besides Nalanda, ChrysCapital has also been picking up shares in public market. It has been buying up stakes in Gammon India, Ahmednagar Forgings, Amtek India and Amtek Auto, besides Infosys and HCL Technologies.
Wells Fargo and Wachovia have decided to merge their companies. The deal values Wachovia at $15 billion and at a price of $7 per share. Wells Fargo said it would pay 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock. The board of Wachovia has approved of this offer.
With this deal, Wachovia has abandoned its negotiations with Citigroup to complete a transaction supervised by the FDIC that included assistance from the government. Wachovia's Board approved Wells Fargo's offer last night. Interestingly, Warren Buffet owns a 9% stake in Wells Fargo. The transaction, based on Wells Fargo's closing stock price of $35.16 on Thursday, is valued at $7 per Wachovia share.
"We at Wachovia have great admiration and respect for the people and businesses at Wells Fargo and we are extremely pleased to join forces with this outstanding company," said Robert K. Steel, President and CEO of Wachovia Corp in a release. "This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support," he added.
AXA Private Equity, with more than $22 billion of assets under management puts forward a compelling opportunity for private equity groups despite the global downturn. AXA Private Equity’s infrastructure group presents a case of more than $53 trillion of investment required in the next 25 years to support global population growth.Realizing the appetite for the sector, banaks and asset managers are currently raising $100bn to invest in the asset class.
AXA has particularly identified Asia as being one of the key regions for infrastructure investment, citing its strong GDP growth and rapid urbanisation. The firm said a financing gap was growing as some governments were unable to match the required investment, and estimated that this gap would reach $500bn in India alone over the next five years.
The firm also said concerns over the political, legal and regulatory frameworks in Asia had largely been alleviated by improvements made in the last decade. Most recently, the Finance Ministry in India has further liberalised the external commercial borrowing policy in an attempt to provide a greater boost to investments in this sector. Following the new move, infrastructure companies can avail themselves of borrowings of up to $500 million a year, as against the existing limit of $100 million, for rupee expenditure under the approval route.
Infrastructure Funds Splash In India
Infrastructure is being increasingly recognised as a distinct alternative asset class. Anubha Shrivastava, Portfolio Director, South Asia, CDC Group, the U.K. government's Fund of Funds told VCCircle in a separate interview, "There is a compelling story for infrastructure in India and we are interested in exploring this asset class a little further".
Among other global funds, Morgan Stanley Global Infrastructure Partners has also appointed their man, Gautam Bhandari on ground to make investments across the infrastructure value chain in India. JPMorgan & Chase Co., has set up a $2 billion fund to invest in Indian infrastructure projects such as roads, ports and power.
Global buyout fund Kohlberg Kravis Roberts & Co (KKR), which recently decided to list on the NYSE, said it is considering investing in infrastructure sector in India and China. Goldman Sachs is raising a targeted $7.5 billion fund and will look at investing in India. As for India specific funds, Citigroup Inc., and Blackstone Inc are planning a $5 billion fund for India (of which Citi has already raised $500 million).
Macquarie Capital Group Ltd. and State Bank of India are co-raising a $2 billion infrastructure fund, while 3i Group of UK has already raised a $1.2 billion fund. ICICI Venture is following suit with a $1 billion fund.
Finally there is some hope for the 2,000 odd employees of Lehman Brothers' back office in India. In a significant development, Japanese securities house Nomura Holdings Inc has reached a basic agreement to purchase Indian units of Lehman Brother, Japan's Nikkei business daily reported on Friday.
The Nikkei reported that Nomura would take over the information technology development and back-office operations of Lehman Brothers as well as more than 2,000 employees in India.
The Japanese firm has already accepted about 3,000 workers from Lehman Brothers' Asia-Pacific units and some 2,500 employees from Europe and the Middle-East to join Nomura, the newspaper said.
Lehman Brothers' Indian operations included tasks such as procedural work entailed by securities transactions besides IT development.
Last month, Nomura had agreed to buy the Asia Pacific units of Lehman Brothers Holdings, which also included the Indian investment banking unit. However, it was silent on the fate of the BPO arm, which employed about 2,000 people.
The latest development of Nomura taking over the BPO arm will be a great relief to the Indian workforce of the bankrupt US investment bank.
To Retain Lehman's Talent
Meanwhile, Nomura Holdings Inc. has guaranteed that bankers in the Asian operations of Lehman will continue to receive the same level of pay, Wall Streey Journal reported on Friday. This is an attempt to stall the exodus at the bankrupt Wall Street bank as the Japanese firm is set to take control of its Asia Pacific operations.
Nomura, which late last month bought Lehman's Asian business for $225 million, has offered to peg bonuses and salaries for Lehman's 3,000 employees across Asia at last year's level for the next year or two, depending on the banker's performance, WSJ reported, quoting people familiar with the development.
Bonuses will mostly be in cash with some stock. In fact, Nomura has given the employees of erstwhile Wall Street bank today's deadline to sign the employment contract. There are 175 people employed in Lehman's India office (not including back office).
According to The Economic Times report, the top level officials at Lehman India may walk away with upto $30 million in bonus collectively. This will include the India head Tarun Jotwani, Surojit Shome (I-banking head), Pankaj Vaish (equities head) and Prabhat Awasthi (head of equity research), and some others. The top guys are expected to be paid a bonus of seven figures in dollars.
Nomura has reserved $1billion to pay Lehman's top employees as bonus in order to retain them in Asia and Europe. The same is being offered to the employees in Europe. But the bonus might be a little late this year. While Lehman pays its bonus in November every year, Nomura will pay in March.
Wall Street Journal has reported that the Nomura may face problems in retaining the talent as the management and working style is very different at both the firms. While Lehman's atmosphere is more entrepreneurial with snap decision making, Nomura's emphasises on consensual decision making. Also some employees maybe asked to leave.
Private equity backed Trivitron Medical Systems Pvt Ltd has acquired Pune-based X-ray machine manufacturing company, Vision Engineering Pvt Ltd. The acquisition of Vision Engineering, including the modernisation expenses would come to over Rs 10 crore, reports
Hindu BusinessLine. Trivitron, a Chennai-based diagnostic equipment company, had last year raised funding of $11 million (Rs 45 crore) from HSBC Private Equity and venture capital firm ePlanet Ventures. Vision Engineering was previously known as Siddalakshmi Engineering.
Trivitron Medical Systems has been consolidating its position in the space by entering into various alliances and joint ventures. It raised funds primarily for these activities. Trivitron has already formed three joint ventures with Aloka from Japan, Biosystems of Spain and Brandon Medical of the UK. While it holds a majority stake in its joint venture with Biosystems and Brandon Medical, it holds a 40% stake in its JV with Aloka.
Along with these three partners, Trivitron is setting up a medical technology park. A joint venture investment of Rs 250 crore ($60 million) would be made to set up the park, which would stretch over an area of 23 acres in Irugattukottai, Chennai. While Trivitron would invest Rs 170
crore ($42 million), the remaining amount would be invested by the three joint venture partners.
Dubai International Capital LLC (DIC) has appointed Alykhan Nathoo as Chief Executive Officer of DIC Emerging Markets. The sovereign wealth fund has appointed Nathoo to grow its team in Asia where the fund has earmarked $2 billion for investments.
DIC invests through three divisions - Private Equity, Public Equities and Emerging Markets ('EM') - managing assets in excess of $13 billion. The appointment of Alykhan is part of DIC's strategy to increase emerging markets exposure and balance its international portfolio. He will be responsible for spearheading direct investments in emerging markets and managing the growth plans of the existing Emerging Markets portfolio, which includes significant stakes in Rivoli and KEF in the UAE, True Group in Singapore and DIC's country specific funds: Jordan Dubai Capital and Saudi Dubai Capital.
Alykhan joins DIC from Bain Capital in London after a stint of nine years with them. He was a part of the founding team of Bain Capital Europe and played a significant role in the firm's European entry strategy and organizational development. Most recently, he led the $1.7 billion global acquisition of Ideal Standard Bath & Kitchen from American Standard.
Sameer Al Ansari, Executive Chairman and CEO of DIC said: "We are focused on the continual strengthening and upgrading of the DIC team, ensuring we have world class leadership and investment professionals. Alykhan's appointment as CEO of Emerging Markets and his vision for the business is an important step in expanding DIC."
Alykhan Nathoo said: "DIC provides a unique platform to establish one of the pre-eminent emerging markets private equity firms globally. Given DIC's track record of growth, access to capital, geographical location and depth of relationships within emerging markets it is strongly positioned. My focus in 2009 will be to build a world class investing team and investment process in order to focus DIC's direct investing efforts across specific emerging markets."
DIC Strengthens Its PE Team
Additionally, DIC appointed Eric Kump who joins from Merrill Lynch Global Private Equity to become managing director of DIC’s London office. He will spearhead the investment firm’s private equity team in Europe from DIC’s European headquarters in London.Former Morgan Stanley Private Equity executive David Smoot joins DIC as managing director of private equity, based in Dubai. It has also appointed Marc Holland as finance director of private equity in its London office. Hollander was formerly at Investor AB, where he was a managing director in the private equity division.
Sprint Nextel Corp, which has been considering a sale of its Nextel unit, has received interest from Latin American service provider NII Holdings Inc and private equity firms, according to a report on the Wall ...
UK-based SAP software consultant Axon Group Plc has recommended to its shareholders to accept the offer from HCL Technologies and to reject an offer from Infosys. Noida based HCL has offered to pay about 441 million pounds ($780 million), or 650 pence per share, in cash to Axon. This is much higher than 407.1 million pounds ($720 million), or 600 pence per share, which was what Infosys offered to pay Axon on August 25. The shares of Axon were trading at 678 pence with a market capitalisation of 436 million pounds.
Axon said in a regulatory filing that "the Board has withdrawn its recommendation of the Infosys Offer and intends unanimously to recommend the HCL Offer when it is made." The statement also added that "The HCL Offer values Axon's existing issued and to be issued (fully diluted) share capital at approximately £441 million. The value of the HCL Offer is at a premium of 8.3 per cent to the value of the Infosys Offer."
A WSJ report says that Infosys has factored in an upside margin of 10%-15% to its initial bid and will make a counter bid within the next 15 days. VC Circle could not independently confirm the development. There are also talks of a third player, a European firm that may enter the fray for Axon. Japanese firms, Fujitsu Software and NTTSoft, looking to expand their presence in Europe may also put in their counter-bids for Axon.
This is indeed an interesting time to test the ambitions or rather the desperation of the Indian companies. By this time it is indeed clear that both HCL and Infosys want to foray into software consulting, a high margin business that will diffferentiate it from other Indian software services exporters. Then what makes Axon, not a pure play consulting firm so tempting ? It is it's uniqueness of being a software firm with a consulting arm, which is small enough thereby making it affordable and easily digestible.
The Battle for Axon
This battle marks a new behaviour pattern among Indian IT outsourcing companies to diversify their clients base away from the ailing US market (that still represents 60% of their overseas turnover with the bulk in financial services), and seek to move up the value scale, away from low margin outsourcing into high margin IT consulting services.
Considering the kind of consulting contracts that Axon has, something which Infosys lacks, analysts believe that valuation of Axon is still not out of range. Axon is rated No.12 globally in SAP consulting by independent vendors. With consulting contributing to 20% of total revenues of Axon , and implementation at 68%, Axon's consulting franchise seems deep rooted in execution, says the CLSA report. Infosys has built scale in Oracle, while SAP comes No. 2 in its ERP portfolio and is still in the investment mode, while HCL has no consulting business to talk about.
Further, the meltdown in the US is forcing Indian outsourcing companies to reinvent themselves if they want to survive. "There is a strong pressure on costs with increasing wage inflation amid a shortage of skilled labour, and international competition has increased in the low end of the business or the back office application maintenance and support jobs from countries such as Vietnam, Ukraine, and the Philippines", said a senior IT research analyst with a Mumbai based broking firm.
While Infosys is 62% North America, Axon is 64% Europe, says the CLSA report. There was also a dismissed rumour on Infosys acquiring Capgemini, a heavyweight in the European IT consulting industry, an year ago.
San Diego-based Avaak, which is developing wireless video networking technology, said Thursday that it has raised $7M in a Series A funding.
Recently, there has been some discussion of whether the credit crisis is helping or hurting venture capitalists.
As the financial crisis deepens, venture capital firms that bankroll high-tech and life sciences start-ups are experiencing the slowest market in a decade for recouping their investments.
YouTube made a splash last fall when CNN engaged the video-sharing Web site to show mainstream Americans posing questions to candidates in the presidential primaries.
Venture capital investors continue to look beyond the current financial crisis and see clean-technology innovations as a prime place for their money.
More shareholders are joining hedge funds DE Shaw and CR Intrinsic in their bid to redraw Orient Express' ownership structure which would facilitate a takeover bid for the luxury hospitality chain.
The move is significant as this could help the cause of would-be acquirers including Tatas (Indian Hotels), the single largest shareholder of the firm. A shareholders meeting is scheduled for October 10, which would decide the fate of the rebels demand.
According to a report in London's Times, tycoons David and Simon Reuben (who reportedly hold 5% stake in Orient Express) have joined the hedge funds for a change in the company's corporate-governance structure.
Earlier, billionaires Steven Cohen and David Shaw-led mega hedge funds CR Intrinsic and DE Shaw (together owning 14.3% of Orient Express) called for a special meeting so that shareholders can vote to dissolve the company's dual-class ownership structure which allows the management to stave off overtures from possible acquirers.
Last month the funds proposed changes to the company's bylaws that would lead to elimination of all of its super-voting Class B shares, which are controlled by several members of Orient's board of directors including founder James Sherwood. Incidentally, unlike other dual-class voting structures, the directors who control the Class B shares actually own less than 1% of the company. However, despite this by virtue of the dual-class ownership structure they have been holding back any forceful bid for Orient Express.
The report said that according to the company spokeswoman, holders of "B" shares would be able to block the proposed change to the capital structure. The shareholders who hold "A" class shares are already contemplating legal action if their demands are blocked in the shareholders meeting next week.
Incidentally, Reuben brothers were considered one of the possible bidders for Orient Express last year. The Reubens, who made big bucks with metals business in Russia in 90s, today largely are known as billionaire investors with interests in real estate and private equity.
APT Pharmaceuticals, a specialty drug development company focused on inhaled treatments for serious lung diseases, announced today the completion of a $32.3 million Series B financing.
CAMBRIDGE, Mass. - Link Medicine Corporation, a privately held biotechnology company advancing novel approaches for the treatment of neurodegenerative diseases, announced today that it has obtained $40 million ...
Submitted by SHNS on Tue, 09/30/2008 - 13:46. The market for initial public offerings hit a 30-year low last quarter, making it harder for startups to find exits and for venture capitalists to return money to ...
Zvents, a local online search engine and advertising network, said on Tuesday that it had raised $24 million from several investors, including Nokia 's venture capital unit, AT&T Inc and digital map data ...
BIOGGIO, Switzerland - Telormedix SA, a leader in novel immunotherapeutic molecules, has announced the closing of its first Series A equity investment round raising 21 Mio CHF , one of the largest Series A ...
According to a new study released today from PricewaterhouseCoopers LLP, the venture capital-backed IPO market is at a 30-year low, with the second quarter of 2008 marking the first time since 1978 that there ...
