Top News 2/22: Qlik acquisition; Allied Universal investment; SAP Executive Board Member departs
Philly's InstaMed is seeking a buyer, PE Hub's Buyouts reported . It is said to be seeking $500 to $600 million. Founded in 2004, InstaMed was an early all-cloud entrant that manages a payment portal primarily for healthcare consumers. As health plans have changed, consumers directly pay a higher percentage of all medical bills.
InstaMed has raised $134.2M in funding to date, according to CrunchBase. Local investors include Osage Venture Partners, Ben Franklin, NJTC,and Josh Kopelman's former investment vehicle Midas Ventures. It has several UPenn alum in key positions.
The Register reports that Oracle is being sued for $4.5m by a Bucks County firm after its ERP system delivery date '"moved from 2015 to 2016, then 2017, then... er, never." Worth & Company, a Pipersville mechanical contractor, is the plaintiff.
"Despite Oracle’s representations that its integrated software system, i-cloud (sic) services, and technical support system was a functioning workable product fully capable of fulfilling Worth’s needs, Oracle failed to provide a collectively suitable and operable software system," the complaint states. "Worth paid in excess of $4.5m to purchase and implement the ultimately non-functioning Oracle ERP product."
King of Prussia-based Qlik said on Thursday it will buy software services provider Attunity Ltd for about $560 million in an all-cash deal. Massachusetts-based Attunity focuses on Change Data Capture (CDC) technology to facilitate data ingest, replication and integration of streaming and conventional data. That means more data to feed Qlik's analytical engine.
A Quebec-based fund, CDPQ, invested $400 million in Allied Universal , the huge security company that has co-headquarters in California and Conshohocken. The investment values Allied Universal at around $7 billion.
Bernd Leukert, SAP Executive Board Member , "mutually agreed with the Supervisory Board that he will depart the company, effective immediately," the company said.
Leukert had been named to co-lead the company's Digital Business Services division.
CardConnect founder Brian Shanahan is back in the business with a new Pittsburgh startup, Pineapple Payments, which says its "powered by CardConnect". Pineapple raised $35 million in equity in late 2017.
