Philly Tech People News 10/14/2012: Rosetta, Roska, Symphony Health Solutions




Rosetta's Tom Adamski (left) and Mark Taylor


Rosetta Promotes Tom Adamski to President & Mark Taylor to Chief Operating Officer (PR Newswire)

Rosetta Promotes Four to Managing Partner (PR Newswire)

Rosetta Promotes Eight to Partner (PR Newswire)

Roska Healthcare Advertising adds 10 to staff (phillyBurbs.com)
Most for team assigned to new client Astellas Pharma.

Medecision Taps Healthcare IT Veteran to Lead Value-based Healthcare Solutions for Care Delivery Systems
Jerry Baker assumes helm to advance patient care, reduce costs, improve health

(Medecision News)

Symphony Health Solutions Announces New Senior Executive Appointments (Globe Newswire)

Symphony Health Solutions Adds Three Senior Executives and New Board Member (Globe Newswire)

Fortune's TermSheet reports that Michael Beblo has joined the Pennsylvania State Employees Retirement System as a director of alternative investments. He previously was director of private equity at the $4.7 billion Alfred I. duPont Testamentary Trust.

NBC Ad-Sales Veteran Gambelli to Leave Network
Departure Comes Weeks After Yaccarino Named to Top Sales Job at NBCU
(Ad Age)

ShopNBC gets new COO Minneapolis Star Tribune)
Comcast owns a stake in ShopNBC (ValueVision).

Barclaycard US is shaking things up at the top
(Delaware Online: Delaware Inc)

CorpU Announces $4.5 Million Funding To Launch Talent Development Revolution
Industry Luminaries Join CorpU's Board to Bring Online Executive Education from World's Best Business Schools
(Business Wire)

Jonathan Lupo, Empathy Lab’s Chief Experience Officer, to Speak on TV Everywhere at Digital Hollywood Fall 2012 (PR Web)

Purchasing Power names Rosenberg CFO (Altanta Business Chronicle)
Rosenberg was previously CFO of GSI Commerce.





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Lawsuit against PE firms alleges several conspired to hold down price of 2005 SunGard buyout



Tom Paine




A lawsuit filed by some shareholders and pension funds alleges that several private equity firms conspired to hold down bidding in many large leveraged buyout offering (LBO) deals.

Among the deals mentioned in the suit is the 2005 takeover of Wayne-based SunGard Data Systems by a group of seven private-equity firms for $11.4 billion. A principal of one of the firms, TPG, wrote in an email to a TPG associate that aggressive biding in a deal for SunGard would make enemies "while perhaps benefiting no one but the (company's) shareholders," according to the lawsuit.

One of the PE firms named in the suit is Bain Capital, but all of the deals involved occurred well after Mitt Romney left the firm in 1999.

You can read the portion of lawsuit related to SunGard beginning here. My guess is, though, that history will show SunGard shareholders received close to full value for their shares.

A federal judge in Boston this week ruled that the entire lawsuit, which previously had been released with many redactions particularly pertaining to emails, be released without redactions.

Fortune's Dan Primack, frequently a critic of the PE industry, had reservations about this suit. "As I wrote back when the complaint was originally filed, it's tough to argue conspiracy against so many firms on such a large number of deals, particularly when the record is clear that many of the defendants competed against each other on some of those very transactions", Primack wrote in a Fortune TermSheet article.


You can read the entire document on Scribd here.



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Workday closes first day up 74%, after raising offering price again





Tom Paine




Enterprise Cloud software vendor Workday closed its first day of trading at $48.69, up 74% from its offering price of $28, which was raised from its previous range of $24 to $26, after already being increased from $21 to $24 per share earlier this week. That gives the company a market value of $7.3 billion.

Not to obsess about the numbers, but Pleasanton, CA-based Workday's valuation is big. Workday's 2011 revenue was $134 million, with a net loss of about $80 million. Workday is now valued at an amazing 39 times the last 12 month's revenue, although revenue in its most recently ended quarter doubled to $62.7 million.

Workday's importance is that its a completely cloud-based alternative to traditional on-premise enterprise software vendors, in particular SAP and Oracle. Workday is different from Saleforce.com, both in aspects of its technology and in terms of applications. While Salesforce.com is trying to branch out from its traditional Customer Relationship Management (CRM) emphasis (and is in fact partnering with Workday in Human Capital Management), Workday's strength is in the HCM space although it has already moved into financials and potentially could expand into a broader range of ERP applications. Major customer wins include Kimberly-Clark, HP and Google.

Workday's founders, Dave Duffield and Aneel Bhusri, worked together to build PeopleSoft into a company that was acquired by Oracle in a bitter takeover fight for $10 billion. Workday is also trying to move into one of PeopleSoft's old markets,
Higher Ed, taking on Oracle and Ellucian (the result of the Datatel/SunGard Higher Ed merger). SAP acquired SuccessFactors, and Oracle acquired Taleo and others in response to the Workday threat.



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Princeton Tech Meetup Holds Demo Evening Featuring NJ Startups



Esther Surden
Publisher & Editor, NJTechWeekly.com

At the August 20, 2012, Princeton Tech Meetup, three N.J. startups took to the floor to demo their products to a highly enthusiastic group of 155 developers, entrepreneurs, consultants and others. Pre-meeting networking at this event was in high gear as attendees connected with like-minded colleagues over pizza provided by Casabona Ventures.

The meetup, which launched just seven months ago, has reached 712 members and is growing quickly. “We are officially the second largest tech meetup in N.J.,” co-organizer Venu Moola told the group, which meets monthly at the Princeton Public Library community room.

First up at the podium was HootBoard (Robbinsville). According to founder Satyajeet Shahade, HootBoard is “an interactive online bulletin board that lets users communicate with their communities.” It’s not a social network; it’s a community, he added. HootBoard is in private beta, and Shahade said he was seeking the Princeton Tech Meetup crowd’s feedback.

The idea: no more walking across campus or to a town center or grocery store to post fliers, hoping others see them. Users can post items to buy or sell, jobs, event announcements, activity partner requests and so on, on a virtual bulletin board limited to a defined community.

Shahade took some time to explain the difference between a social network and a community and the value proposition for developing a community space. Social networks start at the core with pre-established relationships, beginning with two people and branching out based on whom you know and who knows your friends. Essentially, everyone has only one social network, even though each person may interact with different portions of it on different platforms.

A community, on the other hand, is a group of people who come together based on common interests. Said Shahade, “That’s very different from a social network. People within the community may have some interpersonal relationships, but that’s not the bond that forms [within] the community.” Communities can be nested, and there can be multiple communities within a community, or overlapping communities. One person can be a member of more than one community, he added.

Next up was Payintele (Robbinsville), a payment platform for mobile that is still in beta. Avinash Kuttuva, founder, gave a demo of the product, which is available for Windows, Mac and Android, with the iOS version coming soon.

Payintele is applicable to a host of situations; it’s not just for paying back buddies but also for use at Starbucks and by merchants, Kuttuva said. “We are introducing something called ‘share,’ ” he noted, comparing the product to an add-on credit card for a child or spouse. “Share does the same thing: it controls access to your funds and shares that with people you trust,” he added. The difference between it and an add-on credit card is “you have control at the touch of a finger, any time you are awake and have your phone with you.” You can monitor where other people are spending money, and deactivate sharing any time you want.

Payintele will also let businesses accept payments via a tablet or an iPhone. They can set up payments in a few minutes, and terminals can be located in multiple places so more than one person can collect payments simultaneously with no special hardware needed.

For security, the app will collect the user’s photo, which will be sent to merchants so they feel confident about accepting payment.

Presenting next were RJay Haluko, creative director, and Patrick Pierson, mobile app developer, at Princeton Junction-based Local Wisdom, producers of Wooble Attack, which we covered when it launched. The developers showed a demo of the app, which is a bit like Whac-A-Mole, using the phone’s swipe feature.

Wooble Attack players receive points and tokens, and tokens are used to obtain bonuses. Standard mode is timed, but those playing for skill can use accomplishments to add time to their totals. Players can earn extra powers, and there are impediments introduced to keep the game interesting. For example, if a bomb is touched, that spoils the score. Users can make in-app purchases to increase their powers as the game becomes harder.

The developers enthusiastically discussed using Unity 3D, a tool that lets programmers develop across platforms. “This allowed us to work in one code base and export to iOS, Android, Mac, PC and Xbox,” Pierson said.



Esther Surden is Publisher and Editor of NJTechWeekly, and a contributor to Philly Tech News. This article originally appeared in NJTechWeekly.


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Daily Links 10/12/2012: Workday skyrockets on opening





Workday Raises $637 Million in IPO, Pricing Shares Above Range (Bloomberg)

Workday shares debut stunningly higher than IPO price (San Jose Mercury News)

Workday Takes Off Like a Rocket, and CEOs Like Its Model (All Things D)

Exclusive: FTC moving closer to Google antitrust case - sources (Reuters)


Exclusive: Comcast casts its lot with OpenStack
(Gigaom)

Motorola's Fawaz: Customers Not 'Distracted' By Google Takeover
Ex-CTO of Charter Focuses on Bulking Up Professional Services, Software Integration
(Multichannel News)

FCC Votes To Lift Ban On Basic Tier Encryption (Multichannel News)

Eyeing Sprint, Softbank in $23 billion loan talks: sources
(Reuters)



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Philly Tech News VentureWatch 10/11/2012



Tom Paine




Some interesting venture activity in the Philly area lately:

RightCare Solutions said yesterday it had raised a $1.75M Series A financing round. It was led by Compass Partners of New York and Domain Associates of Princeton. RightCare's Discharge Decision Support System, D2S2, was developed during a decade of research at the University of Pennsylvania School of Nursing. D2S2 seeks to reduce hospital readmissions by revolutionize the discharge planning process, which is critical not only for patient health but also because the new healthcare act penalizes hospitals for readmissions.

RightCare won the 2012 Wharton Business Plan Competition, and also the Janssen Connected Care Challenge this past spring.

PublicStuff, the First Round Capital-backed startup that is providing the software for the Philly311 system that launched last month, has raised another $5 million, TechCrunch reported. FirstMark Capital (investor in Boomi and appRenaissance) and the Knight Foundation led the round, with previous investors also participating. Although now based out of New York, PublicStuff has some Philly roots, having started out in the GoodCompany Ventures incubator program in 2009.

CorpU announced late last month it had received $4.5 million in funding to help "revolutionize talent development with Virtual Learning Communities (VLCs)". The round was led by Global Silicon Valley Capital (GSVC), Red Eagle Ventures, and Penn Venture Partners. CorpU also announced the addition of two new board members, David Pottruck, former CEO of Charles Schwab, and investor Michael Moe. Pottruck, who also teaches at the Wharton School, will serve as CorpU's Chairman of the Board. Integrating high-definition video, social media, web 2.0, and cloud delivery with live instructor and student interaction, CorpU VLC's include The Art of Negotiation; Leaders-as-Teachers; Leading and Managing People; Leading Bold Change, and Total Leadership.

Although the company is officially headquartered in Mechanicsburg, a company spokesperson told Philly Tech News that "the Philly office is a core center for CorpU and has a dual purpose of being a Customer Visit Center and the company’s primary studio for building course content for our mission critical business applications." Right now CorpU has ten people working out of the Philly office, the spokesperson added.

Digital Life Technologies, whose website indicates it is based in Bala Cynwyd and Bellevue, Washington, says it has received investments from Ben Franklin Technology Partners Southeastern Pennsylvania (although I don't think Ben Franklin has announced it yet), JumpStart NJ Angel Network, and St. John's Capital LLC. The company claims to have "developed the first reprogrammable magnetic stripe card that communicates with an eWallet on a mobile phone via Near Field Communications (NFC)", the GoNow eWallet Card. President & CEO Doug Spodak has had tenures at TruePosition among other places.

TripAdvisors has acquired Wanderfly, a neat site that is like a Pinterest for travel. Co-founder Christy Liu is a Penn grad, and its backers included Penn-associated MentorTech Ventures. Terms were not disclosed.

ThingWorx, the Exton-based M2M, "Internet of Things" startup, announced on Tuesday that it had raised a Series C financing , led by previous investor Safeguard Scientifics. The size of the financing was not disclosed; the Series B was for $5 million. (Update: the SEC filing dated yesterday was for an offering of $8 million of which $5.4 million has already been sold.)

Also, King of Prussia-based clinical trial tracking and payments firm Greenphire said in an SEC filing it had raised another $4.3 million.

Jerry Baker has left Halfpenny Technologies, the Blue Bell-based provider of a SaaS Health Information Exchange platform, were he served as president and chief executive officer, to take an executive position with Wayne-based Medecision. Which may lead some to wonder what is going on at Halfpenny Technologies, which received $2.6 million in funding from Osage Venture Partners, Milestone Venture Partners, and LORE Associates two years ago.



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Daily Links 10/11/2012: Comcast warned on Huawei; Softbank may buy Sprint?



House report urges Comcast to stop using Chinese supplier (Philadelphia Inquirer)

Comcast’s Laggard NBC Network Turns Leader in New TV Year (Bloomberg)


Sizing Up a Softbank Takeover of Sprint (Wall Street Journal: Corporate Intellignce)

Workday Commands IPO Premium With Web Challenge to Oracle (Bloomberg)

Workday may be valued at 20X trailing revenue.

Digital Ad Growth Slows, but Mobile Doubles (Peter Kafka/All Things D)

Unisys Rolls Out More Intel-Based ClearPath Mainframes (eWeek)



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Safeguard Scientifics holds Investor Day 2012 conference in New York



Tom Paine







Safeguard Scientifics held its Investor Day 2012 Conference yesterday at the Yale Club of New York. You can access the transcript from the event here, and view the webcast here. You can also view presentation slides here.

I found the presentation instructive and in line with Safeguard's efforts to be a more transparent and easier to understand company. In particular, the opening comments by President & CEO Peter J. Boni are worth watching, as he describes how the company has transformed itself since its meltdown resulting from the bursting of the 2000 tech bubble. Also worthwhile is the presentation of Joe Zawadzki, CEO of MediaMath, a NewYork-based ad buying platform (similar to Google's Invite Media) that is one of Safeguard's fastest growing partner companies.

Safeguard also announced that it was increasing aggregate revenue guidance for its partner companies for 2012 from a range of $160 million to $165 million to a range of $185 million to $190 million. Exton-based partner company ThingWorx also said yesterday it has raised Series C funding led by Safeguard.

I may have a few more observations after sorting through all the details.



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phillytechnews twitterfeed 10/9/2012




Posted: 09 Oct 2012 06:04 PM PDT
phillytechnews: Hunter Pence looks pathetic trying to run
Posted: 09 Oct 2012 03:28 PM PDT
phillytechnews: Walmart Tests Same-Day Delivery in Four Cities , including Philly - - AllThingsD http://t.co/nqCB1H1a
Posted: 09 Oct 2012 03:24 PM PDT


DreamIt Ventures raises stakes; files to raise up to $50mm






Bryn Mawr-based DreamIt Ventures has filed a Form D with the SEC to raise a fund of up to $50 million, FormDs.com reports.

The fund, DreamIt Fund II, L.P, reported its first date of sale as 9/28/2012 and said it had sold $1.45 million so far. The SEC filing was dated 10/5/2012.

DreamIt now runs programs in Philadelphia, New York, Austin, and Israel. I do not know how much capital DreamIt has raised in the past, but would guess this is a much larger fund than what it has raised previously.



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