WVF investment November 1998; Acquired by Echo Group March 2001
Co-investors: EDF Ventures, SightLine Partners, Tullis Health Investors
Centromine was a Healthcare/Medical Facilities & Services company based in Ann Arbor, Michigan. Centromine was acquired in 2001 by Echo Group. Ann Arbor-based Centromine offered browser-based, Internet-accessed, enterprise-wide software applications and services for the health care market. Its applications were the first of their kind to allow behavioral health care programs and providers to manage the delivery and associated quality and cost of services completely over the Internet.
Co-Investor: DFJ, NeoCarta, DE Shaw, Escalate Capital Partners Silicon Valley Bank
On May 12, 2014, IBM finalized its acquisition of Silverpop, a privately held software company based in Atlanta. Silverpop was the only digital marketing technology provider that unifies marketing automation, email, mobile, and social. Its customers achieved superior Return on Relationship, by engaging each individual based on their behaviors. By utilizing Silverpop’s complete digital marketing platform, customers could automate personalized experiences, increase revenue, improve ROI, and deepen brand loyalty.
On January 14, 2010, IDT’s finalized its acquisition of Mobius Microsystems, an innovator of analog and mixed signal designs. Mobius provided a patented CMOS Harmonic Oscillator produced on a single piece of silicon that improved manufacturing complexity and cycle times. This technology breakthrough in frequency generation surpassed existing uses of quartz and crystal-based oscillators.
HandyLab, an Ann Arbor-based medical devices firm announced its acquisition by Becton Dickinson (NYSE: BD) on October 23, 2009. HandyLab, which employed 60 employees in Pittsfield Township, developed an advanced, rapid nucleic acid and protein-based molecular diagnostic assay and automation platform. The announced deal had an approximate value of $275 million.
HandyLab was financed heavily by a syndicate of Michigan venture capital firms including EDF Ventures, Arboretum Ventures and Ardesta. The initial investment in HandyLab by EDF by Mary Campbell in 1999. Between 2000 and 2005, the WVF invested $350,000 over six rounds and, upon exit, earned a six-fold, cash-on-cash return. The initial investment was executed under the leadership of Tim Petersen, Zell Lurie Institute’s Managing Director. Roughly 100 WVF student advisors took part in the multiple rounds of investment. By the time it was acquired, HandyLab had raised $47 million through seed and early-stage investors.
IntraLase was an Irvine, California-based optical laser company founded in September 1997. In October, 2004 it issued its Initial Public Offering (IPO) on the NASDAQ. At this point in time, IntraLase had secured a role as an industry leader in LASIK eye surgery, having created a patent-protected laser and software package that increased safety, precision and visual acuity over traditional methods of cutting the eye’s corneal flap. By the end of Q3 2004, IntraLase controlled 14% of the US market for LASIK corneal flap creation based upon the number of procedures.
IntraLase IPO’ed 6.6M shares at $13/ share for a total raise of $85.8M on October 6, 2004.
A little less than three years later, Advanced Medial Optics, Inc (AMO), a global leader in opthalmic surgical devices and eye care, acquired IntraLase. On January 8, 2007, AMO acquired the company for $808 million in cash, paying $25 in cash per share and outstanding options. Abbott Laboratories acquired AMO in 2009.
Versity.com was a dot-com tech company founded in 1998 by four University of Michigan students. The company focused on providing students with access to online lecture notes. By the time it was acquired a year later in September 1999 by CollegeClub.com, it had grown to 60 employees and raised $12 million in funding. It provided online notes from more than 6,900 classes from 145 universities and colleges. CollegeClub.com was a San Diego-based Internet media company focused on university students. CollegeClub.com was later acquired by Student Advantage.
Terms were not publicly disclosed.