Approximately 10-times return for investors could encourage more funding for startups.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The approximately 10-times return for investors of recently-sold Elemental Technologies could encourage greater future funding for Oregon startups.
Elemental’s sale and a June deal for another Portland tech startup in OAF’s portfolio, online transit ticketer GlobeSherpa, have the investors thinking bigger. They have added a new member to the management team, Jon Maroney, founder and former chief executive of FreeRange Communications. He will serve as a liaison to the startup and economic development communities.
(SOURCE: OregonLive.com)
The software company sold for up to $500 million to Amazon, the highest bidder.
When the companies announced the deal earlier this month, The Wall Street Journal reported Swedish computer-networking company Ericsson had a deal in place to buy Elemental before Amazon stepped in and that Cisco Systems had also contemplated buying the Portland company.
A source with direct knowledge of the deal confirmed the Journal’s report and said “several” brand-name technology companies had made unsolicited bids, and that among those expressing interest was Verizon Communications. Sources at Elemental and others close to the deal asked not to be identified because they are not authorized to talk about the transaction.
(SOURCE: OregonLive.com)
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