Triangle

Yadkin Bank to test smaller branches

September 22, 2014

(The Charlotte Observer)

Yadkin Bank will open a 1,000-square-foot branch in Raleigh during the next year as a part of a pilot project aimed at cutting costs. The branch will be about one-third the average size of the Raleigh-based bank's branches and will employ two full-time employees and one part-time employee.

Durham's BioCryst receives additional funds for Ebola drug

September 22, 2014

(The News & Observer, Raleigh)

BioCryst Pharmeceuticals announced it could receive another $4 million from the federal government for the development of a potential treatment for the Ebola virus, bringing the total value of its contract with the National Institute of Allergy and Infectious Diseases to $26.3 million.  

HCL Technologies adding 1,237 jobs in Cary

September 19, 2014

(The News & Observer, Raleigh)

HCL America was awarded up to $19.6 million in state incentives to create 1,237 jobs in Cary over the next five years. The technology-services company has created 513 jobs since 2008, when it received a $5 million incentive. The company, a subsidiary of India-based HCL Technologies, chose North Carolina over New York, Arizona and Texas for the new jobs. 

Raleigh drone developer raises $10 million in funding

September 19, 2014

(The News & Observer, Raleigh)

Indiana-based drone developer PrecisionHawk has raised $10 million in venture capital funding, which will allow the company to double its work force of 45. The company's CEO and two vice presidents are based in Raleigh ("Pie in the sky," September). PrecisionHawk collects and analyzes data collected by sensors and software built into its unmanned aerial vehicles.

Red Hat to buy Irish software company for $82 million

September 19, 2014

(The News & Observer, Raleigh)

Raleigh-based Red Hat will acquire FeedHenry, a software company with offices in Ireland, England and Massachusetts, for $82.2 million. FeedHenry offers cloud-based mobile applications. The deal is expected to close in Red Hat's fiscal third quarter. 
Related: Red Hat earnings exceed Wall Street's expectations

Painter named managing partner of Plexus Capital

September 18, 2014

(The News & Observer, Raleigh)

Plexus Capital, an investment firm with offices in Charlotte and Raleigh, named Michael Painter managing partner. Painter, 40, is one of the firm's original co-founders and is based in Raleigh. He succeeds Bob Anders, who will remain a full-time partner.

Report: NC entrepreneurs raised $266 million in first half of 2014

September 17, 2014

(The News & Observer)

North Carolina startups raised $266 million during the first half of 2014 − up 31% from a year ago − according to a report from Triangle-based Council for Entrepreneurial Development. The entrepreneur support group included venture capital, angel investors and government and nonprofit grants in its calculations. 

Botox-maker said to consider Salix acquisition

September 16, 2014

(The News & Observer, Raleigh)

Shares of Salix Pharmaceuticals rose more than 4% Tuesday after CNBC reported that Irvine, Calif.-based Allergan might be considering an acquisition of the Morrisville-based drug developer. Salix announced in July it is merging with Cosmo Technologies, a subsidiary of an Italian pharmaceutical, and moving its headquarters to Ireland.

Shareholders approve First Citizens merger

September 17, 2014

(The News & Observer, Raleigh)

Shareholders of Raleigh-based First Citizens Bank and Columbia, S.C.-based First Citizens Bank and Trust approved a merger of the two banks on Tuesday. First Citizens of Raleigh will acquire South Carolina's First Citizens for about $639.9 million. The deal is expected to close by year-end.

Red Hat opens Silicon Valley office to Triangle startups

September 17, 2014

(WRAL TechWire)

Raleigh-based software company Red Hat will provide work space for Triangle startups associated with the American Underground at its Mountain View, Calif., offices. 

Durham-based Cree files patent infringement suits

September 17, 2014

(WNCN.com)

Durham-based Cree has filed patent infringement lawsuits against two competitors in Wisconsin, where the company has had a strong presence since its 2001 acquisition of Ruud Lighting. The patents protect the lighting company's LED component portfolio, the company said in a statement.

Software company exceeds growth expectations in Raleigh

September 16, 2014

(The News & Observer, Raleigh)

Florida-based Citrix attributes growth in Raleigh to the success of its ShareFile software and a talented pool of workers in the area. The company is relocating to a 170,000-square-foot office near downtown that will allow it to employ about 800 workers. Citrix received state and local incentives in 2012 to increase its local workforce from 130 to 470.

Salix enters agreement with Indian pharma to sell drugs in Canada

September 15, 2014

(The News & Observer, Raleigh)

Raleigh-based Salix Pharmaceuticals signed an agreement to allow Lupin, the third largest Indian pharmaceutical company by sales, to market and sell some of Salix's drugs in Canada. Salix, ranked 12th on Business NC's annual list of Top 75 Public Companies based in North Carolina, announced in July it plans merge with Italian drug maker Cosmo Pharmaceuticals SpA and move its headquarters to Ireland.

Red Hat exec left for job at Google

September 12, 2014

(The News & Observer, Raleigh)

A former Red Hat executive is now vice president of cloud platforms at Google. Brian Stevens, who served as the Raleigh-based software company's chief technology officer for nearly nine years, resigned as of Sept. 5.

Childress Klein buys Cary office building for $12.5 million

September 12, 2014

(The News & Observer, Raleigh)

Charlotte-based Childress Klein Properties paid $12.5 million for a Cary office building. The 93,351-square-foot building was owned by Arcon Group, the real-estate arm of Goldman Sachs.

PNC Bank prospers in Southeast after RBC purchase

September 11, 2014

(The News & Observer, Raleigh)

Jim Hansen, regional president for the Eastern Carolinas at PNC Bank, says the bank is thriving in the Southeast since its 2012 acquisition of Raleigh-based RBC Bank. The Pittsburgh bank has experienced 22% annual revenue growth in Southeastern markets.

Raleigh's PRA Health Services files for initial public offering

September 10, 2014

(The News & Observer, Raleigh)

Raleigh-based PRA Health Services plans to raise as much as $375 million in an initial public offering, according to a company filing with the Securities and Exchange Commission. The world's fourth-largest contract research organization was acquired by private-equity firm Kohlberg Kravis Roberts for $1.4 billion in 2013.

Highwoods acquires Raleigh office building for $92.3 million

September 9, 2014

(The News & Observer, Raleigh)

Highwoods Properties acquired the 374,000-square-foot One Bank of America Plaza in downtown Raleigh for $92.3 million. Raleigh-based Highwoods also sold 14 office and industrial buildings in Greensboro to Virginia-based Lingerfelt CommonWealth Partners for $28.2 million. The REIT has sold $158.8 million in assets so far this year.

Art Pope named to most powerful billionaires list

September 9, 2014

(The News & Observer, Raleigh)

Former state budget director Art Pope is ranked No. 15 on a list of the country's top billionaires who wield the most political influence. Charles and David Koch of Koch Industries tied for first place on the list, compiled by Darrell M. West. West is the author of an upcoming Brookings Institution Press book titled "Billionaires: Reflections on the Upper Crust."

Morrisville tech firm secures $10 million in financing

September 8, 2014

(The News & Observer, Raleigh)

Netsertive, a Morrisville-based digital marketing company, has secured more than $10 million in new financing, including more than $7 million from Durham-based Square 1 Bank. The company, whose clients include Electrolux, Chrysler and Samsung, plans to use the money to invest in technology and personnel.