Triangle

Morrisville's SciQuest to be acquired for $509M

June 1, 2016

(The News & Observer, Raleigh)

Private-equity firm Accel-KKR will pay $17.75 a share for software company SciQuest, 34% higher than the company's closing stock price on Friday. Under the terms of the deal, SciQuest can solicit other bids during a 25-day period. SciQuest employs 510 people, including 327 at its Morrisville headquarters.

Chatham Park picks Eco Group for first phase of development

May 31, 2016

(The News & Observer, Raleigh)

Construction is expected to begin next year at Chatham Park, the massive planned community near Pittsboro led by Cary's Preston Development. The Eco Group will develop the first phase of commercial property, which could include a hotel, a brewery and an apartment complex for seniors. Construction on residential units also is expected to begin in about 12 months, with the first homes priced between $250,000 to $500,000. The 8,000-acre project is zoned for 22,000 homes.

NC DMV bans Tesla sales at Charlotte area store

May 27, 2016

(WFAE)

The N.C. DMV says Tesla Motors can't sell cars at its Matthews showroom, which opened last year. Under state law, automakers can't sell cars directly to consumers unless they can show it's in the public's best interest. Nearby dealers objected to the California automaker's plan to sell cars at its store near Charlotte. Oddly, Tesla can still sell electric vehicles at its Raleigh store, 166 miles away.

Raleigh's Paragon Commercial files for IPO

May 27, 2016

Paragon Commercial, parent of Raleigh-based commercial lender Paragon Bank, filed for an initial public offering on Thursday. The company plans to raise up to $29 million. Started in 1999, Paragon has $1.3 billion in assets.

BofA CEO visits new Raleigh office, says Triangle a growth market

May 27, 2016

(The News & Observer, Raleigh)

Bank of America CEO Brian Moynihan said he expects the company to boost its Triangle presence over the next several years because of the area's strong economic growth. Moynihan was in Raleigh this week to celebrate the company's new offices at an 18-story North Hills tower.

Report: Yadkin Financial may be seeking a buyer

May 25, 2016

(Winston-Salem Journal)

Raleigh-based Yadkin Financial has hired Sandler O'Neill & Partners to solicit offers, according to a Bloomberg News report. The Raleigh-based bank, with a market value of about $1.4 billion, completed its biggest purchase in March, paying $456 million for Greensboro-based NewBridge Bancorp. Yadkin has about $7.4 billion in assets.

Lenovo posts first annual loss in 6 years

May 26, 2016

(WRAL TechWire)

PC-maker Lenovo cited a decline in smartphone sales and internal "operational issues" as reasons for the annual loss of $128 million, higher than the $126.6 million that analysts had predicted. Revenue fell 3% when compared with the previous year to $44.9 billion. In the last month, at least three analysts have cut their rating on Lenovo shares, according to Bloomberg. Smartphone shipments have continued to decline for the Beijing-based company, which has its North American headquarters in Morrisville, since acquiring Motorola Mobility in 2014.

Morrisville drug developer raises $49 million

May 26, 2016

(The News & Observer, Raleigh)

Arrivo Bioventures has raised $49 million to acquire or develop new drugs. The funding was led by Jazz Pharmaceuticals and also included Raleigh-based Rex Health Ventures. Arrivo's co-founder and CEO Steve Butts previously started Aerial Biopharma, which was later acquired by Jazz Pharmaceuticals.

Monsanto rejects Bayer's $62B offer, still open to talks

May 25, 2016

(WRAL TechWire)

Monsanto said Tuesday that Bayer's all-cash bid valuing the seed company's stock at $122 a share wasn't high enough, but the company remains open to talks. Bayer's CropScience unit is based in RTP; the company said if a deal is struck, its headquarters would move to St. Louis, where Monsanto is based.

Durham entrepreneur earns spot on Inc.'s 30 Under 30 list

May 25, 2016

(Inc.com)

Tatiana Birgisson, the 26-year-old founder of Mati Energy, made Inc. magazine's 2016 list of coolest young entrepreneurs. Birgisson founded the energy-drink company in her dorm room at Duke University in 2012. Now sold in Whole Foods stores and soon available at Kroger and Costco, Mati expects to bring in $1 million in revenue this year.

California software company opens Raleigh office

May 25, 2016

(WRAL TechWire)

WalkMe has opened a Raleigh office and plans to ramp up hiring over the next several years. The Silicon Valley-based software firm makes apps used by more than 700 companies, including AT&T, Cisco and Citrix Systems.

Bayer CropScience HQ could move to St. Louis if Monsanto deal approved

May 24, 2016

(WRAL TechWire)

If Bayer's $62 billion offer for seed-maker Monsanto is approved, the headquarters for its crop science unit would be in St. Louis, not RTP, according to James Blome, CEO of the division. Bayer Crop Science currently employs about 1,000 people at its RTP headquarters and related sites. Blome said the company would continue to have a presence in the state, though the overall impact on jobs was unclear.

Raleigh's First Citizens Bank expands in Virginia with latest deal

May 23, 2016

(The News & Observer, Raleigh)

First Citizens Bank will acquire Cordia Bancorp, parent of Bank of Virginia, for about $35 million. The purchase price of $5.15 per share reflects a 33% premium over Cordia's previous day closing price. Bank of Virginia has six branches in the Richmond area and about $348 million in assets. Last week, First Citizens bought Pennsylvania-based First CornerStone Bank in its ninth FDIC-assisted transaction since 2009.

Bayer makes $62B bid for Monsanto

May 23, 2016

(The News & Observer, Raleigh)

Germany's Bayer AG has offered to buy seeds company Monsanto for $62 billion including debt, a merger that could create the world's largest farm supplier. Bayer employs about 1,000 people at its plant science center at Research Triangle Park and has invested more than $150 million in the campus over the last four years.

Kane, Williams Realty team up on major downtown Raleigh project

May 23, 2016

(The News & Observer, Raleigh)

Raleigh-based Kane Realty and Williams Realty & Building Co. plan to invest $85 million to $100 million on the project, which encompasses nearly 4 acres at the corner of West and Peace streets in downtown Raleigh. Plans call for 400 apartments and up to 50,000 square feet of retail space.

Report: Raleigh's Sensus seeking a buyer

May 20, 2016

(WRAL TechWire)

Sensus USA, a Raleigh-based company that develops software and hardware for water and electric meters, is searching for a buyer, according to a Reuters report. The report says a sale could value the company at $1.7 billion, including debt. Currently owned by private-equity firm The Jordan Company, Sensus is working with Goldman Sachs Group and Credit Suisse Group, Reuters says.

Report: Raleigh is hottest housing market in NC

May 20, 2016

(The Charlotte Observer)

A study based on data from Zillow shows that Raleigh has the fastest-moving inventory of homes in the state, followed by Durham and Charlotte. Wilmington and Burlington rounded out the top five markets.

 

Raleigh company's latest perk: Teslas for all workers

May 19, 2016

(The News & Observer, Raleigh)

Forget about gym memberships and chair massages: In an effort to attract talented recruits, Raleigh-based Practichem will lease new Tesla Model 3's for new and existing employees. The company, which makes scientific instruments for the biotech industry, received a $5 million investment last month.

New Jersey drugmaker coming to NC despite HB2

May 18, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals had threatened to cancel plans to build a $19.9 million manufacturing facility in Morrisville over House Bill 2. The New Jersey-based drugmaker said Tuesday it will move forward with the expansion, which will create 52 jobs. The company applauded Durham Country's support of the LBGT community. In other HB2 news, violinist Itzhak Perlman canceled tonight's concert with the North Carolina Symphony over the new law.

Raleigh considers tax hike for Dix property, affordable housing

May 18, 2016

(The News & Observer, Raleigh)

Raleigh City Manager Ruffin Hall proposed a 2-cent property tax increase that would raise $11.4 million to finance debt the city took on to buy the former Dorothea Dix hospital property, which it plans to convert to a park, and to add 115 affordable-housing units. The average homeowner would pay an additional $95.16 a year.