TOP STORIES
Irvine’s Kofax PLC, which makes software that helps companies cut down on paper, said it bought Boston-based 170 Systems Inc. for $33 million in cash and debt. 170 Systems is a venture-backed startup that makes invoice processing and accounting software. It has 140 workers and some 150 customers. Kofax plans to integrate the buy but keep 170 Systems’ office in Boston.
Santa Ana’s MSC.Software Corp., a maker of simulation software for the aerospace and defense industries, is taking a higher buyout offer by an unnamed private equity firm. The company said its directors received an offer from a private equity firm to acquire MSC for around $354 million. The board determined that the new offer is a “superior proposal” to the one made July 7 by Palo Alto-based private equity firm Symphony Technology Group LLC. Symphony offered about $338 million in cash to buy the company in a deal that was expected to close by the end of the quarter.
TECHNOLOGY
Huntington Beach-based BridgeCo Inc., a well-funded chip startup with Swiss roots, is selling off its Switzerland operations. Terms of the deal weren’t disclosed.
The move allows BridgeCo to focus on its consumer electronics business, which deals with networked home audio gear.
Lake Forest’s Comarco Inc. said that it quadrupled sales and neared profitability in the July quarter, sending its shares soaring late last week. For the three months through July, Comarco reported sales of $8 million, up from $3 million in sales during the same period a year earlier. Comarco narrowed its loss to $700,000, compared to the $1.6 million it lost in the year-ago quarter. Chief Executive Sam Inman said the company saw a boost from sales of its electronics chargers to Anaheim’s Targus Inc., a maker of laptop bags, backpacks and computer accessories, as well as to Chinese computer maker Lenovo Group Ltd.
HEALTHCARE
The Food and Drug Administration approved Irvine eye drug maker Ista Pharmaceuticals Inc.’s allergy eye drop. Ista said it expects to have Bepreve available in the fourth quarter. Ista Chief Executive Vince Anido said the drug maker will speed up launch activities for Bepreve, including hiring more salespeople. Ista also hiked its 2009 sales guidance to $104 million to $107 million, up from a previous forecast of $95 million to $100 million.
Irvine-based Sun Healthcare Group Inc. lowered its 2009 outlook and is cutting an unspecified number of jobs to reduce costs. Sun, an operator of nursing homes and other healthcare facilities, now expects to make $46.8 million to $48.1 million this year, down from a previous profit forecast of $50.3 million to $52 million. The company expects revenue of just less than $1.88 billion to $1.89 billion, compared to a previous forecast of $1.92 billion to $1.93 billion. Sun said it was cutting its outlook because of an expected decrease in Medicare payments.
REAL ESTATE
Irvine-based Bacchus Development, one of Orange County’s most active builders of smaller buildings for sale to business owners, has filed for bankruptcy. Bacchus and two related companies filed for Chapter 11 reorganization early this month in the Santa Ana division of the state bankruptcy court. Bacchus said it sought bankruptcy protection after its largest lender, Union Bank, declared about $55 million worth of loans tied to the company’s two most recent projects to be in default and filed lawsuits against the developer. The largest of the three related bankruptcy petitions, for Bacchus Commercial LLC, lists $50 million to $100 million in debts.
OTHER NEWS
Irvine-based Quantum Fuel Systems Technologies Worldwide Inc., a maker of key parts for alternative-fuel vehicles, has raised $12.3 million in a private stock sale. Quantum didn’t specify what it planned to do with the proceeds. In a filing with the Securities and Exchange Commission, the company said it could use the money for possible acquisitions or expansion, funding cost cutting initiatives and repaying debt, among other uses. Quantum sold the shares in chunks including 1,000 stocks each plus a warrant to buy up to 100 more shares. The company issued 20.1 million shares for the offering.
