June Business Bits

  • divine, inc., a leading provider of solutions for the extended enterprise, has secured equity financing totaling more than $61 million from a group led by Oak Investment Partners, one of America's oldest and largest venture capital firms. The company says that this investment, in combination with ongoing expense reduction efforts, positions divine to achieve its goal of profitability by the fourth quarter with substantial cash reserves.
  • Standard Pacific reported record new home orders for the month of May. Company-wide, the residential developer received 587 orders for new homes, up 70 percent from the total of 346 orders in May of 2001. The numbers were even more dramatic in Northern California, where orders increased to 81 from 16 the previous year a 400 percent gain.
  • Tut Systems, a Hacienda manufacturer of telecommunications system platforms, has added several video solution companies to its "Connected Partner Program," which is Tut's initiative to deliver a cost-effective, easy-to-deploy, open and standards-based architecture for digital broadcast TV and Video-on-Demand (VoD) applications. Video-on-demand provider MidStream Technologies, several video middleware providers, and video encoding providers SkyStream Networks and VideoTele.com are the latest members of the consortium.
  • After extensive evaluations that included a 60-day trial, Korean electronics manufacturer LG Electronics has selected Commerce One 5.0 to automate their annual $4.9 billion purchasing processes. "We expect purchasing costs to be reduced by about $190 million as the process of sourcing local and international suppliers becomes more efficient using the multi-language support of Commerce One 5.0," said LG Electronics vice president and CIO Youngmin You. "We also hope to increase internal efficiencies through the new system."
  • Arthur J. Gallagher & Co. has acquired Cornwall & Stevens Co., an insurance brokerage firm founded in 1898 which provides property and casualty insurance to a broad clientele, with a strong specialization in commercial agriculture and the news media.
  • "Their expertise is a great complement to our niche strategy and we're looking forward to blending our capabilities to better serve our clients," said Michael J. Cloherty of Arthur J. Gallagher & Co.

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