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New Jersey news
Company and tech news from the region.
Posted by : Dan Heilman

SoftNet buys Indigo Technology

Bernardsville-based SoftNet Technology bought Atlanta-based Indigo Technology Services, which provides a high-speed Internet access technology for hotels and has a small business IT consulting subsidiary.

SoftNet plans to absorb Indigo as a wholly owned subsidiary.

Indigo makes GuestWorx High Speed Internet access, which is now in 15 hotels. In February, it started an IT consulting division. SoftNet Technology has two subsidiaries: Solutions Technology, which makes biometric time clocks to track employee attendance, and WholesaleByUs, which sells products on the Internet.

Tech companies anticipate ownership changes

As competition continues to increase and companies battle to win new customers, executives of technology companies are not ruling out a possible change of ownership in the next decade, reports a survey conducted by Chicago-based Grant Thornton LLP, the accounting, tax and business advisory firm.

According to the Grant Thornton Survey of U.S. Business Leaders, 42 percent of technology respondents expect a change in company ownership in the next 10 years, while only 30 percent of all companies nationally feel the same. Among those who expect this change, 39 percent believe a merger is most likely, while 30 percent anticipate a trade sale.

Additional findings from the survey include:

-- 73 percent report they are optimistic about the economy's growth in the next six months.

-- 95 percent say they are optimistic about the growth of their own business.

-- 65 percent of respondents also plan to increase their headcount over the next six months; and

State may change terms of high-tech loans

The New Jersey Economic Development Authority will consider a new approach to the funding of high-technology companies.

Under the new plan, called Technium, the EDA's Springboard and Seed loans for early-stage venture funding would be replaced by a Growth Fund with awards starting at $100,000. The ventures could go back for additional rounds of funding as they achieve performance milestones, for a maximum of $1 million. Repayment would be deferred until the venture begins generating revenue.

Technium also offers a revamped business plan-coaching program.

EDA would also work with the state Commission on Science and Technology on partnerships between high-tech ventures and the state's research universities.

The EDA's Technology Funding program, a joint venture with banks, won't change, nor will a popular program that allows money-losing high-tech firms to sell their tax losses to profitable companies.

Accurum bought by Illinois company

Rosemont, Ill.-based Kanbay International Inc. recently bought Accurum Inc. of Jersey City for $5 million plus $7 million in payments contingent on performance targets being met.

Accurum develops technology for Wall Street firms and employs 180 people in the New York area, London, and Chennai, India, according to the company. It was formerly known as Pinnacle Systems Inc.

Kanbay, which operates outsourcing centers for U.S. and European banks and financial services companies, will operate Accurum as a subsidiary. Meanwhile, Kanbay's payroll will rise to nearly 4,000 people, the majority of them in Pune and Hyderabad, India.

Verizon rolling out fiber network

Verizon, the nation's largest local phone carrier, plans to begin deploying a fiber-optic network throughout the state, starting with six counties.

Verizon already has rolled out its fiber-optic network in 13 other states, but postponed investing in New Jersey after company executives objected to regulatory decisions involving its local phone business.

Verizon customers already can get high-speed Internet access through digital subscriber lines, or DSL. But fiber-optic cables can deliver significantly faster data service, and for the first time will allow Verizon to offer television to compete with cable companies.

Nationwide, the company is spending $1 billion to bring fiber to the home by replacing traditional copper lines with thin glass fibers that use light to transmit data.

Got a local news story? Let us know about it. Send your local news to dan@computeruser.com.
 
 
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