STMicro biometrics spinoff yanks IPO (Tech Confidential

Saturday
May, 17

12:09 am

Search Tech Confidential

STMicro biometrics spinoff yanks IPO

[Posted on March 5, 2008 - 2:45 PM]

Share This Story | Comments (0)

E-mail

del.icio.us

Technorati

Facebook

Digg

The challenging economy is making life tough for biometrics startups. The latest casualty is Upek Inc., a maker of fingerprint authentication technology that Tuesday afternoon withdrew its IPO, citing market conditions.

The news follows the IPO withdrawal of biometrics device maker Cross Match Technologies Inc. in January, which followed news last summer that the company was suspending the offering.

Swiss chipmaker STMicroelectronics NV [STM] spun out Upek in 2004, upon which the newly independent startup received $20 million in backing from Sofinnova Ventures, its French sister firm Sofinnova Partners, Diamondhead Ventures, Earlybird Venture Capital, EDBV Management and Green Dot Capital.

Underwriters on the now-dead Upek offering were Deutsche Bank Securities, Needham & Co. LLC, Pacific Crest Securities and Piper Jaffray & Co. Upek filed to go public in May 2007. - Olaf de Senerpont Domis

See Upek S-1 from SEC.gov
See Upek profile from Renaissance Capital's IPOhome
See August 2007 story from TheDeal.com
See March 2004 story from TheDeal.com

Also From Tech Confidential

Tech Confidential Home Page

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.

The Tech Confidential Network
The Tech Confidential Network unites the leading voices from around the Internet on the topics of high-tech startups, venture capital and investment exits. Bloggers and publishers that want to expand their readership and monetize their content are encouraged to apply to join the Tech Confidential Network.

Video

Behind the Money, Episode 30: Electronic Arts bid for Take-Two

In this episode of Behind the Money, we speak with Matthew Wurtzel, editor of Dealscape about the expiration of Electronic Arts bid for Take-Two Interactive on May 16, 2008.