You're invited: Axios Sara Fischer tomorrow is moderating a discussion in San Francisco on the state of trust in institutions, which will include the release of the annual Edelman Trust Barometer and an interview with Google general counsel Kent Walker. RSVP here.
We've just entered an annual IPO dead zone, as companies finalize 2017 financials and avoid launching road shows into Presidents' Day/school vacation week. And it's probably fortunate for those with weak stomachs, given the recent market volatility. The real question, therefore, is what happens in March.
• Snap story: Kia has a Q&A with Billy Gallagher, the former TechCrunch scribe who just penned a book about Snap.
• Karma alert: Some U.S. companies that "inverted" are seeing their U.S. tax bills rise, per the WSJ.
• Quiz Time: Can you name the VC firm that is in talks to assume the fund portfolios of Binary Capital? Hint: East Coast.
• Valentine's Day: Broadcom and Qualcomm will meet Wednesday, although it's unclear if Qualcomm will pay more attention to the roses or the thorns.
• ICYMI: Waymo and Uber settled on Friday, with the former getting a $245 million equity stake in the latter.
• On-demand: Instacart announced this morning that it has raised $200 million in Series E funding at a $4 billion pre-money valuation. Coatue Management led, and was joined by Glade Brook Capital Partners and insiders. The grocery delivery upstart previously raised at a $3.4 billion post-money last March.
Defense contractor General Dynamics (NYSE: GD) has agreed to acquire government IT contractor CSRA (NYSE: CSRA) for around $9.6 billion in cash, including $2.8b in assumed debt, or $40.75 per share (32% premium over Friday’s closing price).
• Stash, a New York-based investing and saving platform, has raised $37.5 million in Series D funding. Union Square Ventures led, and was joined by return backers Breyer Capital, Coatue Management, Entree Capital, Goodwater Capital and Valar Ventures. www.stashinvest.com
🚑 Onsite Dental, a company that provides in-network dental care at the workplace and university, has raised $20 million from Norwest Venture Partners. www.onsitedental.com
🚑 HealthifyMe, an India-based nutrition and fitness app, has raised $12 million in Series B funding. Sistema Asia Fund led, and was joined by Samsung NEXT, Atlas Asset Management, Dream Incubator and return backers IDG Ventures India, Inventus Capital, Blume Ventures and NB Ventures. www.healthifyme.com
• eMagin, a maker of OLED miniature displays, has raised $10.6 million from Apple, LG, Stillwater Holdings, Valve and Immerex. http://axios.link/1M8p
• MineralSoft, an Austin, Texas-based provider of mineral management software, has raised $4 million in new VC funding from backers like Cottonwood Venture Partners. www.mineralsoft.com
• Volantio, an Atlanta-based provider of post-booking revenue and capacity optimization software for airlines, has raised $2.6 million in new VC funding. Ingleside Investors led, and was joined by International Airlines Group, JetBlue Technology Ventures and Qantas Ventures. www.volantio.com
• CultureIQ, a New York-based provider of culture management software, has raised $2.25 million in new seed funding. Backers include Pritzker Group Venture Capital, Lerer Hippeau Ventures and Founder Collective. http://axios.link/8JT3
• Axel Springer, a listed German media group, has acquired an undisclosed stake in Florida-based augmented reality company Magic Leap. http://axios.link/Rzeu
• Apollo Global Management has added Dutch pension PGGM and German chemical company Lanxess to its takeover bid for the chemicals unit of Akzo Nobel, according to the FT. http://axios.link/fQ2V
🚑 Battery Ventures has invested in Curve Dental, an Orem, Utah-based provider of cloud-based, dental practice management software. www.curvedental.com
• Blackford Capital has invested in Online Tech Stores, a Reno, Nev.-based wholesale distributor of aftermarket imaging supplies and accessories. www.supplieswholesalers.com
• The Blackstone Group has held “initial discussions” about bidding for property assets that are likely to be sold off by Chinese insurer Anbang Insurance Group, according to Bloomberg. Among the possible purchases could be the Waldorf Astoria hotel in New York, which Blackstone sold to Anbang in 2016. http://axios.link/wVoy
⛽ Blue Wolf Capital Partners has acquired a majority stake in Petrosmith, an Abilene, Texas-based provider of oil and gas production equipment and oilfield tubular goods. www.petrosmith.com
• Bold Orange, a Minneapolis-based provider of loyalty and CRM programs, has raised funding from Mountaingate Capital. It also acquired gift card fundraising company Great Lakes Scrip Center. www.boldorange.com
• Euromoney Institutional Investor (LSE: ERM) has agreed to sell its global markets intelligence unit for $180.5 million to an investor group that includes CITIC Capital and Caxin Global. http://axios.link/iuVL
• Imperial Dade, a Jersey City, N.J.-based provider of foodservice disposables and janitorial and sanitation supplies, has acquired Kranz (Racine, Wisc.)., PCA Industrial (Willow Grove, Penn.) and Sikes Paper (Austell, Ga.). Dade is a portfolio company of Audax Private Equity. www.imperialdade.com
• OpenGate Capital has agreed to acquire Jøtul Group, a Dutch manufacturer of residential stoves and fireplaces, from Ratos AB. www.jotul.com
• Stone Point Capital has acquired Genex Services, a Wayne, Penn.-based provider of cost containment services to the workers’ compensation, disability and auto industries, from Apax Partners. www.genexservices.com
• Terratest, a Spanish provider of large-scale construction services owned by Platinum Equity, has acquired Geostructures, a Purcellville, Va.-based provider of construction services. http://axios.link/3P9W
• Thoma Bravo has completed its $1.6 billion take-private acquisition of cybersecurity company Barracuda Networks.
• Warburg Pincus and Vietnam’s state-owned Becamex IDC are forming a $200 million joint venture to develop warehouses and factories across Vietnam, per Bloomberg. http://axios.link/QrOi
• The Weinstein Co. and its founders were sued yesterday by New York State for alleged violations sexual discrimination and harassment laws. The suit effectively killed off late-stage negotiations for a $500 million takeover of the company by Maria Contreras-Sweet, Yucaipa Cos. and Lantern Asset Management. http://axios.link/8hN3
• Four companies are expected to price IPOs this week on U.S. exchanges: Biofrontera, DFB Healthcare Acquisition Corp., Leo Holdings and Motus GI. http://axios.link/xrRE
• BMC Software, a portfolio company of Bain Capital and Golden Gate Capital, has begun talking to banks about an IPO, per Reuters. http://axios.link/RZrN
• Foxconn says that around $4 billion in expected proceeds from an upcoming Shanghai IPO for its Industrial Internet unit will be used to fund eight projects focused on building smart manufacturing platforms, cloud computing services and 5G solutions. http://axios.link/hlPq
• Amazon (Nasdaq: AMZN) paid around $90 million to acquire home security camera company Blink, according to Reuters. The deal was announced in late December, but without a price-tag. http://axios.link/S0uH
• GLP of Singapore has launched a $1.6 billion private equity fund focused on acquiring completed logistics and industrial assets in China. LPs include China Life. http://axios.link/cidU
• Nonantum Capital is raising $250 million for its debut private equity fund, which will focus on founder-owned businesses, according to Buyouts. The Boston-based firm is led by ex-Charlesbank Capital Partners investors Jon Biotti and David Ganitsky. http://axios.link/iJv9
• Wave Capital, a marketplace startup-focused VC firm co-founded by Riley Newman (ex-Airbnb) and David Rosenthal (ex-Madrona Venture Group), has raised around $32 million for its debut fund, per an SEC filing. Axios first reported on the firm last fall.
🚑 Benoît Adelus and André-Michel Ballester have joined ArchiMed, a French healthcare-focused private equity firm, as partners. Adelus previously served as CEO of Sebia, while Ballester was CEO of Sorin. www.archimed-group.com
• Lars Dalgaard has stepped down as a general partner with Andreessen Horowitz, and will launch his own VC firm. http://axios.link/Uj21
• Myles Gilbert has stepped down as a managing director with Cambridge Associates, in order to join Ares Management as a partner and head of investor strategy and solutions. www.ares.com
• Mary Grove has joined Rise of the Rest, a VC affiliate of Revolution, as a partner. She previously founded and led Google for Entrepreneurs. http://axios.link/f5Kx
• Naomi Pilosof Ionita and Chris Penner have joined Menlo Ventures as a partner and operating partner, respectively. Ionita previously was VP of growth at Invoice2go, while Penner had been SVP of global partner sales and alliances at Box. http://axios.link/kgKr
Some speculated that last week's stock market decline was been caused, at least in part, by worries over a possible government shutdown. But there is no compelling historical evidence that the markets react positively or negatively to government shutdowns.