Philadelphia Business Journal
August 2, 2007
Safeguard Scientifics Inc. said Thursday it has led a $9.7 million financing of Broadband National Inc., which operates a network of shopping Web sites focused on digital services and products.
Safeguard (NYSE:SFE) invested $8 million in Broadband National, which has offices in Vero Beach, Fla., and Atlanta.
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Constellation Ventures II, a Bear Stearns Asset Management venture-capital fund that had previously invested in Broadband National, also participated in the financing.
Kevin L. Kemmerer, the senior vice president of Safeguard's technology group, has joined Broadband National's Board of Directors.
Broadband National will use the money to expand into new markets, further develop its technology, pursue acquisitions and reduce the ownership stake of one of its founders.
Separately, Safeguard said it lost $13.6 million, or 11 cents per fully diluted share, on revenue of $43.7 million in the second quarter.
The Wayne, Pa., investor in information-technology and life-sciences companies lost $9.2 million, or 8 cents per fully diluted share, on revenue of $39.3 million, in the second quarter of 2006.
Safeguard of Wayne, Pa., invests in life-sciences and technology companies.
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