October 1, 2008
Oakland Credit Union Bought By Alliant
By ; wire
Kaiperm Federal Credit Union of Oakland has been bought, marking the latest takeover of an East Bay credit union that was struggling financially.
Chicago-based Alliant Credit Union took control of Kaiperm Federal in a deal that ensures the 18,000 Kaiper members will receive uninterrupted service. Kaiperm was liquidated after federal regulators determined the credit union was "insolvent and had no prospects of restoring viable operations."
Through the first six months of 2008, Kaiperm had lost nearly $4 million and had generated about $3 million in loan and investment income. Kaiperm had $95 million in assets.
Redwood City-based Oracle Corp. agreed to buy Advanced Visual Technology to gain programs that let retailers plan their floor space. The software complements other Oracle programs designed to allocate space more effectively and monitor store performance. Terms were not disclosed. Oracle has made six other acquisitions this year, adding software for industries including finance and communications. Chief Executive Officer Larry Ellison has spent more than $34.5 billion on purchases since 2005, helping to almost double sales and allow Oracle to expand beyond database software, its largest business.
Palo Alto-based Hewlett-Packard Co., the world's largest personal- computer maker, agreed to buy LeftHand Networks Inc. for $360 million in cash to expand its storage offerings. Closely held LeftHand, based in Boulder, Colo., sells storage and data software to more than 3,000 companies. The purchase allows Hewlett-Packard to reach midrange storage customers, the company said. LeftHand's software is compatible with Hewlett-Packard's StorageWorks, which is marketed to the low and high ends of the market. Business storage and servers accounted for 18 percent of Hewlett-Packard's revenue last year.
San Mateo-based Zvents has raised $24 million in fourth-round venture capital financing. Zvents is a local search engine and advertising network. ...Walnut Creek-based Pacific Service Credit Union has introduced a mobile service that makes it possible for anyone to use text-messaging on mobile phones to get currents rates for auto loans, certificates of deposit and money market accounts. By texting a simple message to 60529, the user receives a reply with the credit union's current rates.
Compiled from staff and wire reports. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or [email protected]
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