There’s at least one thing we can talk about in a positive light(when dealing with this economy). Pittsburgh has looked like it’s shielded itself a slowish economy, and actually been a positive year for small business, and large company start ups.
The site Bradenton.com has an article regarding what actually has happened so far regarding business in Pittsburgh:
A surge in venture capital, mergers and acquisition activity, and strategic deal-making has made the summer of 2010 the most active season for Pittsburgh’s technology startups in recent years. 2010 as a whole is shaping up to be one of the best years for investment and acquisitions for Pittsburgh’s startups in the post-bubble era. Today’s announcement of Biogen Idec’s $345 million strategic investment in Southside-based Knopp Neurosciences is the latest addition to the list of Pittsburgh deals announced since June, with more news expected in the coming weeks.
This summer’s deal activity in the Pittsburgh region includes:
- June 17: Precision Therapeutics* closed on $35 million, in a deal led by Bain Capital Ventures
- June 30: ModCloth* closed on $19.8 million from Accel Ventures, First Round Capital and Floodgate
- August 2: Hybrid Learning Systems acquired the games developed by ImpactGames*
- August 4: LinkedIn made its first acquisition ever, acquiring Pittsburgh-based mSpoke*
- August 6: Avere Systems closed on $17 million from Tenaya Capital, Menlo Ventures and Norwest Partners
- August 10: Ciespace* closed on $4 million, led by ARCH Venture Partners
- August 18: Knopp Neurosciences* signed a $345 million strategic deal with Biogen Idec
*connotes Innovation Works portfolio company
It’s always good to see the variable economy of our region do pretty well, especially as others around us are failing or stalling out. If you’d like to read more on this article. Head here.