From WisBusiness.com …
— Baird Venture Partners, the venture capital group of Baird Private Equity, says it has raised more than $170 million in committed capital for its third venture fund, exceeding its target of $150 million.
The fund will target investments in young, expansion-stage life sciences and business services companies, officials said. Earlier versions of the fund invested in NimbleGen Systems, which was sold last August to Roche for $272.5 million, and TomoTherapy, which went public in May 2007.
Returning institutional investors in the fund include State of Wisconsin Investment Board, Lurie Investments, A. O. Smith Retirement Plan, Northwestern Mutual Life Insurance Co. and Marshall & Ilsley Corp. New investors include American Family Insurance, Thrivent Financial for Lutherans, Sentry Insurance, and the State of Illinois Treasurer’s Office of Technology Development Account.
Baird Private Equity is the global private equity group affiliated with Milwaukee-based Robert W. Baird & Co. It is located in Chicago.
— The Milwaukee office of Legion Insurance has notified state and local officials that it will shut down and lay off 44 workers over the next nine to 12 months. Legion officials said the jobs will be moved to its Philadelphia office.
— Gov. Jim Doyle will officially open the Marquette Interchange today, announcing that all freeway lanes and ramps are complete.
There only remains some minor work on the project such as landscaping, according to Department of Transportation.
— Brown Deer-based Metavante Technologies Inc. and Temenos Group of Geneva, Switzerland, have expanded their alliance.
The expansion calls for Metavante and Temenos to immediately begin the joint marketing of the Temenos T24 packaged core banking software to foreign financial institutions in the United States.
Metavante is a leading provider of banking and payments technology in North America, while Temenos is an international provider of integrated core banking systems.
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Alliant Energy Corporation Utility Subsidiaries Declare Preferred Stock Dividends
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Industrial park could bring money, 1,000 jobs to Somers: A proposed industrial park called First Park Somers could bring millions of dollars in tax revenue and 1,000 jobs to the area as early as next year. Michael Powers, a representative of First Industrial Realty Trust, told the Somers Town Board last week that he does not have any potential tenants and has yet to formally acquire 310 acres near the northeast corner of highways S and H, but town officials think the company’s track record is strong. The concept plan received unanimous approval from the board at a meeting last week. First Industrial Realty Trust also owns the properties where Gordon Foods and Affiliated Foods Midwest are currently building distribution centers.
Credit unions prosper: Net income shows increase of almost 17% in first half of the year … Net income at Wisconsin’s credit unions jumped almost 17% in the first half of the year, an increase the state’s top regulator attributed partially to credit unions staying the course and concentrating on their strengths during tough economic times. A report by the state Office of Credit Unions shows net income was about $62.1 million at the end of June, compared with $53 million for the first six months of 2007. “They really held the line on expenses, and losses weren’t bad,” Suzanne T. Cowan, director of the Office of Credit Unions, said Monday. For the six-month period, savings grew 8.5% at Wisconsin’s 259 state-chartered credit unions, to more than $15 billion.
Madison pharmaceutical company gets OK to start making drugs: Plans to test anti-cancer compound … A Madison pharmaceutical company said Monday it can now manufacture drugs, paving the way for clinical trials of its first anti-cancer compound. Cellectar Inc. has done manufacturing runs and completed other tests to show it can comply with the U.S. Food and Drug Administration’s “good manufacturing practice” requirements — a critical capability for any company that wants to make pharmaceuticals, said Neal Sandy, Cellectar’s chief operating officer. That makes Cellectar the first Wisconsin-based drug company that is able to do research, development and manufacturing of pharmaceuticals, said James Leonhart, executive vice president of the Wisconsin Biotechnology & Medical Device Association.
90 wind farm turbines proposed for Columbia County: We Energies of Milwaukee wants to build a wind farm with 90 turbines and a capacity of up to 234 megawatts in Columbia County near Randolph, according to an application filed with the Wisconsin Public Service Commission. Each turbine planned for the towns of Randolph and Scott would be mounted on a steel tower 262.5 feet above the ground. Blade lengths would be 126 to 152 feet. The Randolph Wind Project, scheduled for completion in May 2010, would involve about 20 miles of access roads, aluminum cables buried 4 feet underground, an operations and maintenance building and a substation with transformers and switching gear. Moving cranes across the land will require installation of timber mats or temporary bridges across wetlands and waterways.
Metavante expands alliance with Swiss firm: Metavante Technologies Inc. of Brown Deer and Temenos Group of Switzerland said they have expanded their strategic alliance. The expansion calls for Metavante (NYSE: MV) and Temenos (SWX: TEMN) to immediately begin joint marketing of the TEMENOS T24 packaged core banking software to foreign financial institutions in the United States. Metavante is a leading provider of banking and payments technology in North America, while Temenos is an international provider of integrated core banking systems. Through the strategic agreement, which was announced Monday, Metavante and Temenos will jointly market to international financial institutions with U.S.-based operations the T24 international packaged core banking system.
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– TOM BURZINSKI: IT executive and consultant
– State partners with Aidmatrix for flood recovery efforts
BIOTECH (back to top)
– Water technology executives to visit Vietnam
– 234-megawatt wind farm proposed in Columbia County
ECONOMY (back to top)
– Company’s expansion keeps in tune with owner’s passion
– Gas prices still falling, but not as fast
MANUFACTURING (back to top)
– Milton business plans expansion
LABOR (back to top)
– Transit strike ends; buses to resume service today
– Fewer Farm Workers Hired During June Survey Period
SMALL BUSINESS (back to top)
– Antiques shop fading into history
INVESTING (back to top)
– Dow ends day down 180 points
– Baird Venture Partners exceeds target in third venture fund
– Report: Pension board downplays investment plan risks
REAL ESTATE (back to top)
– Home sales slow; prices hold
– Housing starts dip to lowest level since March ’91
– Neighbors cry ‘flip-flop’ after panel OKs 2 Sequoya Commons entrances
AGRIBUSINESS (back to top)
– State & National Milk Production Up in July
– Crop Report: Wisconsin Counties Need Rain!
– WLIC Introduces the ‘Livestock Vantage’ Animal ID Program
– Airport project set for flight
– AirTran to hike fees for second, oversized bags
– Fewer airline passengers expected over Labor Day holiday
RETAIL (back to top)
– Back to school: Shaky economy hits kids
– A cheer for craft beer
– RV sales hit pothole
– A difficult balancing act
– Vote on tax for Madison schools considered
TOURISM (back to top)
– Hoteliers puzzled by Brookfield’s abandonment of tourism bureau
– Northern Wisconsin State Fair director hired
– ‘Fonz’ statue to be unveiled Tuesday
– Newest WPS power plant dedicated
– Offset rising heating bills
HEALTH CARE (back to top)
– Health costs to rise in ’09
FINANCIAL SERVICES (back to top)
– Legion Insurance to close Milwaukee office
– Fannie Mae, Freddie Mac fall on Barron’s curtain call
– Thrivent moves bank workers
– Credit management workshops set
MANAGEMENT (back to top)
– Ethics expert kicks off series
– St. Norbert’s CEO speaker series opens Sept. 17
– ‘I.O.U.S.A.’ shows include Buffett views
BUSINESS COLUMNS (back to top)
– Larry Avila: There’s always a hook to lifetime guarantees
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