Overland Storage, a San Diego provider of data storage systems, said its acquisition of Tandberg Data Holdings was approved by its shareholders by a 99 percent margin at a special shareholders meeting Jan.16.
Project Pie, a fast-casual pizza chain based in Carlsbad, said it entered into a partnership with Lee Equity Partners to accelerate its growth.
Ninety-seven San Diego companies attracted a total of $757 million in venture capital funding last year, down from 105 local companies obtaining $1.15 billion in 2012, according to the latest MoneyTree Report by PricewaterhouseCoopers LLP and the National Venture Capital Association.
Dealstruck, Inc., a San Diego private provider of funding for small- and medium-sized businesses from individual and institutional accredited investors, said it closed a $1.2 million seed-stage investment round from a group of Southern California-based angel investors.
East West Bancorp Inc. completed its acquisition of MetroCorp Bancshares Inc., a holding company of San Diego-based Metro United Bank and MetroBank of Houston.
FINANCE: Credit Unions Find a Niche and a Need In Helping Businesses
Jack Van Zandt said he was looking for a line of credit to help his business, APS Marine Services, when it makes bids on contracts, mainly with the U.S. Navy.
HOUSING: Interest Rates Expected to Rise Slightly in 2014
San Diego’s housing prices continued trending upwards in December, with the median coming in at $420,000, an increase of nearly 15 percent from the end of 2012, but up only 1.2 percent from November, according to the latest Dataquick report.
TECH: New CEO and New Strategy Are Ready to Roll
PureForge, a Poway developer and maker of hardened braking systems, has a new leader who will implement a new strategy going forward.
ServiceNow, a software-as-services provider to larger companies that was founded in San Diego in 2004, relocated its headquarters office to Santa Clara in the fourth quarter of last year to accommodate most of its management team who reside in the Bay Area, said a contracted company spokeswoman.
The U.S. Department of Treasury provided $55.6 million to the California Office of Business and Economic Development and the state Treasurer’s Office aimed at spurring lending to small businesses.
The San Diego Metropolitan Transit System, the municipal agency that operates the city’s mass transit buses and trolleys, said it selected Clear Channel Outdoor as the new operator and media provider for MTS’ 400 bus shelters, 322 of which currently offer advertising.
Accion San Diego, the nonprofit micro lender, said its loan portfolio hit a new high, $3.9 million in December, up 29 percent from the end of 2012.
Meridian Rack & Pinion, doing business as San Diego-based BuyAutoParts.com, said it was acquired by private equity firms and the company’s management team.
The median priced house in San Diego County sold for $420,000 last month, up $5,000 from November and an increase of nearly 15 percent from December 2012, according to San Diego real estate research firm Dataquick.
PureForge named Walter Frankiewicz as its new chief executive officer.
InfoSonics Corp.said it received notice from the Nasdaq Stock Market that the company regained compliance to be listed, given that the stock price has been at $1 per share or greater for at least 10 consecutive business days.
WD-40 Co., the maker of lubricants and other household products, reported 2014 fiscal year first quarter sales of $95.5 million, a new record and up about $200,000 from the prior year’s first quarter.
The San Diego Padres announced a free public memorial service for Jerry Coleman, the former Marine pilot, Hall of Fame baseball player and longtime Padres broadcaster, who died Jan. 5 at the age of 89.
FINANCE: Private Investors Put Up Cash; Deals Done Quickly
Despite doubling its revenue in recent years, Z-ray Technologies Corp., a San Diego-based Internet service provider, was having cash flow problems and needed a credit line to tide it over.
EVENT: Recovery Is Still Under Shadow of Uncertainty
Experts on this year’s Economic Trends panel assembled by the San Diego Business Journal provided some optimistic insights to what’s ahead, but also a fair amount of uncertainty.
BANKING: Veteran CEO Looks to Raise Capital, Generate Loans
Neighborhood National Bank, plans to raise $5 million to $10 million in new capital this quarter, both to satisfy a regulatory order and generate more business loans, said its new chief executive, Dan Yates.
Rose Business Solutions Inc., a San Diego-based business consultancy, said it was acquired by Armanino LLP, an accounting and business consultant firm based in San Ramon.
The median price for a single family house in San Diego County increased to $478,500 in December, up nearly 14 percent from the same month in 2012, and up 2 percent from November, says the Greater San Diego Association of Realtors in its latest report.
Castle Mortgage Corp. and American Mortgage Network, with offices in San Diego, said its new correspondent purchase program is now operating in 24 states.
Provide Commerce, the San Diego parent company to a range of national online retailers including ProFlowers, RedEnvelope, and Cherry Moon Farms, said it has more than 500 temporary jobs it is looking to fill in advance of its busiest time of the year around Valentine’s Day, Feb. 14.
The city of San Diego said it will have to pay $263.6 million this year into its employee pension fund, known as the San Diego City Employees Retirement System, a decrease of $11.8 million from the prior year.
BofI Federal Bank provided a $25 million line of credit to RCN Capital LLC, the bank said.
Dan Yates was named president and chief executive officer of San Diego-based Neighborhood National Bank.
RF Industries Ltd. reported unaudited fourth quarter revenue of $8.4 million compared with $9.3 million for the like quarter of last year.
PROPERTY: Mortgage Rates May Climb; Price Increases May Ease a Bit
San Diego’s housing market was in a full-scale recovery mode last year, with the median price for November increasing by 16 percent year-over-year to $415,000, tailing off from the 20 percent median appreciation as of August, according to the latest report from DataQuick, the San Diego-based real estate research firm.
INSURANCE: Some Property Policies Could See Rate Reductions
As many insurance companies look to increase rates for property insurance, still dealing with heavy losses from natural disasters a few years ago, one longtime broker says don’t accept any hike without checking.
Production: Sector Still Seeing Drop in Employment
San Diego County sustained a 12-month net loss of 2,000 manufacturing jobs as of November 2013 — a similar loss to what the region sustained about a year ago — leaving it with about 91,500 such jobs, according to the most recent unemployment report for San Diego.
Pacific Commerce Bank, based in Los Angeles and with about $165 million in assets, opened a new branch office in the Del Mar Heights area of San Diego.
Silvergate Bank entered an agreement to sell its Lancaster branch to Glendale-based Americas United Bank, Silvergate said.
Elizabeth ‘Betsy’ Morris was appointed to the California Housing Partnership Corp. by Gov. Jerry Brown.
Standard & Poor’s raised the city of San Diego’s credit rating from AA- to AA, the city announced.
San Diego’s unemployment rate fell to 6.8 percent in November.
San Diego Gas & Electric donated 448 acres between El Cajon Mountain and the El Capitan Reservoir, known as the Oak Ridge Ranch, to the U.S. Forest Service.
PROPERTY: Significant Percentage of Homeowners Still Have Negative Equity
The rate of appreciation for property in San Diego County is expected to slow to about 6 percent in 2014, a leading industry economist said during a recent conference on residential real estate held at the University of San Diego.
Apparently not everyone thinks the banking industry has little or no upside.
SPORTS: Area Scores as Fans Spend Time and Money Locally
San Diego gets invaded this week, but it’s a kind of invasion that most cities would envy.
San Diego Gas & Electric said it donated 448 acres between El Cajon Mountain and the El Capitan Reservoir, known as the Oak Ridge Ranch, to the U.S. Forest Service.
A monthly forecast of local business sentiment rose to a new high in November after declining for the prior two months.
Bexil American Mortgage Inc., with offices here and in Alabama, said it struck a partnership with Big Moat REIT, a private Maryland-based mortgage real estate trust focused on investment in residential mortgage assets.
Infosonics Corp. entered into a non-exclusive distribution agreement with Ingram Micro Mobility.
San Diego’s housing market took a breather in November, registering fewer sales but the median price increased nearly 16 percent year over year to $415,000, according to Dataquick, the La Jolla real estate research firm.
The San Diego Regional Chamber of Commerce and Connect have partnered to hire a Sacramento lobbying firm Rose & Kindel / Grayling to “provide greater influence in statewide policies that impact the San Diego regional business community.”
Southwest Airlines will begin offering daily nonstop service between San Diego and four other cities, to New Orleans, Seattle Portland, Ore., and Orlando, Fla., starting next year.
Overland Storage, the San Diego provider of data storage services, is now compliant with the minimum stock listing requirements for the Nasdaq Capital Markets, the company said.
Qualcomm Inc. named Steve Mollenkopf its new chief executive officer, effective March 4 when its current CEO Paul Jacobs will assume the title of executive chairman.