Things Looking Up for Redpoint with LifeSize Sale
It’s not the 16x return that VCs expect to get from the sale of AdMob to Google, but the 4.5x VCs will see from the sale of LifeSize Communications to Logitech International looks pretty good in these gloomy economic times—especially to Redpoint Ventures. Redpoint launched with much fanfare during the Internet bubble, but its first two funds haven’t produced spectacular returns. Still, 2009 is turning into a pretty decent year for Redpoint. LifeSize will be its third acquisition this year. Logitech on Tuesday agreed to pay $405 million for LifeSize, an Austin, Texas-based maker of high-def video communications products. LifeSize had previously raised $90 million from Austin Ventures, Norwest Venture Partners, Pinnacle Ventures, Redpoint Ventures, Sutter Hill Ventures and Tenaya Capital (fka Lehman Brothers Venture Partners), according to Thomson Reuters (publisher of peHUB).
