New name for tower: M&I
Milwaukee-based M&I Bank has no plans to vacate a 31-story skyscraper in downtown Indianapolis after acquiring its namesake, First Indiana Bank, the CEOs of both companies said today. First Indiana recently renewed…
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WellPoint buys imaging firm for $300M
WellPoint Inc. has agreed to buy American Imaging Management, a firm that uses Web technology to manage the frequency and cost of radiation tests. The Indianapolis health insurer will pay $300 million to buy American Imaging parent Imaging Management Holdings, which is headquartered in Deerfield, Ill. The deal is expected to close in the third […]
UPDATE: M&I to slash First Indiana costs
The Wisconsin bank acquiring First Indiana expects to realize cost savings of 20 percent by merging back-office functions and cutting potentially dozens of local jobs. Milwaukee-based Marshall & Ilsley Corp. hopes to retain most of First Indiana’s bankers and will keep all 32 branches open. CEO Mark Furlong told IBJ this morning that within three […]
Compendium software startup attracts $1.1 million
Indianapolis-based Compendium Software said today that it has attracted $1.1 million in funding from local angel investors. Compendium offers tools to help businesses create, manage and search-optimize blogs. The startup was founded six months ago by Chris Baggott, who also co-founded the fast-growing e-mail marketing software firm Exact Target, which now has more than 250 […]
Hhgregg to price IPO at $15 to $17 per share
Hhgregg Inc. plans to price its initial public offering at $15 to $17 a share, according to a company filing with the Securities and Exchange Commission. The appliances and electronics retailer in April said an IPO was in the works but provided few details. The Indianapolis company will offer 9.4 shares, and would raise $150 […]
Three Broad Ripple apartment complexes sold
Three multi-family housing properties in Broad Ripple have been acquired by California-based Orloff Property Management for $12.1 million. The seller was Bloomington-based Pinnacle Properties LLC. The complexes are Broad Ripple Village, Broad Ripple Commons and Broad Ripple Towne Homes-all located on 52nd Street near the Monon Trail.
UPDATE: Other banks likely wanted First Indiana
Many banks, including Harris Bankcorp of Chicago, would have wanted to buy First Indiana Corp., according to long-time analyst John Reed, president of investment banking group at David A. Noyes & Co. of Chicago. In fact, Reed expected Harris instead of Marshall & Ilsley Corp. to snap up First Indiana. Harris is the U.S. unit […]
UPDATE: First Indiana buyout gives investors huge premium
First Indiana Corp.’s Milwaukee-based acquirer says it will pay $529 million, or $32 a share. That’s a whopping 45 percent premium to where First Indiana stock has been trading. Rumors have swirled for weeks that First Indiana, the city’s largest remaining locally based bank, was in negotiations to be acquired. Industry buzz had focused on […]
BREAKING: First Indiana to be bought by Marshall & Ilsley
Indianapolis-based First Indiana Corp. said today it has signed a definitive agreement to be acquired for $529 million by Marshall & Ilsley, a Milwaukee-based financial services firm. First Indiana, which has $2.1 billion in assets, has 32 branches in central Indiana. The branches will become Marshall & Ilsley branches after the deal closes. The deal […]
Getrag, Chrysler chose Tipton for convenience, identity
German transmission maker Getrag Corporate Group and Chrysler Group picked Tipton for their $530 million joint-venture transmission plant over Kokomo and a shovel-ready site at the former Grissom Air Force Base at Peru because it was the best compromise, according to a Chrysler official who helped arrange the deal. Brian Harlow, Chrysler’s general manager of […]
Huge intermodal hub said to have land, financing
A backer of a 3,000-acre intermodal shipping hub planned for LaPorte County in northwest Indiana says he has the land under contract and as much as $2 billion in financing lined up to proceed. All that’s needed, Chris Davey told the Post-Tribune of Merrillville, are commitments from railroad companies that they would use the facility. […]
Bensussen Deutsch locates warehouse on west side
A Woodinville, Wash., provider of advertising promotional products has committed to locating a distribution center in an existing Plainfield building, the Indiana Economic Development Corp. said today. Bensussen Deutsch & Associates will employ 50 at the 150,000-square-foot site. The company, which has an office in Indianapolis, received $206,000 in incentives.
We Have Your Web Site: Despite tougher cyber squatting laws domain names ar e still being held for ransom
Despite tougher cyber squatting laws domain names ar e still being held for ransom Cybersquatters are lurking on the Internet your , ready guard usiness brand the instant forts are on the rise. to swipe your b gitimate ef ” said slips. And ery their much ille a nuisance to everyone, -based “It’ s v an associate at Indianapolis Mary Jane Frisby, Thornburg LLP who specializes law firm in Barnes domain & name disputes. ” And there .” is this…
RETURN ON TECHNOLOGY: Why do technology costs outpace productivity gains?
I thought it was a joke. You know, like, “How is a sneeze like a drum solo?” And the answer would be something like, “You know it’s going to happen, but you’re powerless to stop it.” So here it is, straight: How is business technology like the invention of electricity? But it’s not a joke. It’s an article in Slate magazine online (www.slate.com/id/2167909/). That article opens with a bit of surprising history. Electricity was widely available starting in the late…
Luring MotoGP may ease hit to Speedway if F1 departs
Bringing MotoGP–the world’s highest level of motorcycle racing–to the Indianapolis Motor Speedway could easily draw more
than 150,000 spectators and net an eight-figure windfall for track owner Tony George.
PROFILE TINA MOE: Persistence paid off for local business owner Tenacious accountant shares with clients valuable lessons she learned from the school of hard knocks
Moe’s path to opening Indianapolisbased ACT Services Inc., her accounting, tax and consulting firm, was fraught with roadblocks. In 1998 she graduated from the Indiana University Kelley School of Business in Indianapolis with a degree in accounting. That same year she divorced. Moe has had her share of breakups. While still an undergraduate, the Greenwood native worked for a year as a business partner with a certified public accountant at Accounting Store LLC in Speedway. The partnership continued for five…
SPORTS: Pan Am Games was ‘coming out’ party for city
Twenty years ago, Indianapolis was preparing to take on the world. Or at least half of it. It was a month before the 10th Pan American Games. In my lifetime, I do not recall many times-if any-when there was such a feeling of collective effort. This wasn’t a city rooting for a team, like the Pacers or the Colts. This was a city rooting for itself to pull off this mammoth undertaking, to show not just the country, but the…
2nd Globe expands in Canada: Young & Laramore founder to head new office
David Young, co-founder of one of the city’s largest advertising agencies, is packing his bags and heading for Vancouver, British Columbia. This month, Young will oversee the opening of agency Young & Laramore’s first Canadian office, which is being set up to grow the firm’s 2nd Globe division in the Pacific Northwest. 2nd Globe, a 12-year-old division dedicated to bringing art, architecture and commerce together, is the brainchild of Young and is known for its work on several high-profile central…
Museum reopens with changes: Community support needed as funding ends
Indianapolis Museum of Contemporary Art reopens July 13 with a new look and a new plan for growth. The changes come as its primary funder is scaling back support-and backing a competing contemporary art museum planned for Carmel. That does not deter Executive Director Kathy Nagler from her efforts to develop IMOCA. Nagler, 51, was hired last summer to replace local arts enthusiast Jeremy Efroymson, whose family foundation also was its main funder. The Indianapolis-based Efroymson Fund helped get the…
Commentary: We need a sensible alcohol policy
The recent bust at the home of former Colts quarterback Jack Trudeau, and his subsequent arrest for allegedly hosting a party where high school students consumed alcohol, reflects current law in Indiana. But it does not reflect the attitudes of some toward the appropriate age at which one is capable of making fully informed decisions about alcohol use. More important, it reflects the fractured nature of how the law views an adult and the rights and responsibilities associated with adulthood….