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PA Early Stage renames itself Novitas Capital16/11/2007. Source: AltAssets. 
 US early stage technology and life science venture capital firm PA Early Stage Partners has renamed itself Novitas Capital.
The name change is designed to better reflect the firm's focus and reach, Novitas explained in a statement. 'Taken from Latin, Novitas means "new", "original" and "novel", which aptly describes the essence of the pioneering companies in which the firm invests.'
Steve Barnes, managing director, Novitas, said, 'The name "Novitas" reflects our mission to recognise emerging technologies and world class entrepreneurs at the earliest of stages, and provide both capital and support to help these ventures become successful companies.'
Novitas's exits have included Traffic.com, a provider of personalised digital traffic information for drivers, which went public in January 2006 and was subsequently acquired in March 2007 by Navteq for approximately $177m; AANetcom, a fabless semiconductor company, which was acquired by PMC-Sierra in a transaction valued at approximately $900m; OraSure Technologies, a specialist in oral fluid diagnostics, which merged with a publicly-traded company in a stock deal valued at approximately $255m; and Half.com, an exchange that connects buyers and sellers, which was acquired by eBay in a transaction valued at approximately $300m.
Novitas was founded in 1997. The firm is based in Wayne, Pennsylvania, and has offices in Pittsburgh, Pennsylvania; Allendale, New Jersey; and Morgantown, West Virginia. It currently has approximately 30 active portfolio companies and $237.5m under management across three venture capital funds.
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