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Venture fund Topspin sells Hauppauge-based Hart for $94M

Topspin Partners, Long Island's largest venture capital firm, has sold Hauppauge-based Hart Systems to Zebra Technologies Corp. for $94 million.

Hart develops cloud-based systems used by grocery stores, automotive dealers and other retailers to manage inventory. The company was founded in 1964, has about 140 employees and was bought by Topspin in 2008.

"Hart gives retailers better tools to optimize in-store inventories in an environment of increasingly complex global supply chains," Zebra's chief executive Anders Gustafsson said.

Zebra, based near Chicago in Lincolnshire, Ill., makes bar-code labels and other products. Douglas A. Fox, a Zebra vice president, said the company has no immediate plans to trim staff at the Long Island company.

"We bought Hart to grow it," he said. "It's a very important part of our practice in the retail space."

Topspin, based in Roslyn Heights, is a $213-million fund founded in 2000 by Leo Guthart, a former chief executive of Ademco Security Group, and James Simons, a former Stony Brook University math professor who founded Renaissance Technologies, an East Setauket hedge fund with $15 billion in assets.

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