Inside deal: One Internet Capital-backed firm buys another

An inside deal in the small world of Philadelphia-area venture capital:

ClickEquation, a paid-search firm that employs about a dozen people at its Conshohocken headquarters and claims Comcast among its clients and locally-based First Round Capital and Internet Capital Group among its investors,

Has been sold, for an unnamed price,

To Channel Intelligence, an Orlando, Fla. online-marketing firm with $20+ million in 2010 sales for clients including Target, Best Buys, and Comcast's NBC. Channel Intelligence is 49% owned by Internet Capital Group.

ClickEquation ceo Lucinda Duncalfe Holt, a serial CEO of locally-funded tech companies (TurnTide, Destiny WebSolutions), says she's leaving and changing her name back to Lucinda Bronwyn Duncalfe, taking the summer off to be with family, and is looking for "one more company" to run.

President Craig Danuloff and other ClickEquation employeers are staying, Internet Capital spokeswoman Karen Greene tells me.

The deal doesn't look like a home run for ClickEquation investors, since publicly-traded Internet Capital hasn't reported it as a material event. (Chris Fralic of FirstRound also declined comment on whether his firm made money from the sale.)

But ClickEquation's "technology is significant" to buyer Channel Intelligence, and to owner Internet Capital, spokeswoman Greene adds.