IT Capital Invests Further $1 Million In Exo-net
AUCKLAND, 14 February 2000 –Australasia’s leading Venture Catalyst, IT Capital Limited (ITC), today announced that it has exercised its option to purchase a further 15% of New Zealand’s fastest growing business software and e-commerce developer, exo-net international. The $1 million investment lifts IT Capital’s stake holding in the company to 35% from an initial injection of $520,000 in June 1999.
“Through its representatives on our board IT Capital continues to make a significant contribution to our international success,” says exo-net Managing Director, David McKee Wright. “The rapid growth of business to business e-commerce is providing huge opportunities in New Zealand and overseas for exo-net. In particular, IT Capital’s global network of venture capital and information technology specialists has greatly enhanced our ability to maximise growth in our core integrated e-commerce solutions and enterprise management products.”
“We are very excited about our decision last year to invest in exo-net and the excellent progress the company has made in the last 8 months.” explains Keith Phillips, Managing Director of IT Capital. “When exo-net officially launched its exo-net 3000 product suite in August 1999 it was the first to market with a fully web-enabled SQL based e-Commerce and business management system. Since then, exo-net has more than trebled revenue projections, created a superb partner network, increased staffing levels from 7 to 20 and now they have more than 150 installed sites throughout New Zealand and a raft of international sales opportunities. Consequently, we had no hesitation in exercising our option to take a further 15% stake holding in the company to support their international expansion.”
“What exo-net has managed to
achieve since June 1999 is breathtaking by anyone’s
standards,” says McKee Wright. Highlights
The launch of three software products (easyshop, exo-net 3000 and en-prise)
Provision of the e-Commerce infrastructure for 3 major on-line retail / business solutions
The opening of offshore branches in Sydney and Singapore.
The agreement with global accountancy firms KPMG, Ernst & Young and PriceWaterhouse Coopers to become approved re-sellers of exo-net software.
“Our growth last year was phenomenal,” says McKee Wright. “But it’s about to go exponential. We have just moved into new Auckland premises that are five times the size of our previous location and we expect staff numbers to grow to 30 within the next six months.”
“We have some world class products developed by our world class software engineers. By this time next year I would expect our products to be in use around the world with exo-net having another three overseas branches. As the Internet surpasses the PC as the engine of economic growth, there is greater scope offshore to enable us to deliver higher-value and higher-profit generating services to organisations trading globally.”
About IT Capital Ltd
Capital is Australasia's leading Venture Catalyst. The
company focuses on investing in New Zealand and Australian
based e-Commerce companies with the intention of
transplanting them into larger overseas markets, principally
the United States. It addresses the funding gap that
currently inhibits a vast number of innovative Australasian
firms by providing early stage funding and management
expertise that is not readily available in the local
markets. IT Capital’s international network of venture
partners and technology companies accelerates global
IT Capital provides a basket approach allowing investors to diversify risk and participate in e-Commerce opportunities, giving public market investors access to leading Australasian companies at private market prices.
More information on IT Capital Limited is available on the web at http://www.itcapital.net, while information on exo-net is available at http://www.exo-net.co.nz