Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Leading Venture Capitalists Back Greenwood Tech

Leading Venture Capitalists Back Greenwood Technology

Auckland, 27 September 2000 - Greenwood Technology, IT specialists in the development and deployment of web-based business solutions, today announced that leading venture capital companies Deutsche Capital Partners and Direct Capital Private Equity, together with US technology investor Chris Coffin, have taken a 32% stake in the company.

Simon Greenwood, managing director and principal shareholder in Greenwood, said “This is a superb outcome for Greenwood Technology. We have obtained growth capital from leading and respected players. Their decision to invest demonstrates their confidence in our products and our people. We have doubled our staff over the last year and expect to double it again over the next 12 months as Greenwood continues to enjoy significant growth.”

Greenwood Technology is one of New Zealand’s leading ‘web-centric’ software development companies. Its focus is on developing total e-commerce solutions utilising proprietary development tools that enable software solutions to be developed faster and more efficiently than is possible with other commercially available software. Applications have been developed in the logistics, health, insurance and construction industries.

Greenwood is also a leader in the application service provider (ASP) market. The ASP market is growing rapidly as companies recognise the benefits of renting applications on-line and paying for usage rather than incurring the up front capital and ongoing maintenance and obsolescence costs associated with owned systems.

Chris Coffin, who headed the America True campaign in this year’s America’s Cup, co-founded Touchbase Systems Inc, which was later, sold to U.S. Robotics. Mr Coffin remained with U.S Robotics as vice president until 1996 when he left to establish venture capital company, Vision Ventures. Of his investment in Greenwood, Mr Coffin commented, “Greenwood is a great example of the leading-edge technology being developed here which can go far in the US market. My goal is to help smooth the path for Greenwood in the US and other international markets.”

Deutsche Capital Partners is the local private equity arm of the world’s largest investment bank. As a major global private equity and venture capital player, Deutsche Bank also brings to Greenwood its technology industry expertise.

Scott Perkins, CEO of Deutsche Bank in New Zealand, explained “Greenwood Technology has an edge in one of the most prospective areas of the Internet revolution – enabling companies to improve their productivity and customer service through an Internet-based e-commerce platform. We like the people, the products and were impressed by the value that Greenwood is able to add to their customers.”

Direct Capital has led investments totaling more than $135m in 22 unlisted companies since 1994 and director Bill Kermode commented “Private equity investment is about identifying those companies that have a top tier position in their sector and significant growth prospects. The ASP sector is still in its formative stage in New Zealand but has a growth potential greater than just about any other IT sector today. Greenwood is exceptionally well positioned to benefit from this growth.”


About Greenwood Technology
Greenwood Technology is an end-to-end e-commerce partner, committed to delivering an integrated range of world-class products and services. Greenwood Technology is a truly 'web-centric' company, with expertise in four strategic business areas: software development, nation-wide systems support, application rental and e-commerce and website development. Founded in 1992, Greenwood Technology is based in Auckland.

For further information:
Simon Greenwood, managing director, Greenwood Technology 021 954-242
Scott Perkins, managing director, Deutsche Bank 021 921-692
Bill Kermode, director, Direct Capital Private Equity 021 664-430
Andrea Dahlin, account manager, Botica Conroy & Associates 09-303 3862


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news