Co-Investor increases shareholding to 15.6%
Attention Business Editors
For Immediate Release
February 3, 2006
Co-Investor increases shareholding in Software of Excellence to 15.6%; founder Paul Weatherly exits to focus on new venture
Sydney-based investor Co-Investor Private Equity has bought a further 4.4% stake in Software of Excellence from one of its founders, Paul Weatherly, increasing its holding to 15.6%, and making it the company’s largest security holder.
Mr. Weatherly has sold 75% of his shareholding in Software of Excellence (1,433,954 ordinary shares) to Co-Investor, and has agreed to a two-year lock up under which he will not sell the remainder of his shares. Auckland-based Direct Capital Private Equity, through its TMT Ventures fund, participated in the placement.
Mr. Weatherly who is now focusing on Spark Dental Technology, the business he recently founded through acquiring the Asia-Pacific Enterprise software division of Software of Excellence said: “I am excited by the possibility of Spark Dental Technology, however I also believe that the company’s new professional strategy will delivery results and this is reflected by my residual holding and agreement to retain that holding for two years”.
Mr. Brian Weatherly, CEO of Software of Excellence, said:
“As we announced late last year, Software of Excellence is now focusing on building its Professional business around the world, which accounts for 80% of revenues, and is growing strongly. The sale of our Asia-Pacific Enterprise business to Spark Dental Technology, and the sale of Paul Weatherly’s equity interest in Software of Excellence, represent an important milestone in our company’s transformation.”
Managing Director of Co-Investor, Mr. Roger Sharp said:
“We have been a significant investor in Software of Excellence since September 2004. Since that time we have been working closely with the company in a range of initiatives. The recently announced divestment of the company’s Enterprise business unit, which is aimed at materially improving profitability, is illustrative of this approach.
We are very pleased to have been able to acquire Paul Weatherly’s holding as part of his transition out of the company.”