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


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.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: 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>>

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>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news