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

 


NZVIF makes ‘healthy return’ on GreenButton sale

NZVIF makes ‘healthy return’ on GreenButton sale

By Suze Metherell

May 2 (BusinessDesk) – The New Zealand Venture Investment Fund, the Crown-funded start-up investor, says it secured a profit from the sale of cloud-based computing firm GreenButton.

Microsoft bought the Wellington-based startup for an undisclosed amount, but local investors received a “very healthy return,” NZVIF chief executive Franceska Banga said in a statement. NZVIF had held about an 8.4 percent stake in the company prior to the takeover, according to Companies Office records.

NZVIF’s seed fund invested $24.4 million in 96 companies as at June 30, out of a total $127.7 million in 146 firms, according to its 2013 annual report.

Microsoft plans to incorporate GreenButton into its Azure platform, its public cloud service. The software allows companies to access software remotely, from the cloud, meaning there is less demand on infrastructure, it said. GreenButton’s existing customers include NASA, Pixar and Boeing.

The company will remain in Wellington and its existing 18 staff will become Microsoft employees. GreenButton already had a long relationship with Microsoft through the BizSpark programme which gives free resources to early stage businesses, it said.

Scott Houston, founder and chief executive of GreenButton, had previously worked on Lord of the Rings as chief information officer with Weta Digital.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news