Streamlink procures a new investor

MEDIA RELEASE

Streamlink procures a new investor

27 April 2001 Sydney - "Venture Catalyst*" IT Capital Limited (ASX: ITP, NZSE: ITC) today announced it will invest A$2 million in Australian solutions development company Streamlink Pty Ltd (Streamlink) over the next six months, giving it a 23.5% holding in the company.

Streamlink is a leading developer of electronic procurement solutions that are used across a broad range of industries to deliver cost savings and efficiency gains through automated purchasing. Customers include Coca-Cola Amatil Australia, Qantas Airways, the Maps Group, PricewaterhouseCoopers and the Victorian Government's Premier's and Treasury Departments.

"Over the past eight years, Streamlink has been a driving force behind the development of the e-procurement sector in Australia and its approach has seen it build an impressive position in the Australian market," said Simon Brown, Executive Vice President of IT Capital.

Streamlink's software helps streamline procurement processes within organisations, improving efficiency and lowering costs while enhancing existing buyer/supplier relationships. This approach sets it apart from alternative procurement solutions that focus on building external e-marketplaces and compelling companies to change existing procurement relationships. "Streamlink's approach impressed IT Capital, and our decision to invest reflects our confidence that it has global potential, a view also held by IBM, Streamlink's business partner," said Mr Brown.

IT Capital has made an initial investment of A$1m, and will invest another A$1m against agreed milestones.

"Streamlink's board has more than 40 years combined experience in the high growth information technology sector and is backed by a strong management team. CEO and Chairman Verilyn Fitzgerald has many years of management experience and sits on the board of three listed Australian companies. Executive Director and Founder Martin Fisk helped pioneer the development of e-procurement in Australia and is now well recognised as an industry expert," said Mr Brown.

Verilyn Fitzgerald, CEO and Chairman of Streamlink said, "Streamlink is delighted to welcome ITC as its first VC investment partner."

"They understand our business, recognise the size of the opportunity and acknowledge Streamlink's capabilities in developing and delivering innovative solutions.

"Both organisations are focused on building sustainable growth and profitable returns for shareholders whilst delivering value to our customers. The already talented and experienced board of Streamlink will be enhanced by the addition of Simon Brown and John Dakin, CFO of ITC," said Ms Fitzgerald. Other investors in Streamlink include business services company AUSDOC Group.

IT Capital company background The region's leading Venture Catalyst(tm), with more than NZ$50 million of assets under management, IT Capital focuses on investing in New Zealand, Australia and Asia-based information technology companies with the intention of transplanting them into larger overseas markets, principally the United States.

Addressing the funding gap that inhibits most innovative Australasian firms, IT Capital provides both early stage funding and management expertise that are not readily available in local markets.

Applying a portfolio approach, the company allows investors to diversify risk and participate in e-commerce opportunities, thereby giving public market investors access to successful businesses at private market prices. IT Capital's international network of venture partners and technology companies accelerates the global transfer of technology. For more information visit www.itcapital.net

Streamlink company background Streamlink is a leader in the development of cost-effective B2B procurement software that is used by some of Australia's largest corporations to lower costs in their administrative processes.

Streamlink was a pioneer in electronic procurement, being the first company in Australia to build a true B2B model to manage corporate or indirect purchasing. Today Streamlink software manages Internet purchasing, expense management and invoicing for a range of business and government customers. These include Coca-Cola Amatil, widely recognised as Australia's largest e-procurement site with over 2,200 active users.

In 2000, Streamlink became the only Australian company to be awarded an international IBM Beacon Award for Best Business Transformation Solution. It has also received a DesignWorld Award, presented in association with Austrade and Software Engineering Australia, and was a national finalist in the AIIA Awards for Excellence in e-Commerce.

Currently Streamlink is a finalist in the Australian Technology Awards for Excellence in e-Commerce & or Internet Technology, the winner of which will be announced in May. For more information visit www.streamlink.com.au

ENDS

© Scoop Media