Compudigm - NZ$4.9 million Equity Funding from IO
8 November 2002
Compudigm International Limited Secures
NZ$4.9 million Equity Funding from IO Fund
WELLINGTON, New Zealand (November 2002) - Compudigm International Limited (Compudigm) announced that it has closed a new, $4.9 million round of equity funding with the IO Fund No 1 Limited (IO Fund) and private investors. Compudigm specialises in advanced data visualisation software with customers in the US, UK, Australia and New Zealand.
The main investor, the IO Fund, is a co-investment arrangement between New Zealand listed company Infratil Limited, Orion New Zealand Limited and the New Zealand Government's Venture Investment Fund.
Compudigm's data visualisation software shows organisations the interactions between customers, products and their operational business. This enables management within these organisations to grow their bottom-line by enhancing the overall customer experience, optimising the product mix and improving business operations. The Data Warehousing Institute judged this software, seePOWERT as the world's leading data visualisation solution. seePOWERT uses the power of the human eye and brain to identify issues and opportunities by presenting complex business data as contoured colour images and animations over time. The funding will be used to expand international sales of the seePOWERT software.
Andrew Cardno, President & CEO of Compudigm said "We are excited to have New Zealand investment to grow as we continue to challenge the global market place. A key objective of Compudigm is to develop technology in New Zealand, with New Zealand companies and then commercialise this intellectual property internationally." Mr Cardno added "This investment by the IO Fund is a reflection of Compudigm's potential and commitment to continuing to deliver world class business solutions."
IO Fund manager Ian McInnes says the IO Fund was impressed with both Compudigm's key product, seePOWERT, which has clear market leadership, and the company's management. "Compudigm has successfully achieved sales in a number of industries. We anticipate substantial growth in coming years through the adoption of seePOWERT in new markets."
The IO Fund has $60 million to invest in venture capital over the next three to five years. Infratil and Orion will each contribute $20 million to be drawn down as commitments arise - with the Government contributing an additional $20 million through its Venture Investment Fund. The IO Fund will mainly focus on technology investments that have global potential. Compudigm is its first investment.
Background on companies: Compudigm International Limited: Compudigm International Limited, established in 1997, is now recognised as the industry expert in business intelligence and data visualisation solutions. Its seePOWERT system undertakes complex analysis of huge volumes of data, so business people can benefit from scientific techniques, enabling improvement in organisational and bottom-line performance. For more information visit www.compudigm.com
IO Fund: The IO Fund has $60 million in venture capital to invest over the next three to five years. It is managed by HRL Morrison & Co and Orion New Zealand Limited. The IO Fund will focus on technology investments that have global potential.