Presence heads offshore
Financial internet software provider Presence Online is to expand its operations overseas following a $7.5 million venture capital deal with Deutsche Asset Management.
The injection into the group will allow it to expand its operation overseas into at least three other countries, according to Presence Online business development director Tim Birdsall.
Presence Online's Aptrix content management software is used by financial services groups including AMP, AXA, MLC, National Australia Bank and Royal & SunAlliance. Overseas users include Henderson Investors in the UK and the Hong Kong China Bank in Hong Kong.
The investment by Deutsche was completed with funds from two if its recently launched private equity funds, the Ericsson-Deutsche Technology Fund and the Deutsche Private Equity Fund.
"We were looking opportunities with the launch of the funds with the key thing being an ability to implement an idea and take that offshore," says Deutsche private equity dsirector Peter Dowding.
"As such the capital is one component and we plan to assist with the growth, structure and positioning to deliver results. Deutsche also brings its network in the US and with major players and using that knowledge in the lead up to listing," Dowding says.
Birdsall says the date and location of listing have still to be decided. However, Dowding says the NASDAQ exchange in the US would offer the best avenue.
AUTHOR
Jason Spits
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