IT Capital has exercised its option to buy a further 15% of business software and e-commerce company exo-net, as a cost of $1 million.
The investment, announced this morning, lifts IT Capital's stakeholding in the company to 35% from an initial injection of $520,000 in June 1999.
"Through its representatives on our board IT Capital continues to make a significant contribution to our international success," said exo-net managing director, David McKee Wright.
"The rapid growth of business to business e-commerce is providing huge opportunities in New Zealand and overseas for exo-net. In particular, IT Capital's global network of venture capital and information technology specialists has greatly enhanced our ability to maximise growth in our core integrated e-commerce solutions and enterprise management products."
"We are very excited about our decision last year to invest in exo-net and the excellent progress the company has made in the last 8 months." Said ITC managing director Keith Phillips.
"When exo-net officially launched its exo-net 3000 product suite in August 1999 it was the first to market with a fully web-enabled SQL based e-commerce and business management system. Since then, exo-net has more than trebled revenue projections, created a superb partner network, increased staffing levels from 7 to 20 and now they have more than 150 installed sites throughout New Zealand and a raft of international sales opportunities. Consequently, we had no hesitation in exercising our option to take a further 15% stake holding in the company to support their international expansion."