3i sells RedDot

3i has sold RedDot Solutions, a content management software company headquartered in Germany and New York, to Hummingbird for a cash consideration of E39.1m. An additional E4.5m is payable after December 31, 2005, based upon performance targets. Return details were not disclosed.

3i and Viewpoint Capital first invested in the company in 2000, and again in a second funding round in 2002.

Founded in Oldenburg, Germany, RedDot has been particularly successful in breaking into the US market. Joern Pelzer, the 3i associate director who led the deal, said: “RedDot made possibly the best US market entry that our German investment team have seen to date.” Nearly 50% of the company’s current revenues now come from the US.