Deals round-up: Schroders seeks to widen NVision

Schroder Ventures, the European private equity specialist, has led a second round financing for NVision, the Internet consultancy business. The $11 million financing also includes a participation by Warburg Pincus., The business was originally backed by Schroder Ventures in 1998.

The investment will be used to fund expansion, including new offices in London and the north of England which will be opened soon, as well as recruitment, training and development for 160 additional staff by the end of the year. The funds will also be used to establish an architecture laboratory and a European innovation centre focusing on Internet developments such as new mobile telephony, technologies such as WAP (wireless application protocol) and interactive television.

The company has grown rapidly since its formation 18 months ago. “We are confidently predicting similar growth over the next six months with both current and future revenues boosted by major projects from blue chips and dot.com, or Internet-only businesses,” says Michael Walton, CEO of NVision. “This means that, unusually for an Internet-based start-up, we expect to float as a solid and profitable company in 18 months’ time.”