The Summit Group, a UK venture capital firm, and its investment company Summit Alpha has sold its investment in Global Address, a provider of postal address data software, to Harte-Hanks UK for an undisclosed sum.
Summit Group and Summit Alpha both made a 5x return on their five-year investment, selling their 13% and 25% stakes respectively. Hart-Hanks now intends to integrate parts of Global Address into its existing international offerings while continuing to support standalone Global Address products and services in the marketplace.
Summit Alpha first invested in the company, then known as Optima Database Management, in July 2001, committing £250,000 for a 20% stake, which increased to 25% in 2002. The fund then invested £100,000in December 2003, which took shareholding to 36.4%. The Summit Group put up £40,000 in January 2003, for 11% of the total shareholding of the business.
The business is located in Bristol in the UK, with additional operations in Mountain View, CA. It helps global corporate customers collect, maintain and enhance client contact information, spanning over 230 countries and 30 languages.
Summit Alpha is 41.5% owned by the Summit Group, with the remainder in the hands of private investors. Summit is one of the firms behind Seraphim Capital, the £30m Enterprise Capital Fund that closed in May.