German venture capital firm Knorr Capital is expanding its investment portfolio with the acquisition of all the outstanding shares of Munich-based IT investment specialist, IT-Adventure. Knorr Capital has increased its interest in the company from 15.4 % to 100% by means of a share swap. The shares issued are subject to a lock-up period of up to one year.
Knorr Capital has been a shareholder of IT-Adventure since its inception in 1998, when the firm acquired a 25% stake in the company. After several capital increases, this stake was diluted to 15.4% in July 2001.
The five companies currently in IT Adventure’s portfolio will be integrated with Knorr Capital Partner’s portfolio to optimise synergy effects. These include ProTime; Globuy E-commerce solutions; uniOPT; Ensentro Technologies; and Inforvision.
IT-Adventure was founded in 1998 and holds minority interests in new technology-driven firms, providing products and services predominantly in software, telematics, logistics and related sectors. IT-Adventure also offers a network of experienced companies and entrepreneurs which provide young growth companies with advice, business contacts and practical support.
Knorr Capital was founded in 1989 and now has 12 offices spanning three continents. To date the firm has 60 venture capital investments, takeovers and new issues with a total volume of DM1.2 billion. Further expanding its international portfolio, Knorr Capital has acquired a 10% interest in VAI, a Dutch software developer.