Technology venture capital specialist, Strathdon Investments and INVESCO techMARK Enterprise Trust have merged. The group’s new investment mandate now encompasses both quoted and unquoted companies in the technology sector.
The new board comprises representatives from both prior entities, with Strathdon’s management team taking on executive management of the enlarged group. The new entity will have a close working relationship with INVESCO Asset Management, which will continue to manage the quoted portfolio and provide ongoing marketing services to the group.
Hugh Stewart, CEO of the enlarged group and formerly CEO of Strathdon, said: “This is an excellent time for Strathdon to become part of a quoted company as technology markets are recovering and the Strathdon portfolio is maturing with more than half the companies now into profit.”
He adds that it is also a good environment for new investment as the merger will provide the group with the firepower to do more deals. The group will also be looking at secondary opportunities where it can acquire stakes from existing investors in companies with a similar focus.
Strathdon invests in both established and start-up technology companies in the UK and the US. It targets companies seeking capital of between £50,000 and £2m. The business has a maturing portfolio of over 20 investments, with over half moving into profit. The group has already started to make profitable realisations from its portfolio, including the sale, in 2003, of ViewsCast to Synovate, a subsidiary of Aegis.
INVESCO is a UK-based fund manager. Its clients include pension funds, charities and closed-end investment companies. As at March 31, 2004, UK funds under management exceeded £20m. n