b-business Partners, the pan-European venture capital firm, has backed the acquisition of the security division of Irish technology business Baltimore Technologies in a E8.5m transaction. Financing for the acquisition by AEP, an Irish-based developer of online security technology, was provided by a group of investors including b-business Partners.
The latest funding is the second to be completed by AEP within the last six months. In April 2002, the firm secured E14.5m from a group of investors including b-business partners, ACT Venture Capital, Enterprise Ireland, Island Capital, Allied Irish Bank and Intel.
b-business has also led a E10m funding round for Cedron, a Dutch provider of product information management solutions based in Amsterdam. b-business was joined in this funding round by existing shareholders Deutsche Venture Capital and Innotech. The new funding will be used to strengthen the sales and marketing organisation in Europe and the USA.
The deals increase b-business portfolio to eleven investments in six European countries – France, Germany, Ireland, Netherlands, Sweden and the UK. The firm has committed capital of E750m and offices in Amsterdam, London, Munich and Stockholm.