Advent invests in business continuity
Advent Venture Partners, the UK technology venture capital firm, has agreed to invest £6m, in two tranches, in Global Continuity, a European PC and local area network disaster recovery company.
Global Continuity is looking to develop its NeverFail range of products designed to ensure an interruption-free IT environment. The company has more than 600 clients, including IMB, Royal Bank of Scotland and Vodafone.
James McNaught-Davis, a director, led the deal for Advent. SJ Berwin provided the venture capitalist with legal advise.
TVM and Allianz buy into SwissRisk
TVM Techno Venture Management and Allianz Venture Partners have invested in a E5m first round of financing for Swissrisk, a provider of web-based interactive and integrated risk and portfolio management tools. TVM led the round.
John Chapman, a TVM partner, said the decision to invest in the business was based on the belief that “personal financial advisory and wealth management tools will become of increasing, if not strategic, importance to financial institutions”.
Swissrisk launched its service with UBS Warburg in Zurich early in 2001 and is preparing for business with other European banks. The company has announced strategic alliances with IBM and Standard & Poor’s.