Deal round up 11/06/02

Fidelity invests in IT Design; TLcom backs CellGlide growth; BoS backs IMC expansion

Fidelity invests in IT Design

Fidelity Ventures, the venture capital arm of Fidelity Investments, has invested $10m in IT Design, a provider of software solutions for the human services market, based in Dublin. The funds will be used to support the firm’s growth and expansion worldwide.

To date, the company has been funded from its own internal resources, with assistance from Enterprise Ireland. Founded in 1990, IT Design has customers in the US, Europe and Asia. The financing marks Fidelity Ventures first investment in Ireland. Goodbody Corporate Finance managed the funding process.

TLcom backs CellGlide growth

European venture capital firm TLcom Capital Partners has led a $10m funding round for CellGlide, an Israeli wireless technology solutions firm. The funding will be used to further develop the firm’s technology for delivering mobile data services

CellGlide is already venture capital backed by the Magnum Communications Fund, an Israeli fund investing exclusively in telecom technologies. Magnum Communications has received backing from firms including Deutsche Telekom, through its venture capital arm T-Ventures; Sonera, and KPN, the Royal Dutch Telecom company. TLcom partner Giuseppe Curatolo will join CellGlide's board of directors. 

BoS backs IMC expansion

Bank of Scotland has completed what it describes as a ‘substantial’ funding package for IMC, a DIY homeware products supplier based in Surrey. The funding, which was provided by the firm’s Structured Finance team in Aberdeen, will enable IMC to expand its client base as it hopes to make the most of a burgeoning UK DIY market.

Alasdair Gardner, director of the Bank of Scotland’s structured finance team in Aberdeen, said that he believed the firm’s strategy, to strengthen its business by taking on additional work from independent suppliers, was logical given the current demand for DIY products.