Deal Round-up 19/11/01

Ratos exits Telelogic; Wireless start-up secures third round funding.

Ratos exits Telelogic

After nearly four years of investment, Ratos, the Swedish private equity firm, has sold 8.2 per cent of its stake, or 15m shares, in Telelogic, a company offering software development kits. The deal gives Ratos an exit gain of SKr84m (E8.9m).

Ratos now owns a remaining 310,000 shares in Telelogic, which will be placed in the firm’s short-term trading portfolio. Telelogic, which is headquartered in Malmö, Sweden, offers a number of product sets, which enable companies to manage, test and develop complex software packages. The company’s customers include Nokia, BMW, and British Telecom.

Wireless start-up secures third round funding

Clinitrac, a wireless technology start-up based in Stockholm, has secured SKr77m (E8.2m) third round funding from a consortium of VCs including HeathCap, Brainheart Capital, Kaupthing and Alafi Capital. The money raised is expected to last Clinitrac until mid-2003 and carry it through to profitability. It will also be used to open an office in the US and offer its product to US pharmaceutical companies.

Clinitrac leases wireless personal digital assistants equipped with proprietary software to pharmaceutical companies that allows individuals participating in clinical trials to keep an electronic diary of the process. Sweden's Astra Zeneca is one of the company's clients.