Deal Round-up 29/06/01

Wellington invests E10m in two technology companies, Founder of Novestra sells stake

Wellington invests E10m in two technology companies

Wellington Partners, the Munich-based venture capital firm, today announced that it had invested in two software firms. The companies are UMX Technologies, a developer of virtual mainframe software from the Netherlands, and Artech, a French-based business intelligence software specialist.

Wellington has committed E3.5m to Artech in this round out of a total financing of E7.5m with a further E15m commitment based on milestones. The co-investors are Partcom, Rothschild and CPR.

The commitment to UMX Technologies from Wellington was E1.6m out of a total of E2m. They were joined by Twinning and Albert Bokma in this investment.

Founder of Novestra sells stake

Lennart Tengroth, one of the founders of Novestra, the Nordic venture capital firm, has sold a significant stake in the firm to the management. Tengroth, who is reducing his active participation in the firm, has sold 1m shares.

The deal is part of a two-step transaction that sees the management acquire a total of 2m shares corresponding to 8.5% of the outstanding shares.