Flanders Language Valley Fund (FLV Fund) has exited its investment in Sequoia Software Corporation, a NASDAQ-listed software company.
Sequoia has agreed to merge with Citrix Systems Inc, which develops application server software. The transaction is to be in cash at a price per Sequoia share of $5.64. FLV Fund will make a profit of $7.3m on its cumulative investment of $3.75m in Sequoia. This represents an absolute return of 195 per cent or an annual IRR of 59 per cent.
FLV Fund has also announced a loss of E1m from the conversion of its shares in Phonetic Topographics to Tele Atlas shares. Tele Atlas was FLV Fund’s joint venture partner and a majority shareholder in Phonetic Topographics.
FLV has been publicly traded on the EASDAQ stock exchange since July 1998 and its institutional investor base includes Microsoft and Cisco Systems.