Vertex Venture Capital has sold ten portfolio companies to Siemens AG (NYSE:SI; XETRA:SIE) venture capital unit SMAC Partners. The companies did not disclose the size of the sale, but sources inform ''Globes'' that it amounted to a few million dollars.
SMAC acquired information and communication technologies start-ups, and financed the acquisition through Headway Capital, an independent UK-based secondary firm. It did not disclose the financing terms.
SMAC Partners managing directors Dr. Dietrich Ulmer said, “Vertex is renowned for its excellent investment choices. We are delighted to have arranged the acquisition of this portfolio and we are also pleased about the confidence Headway Capital has put into the deal. The portfolio will be continuously developed over the next three to five years through experience in the ICT-industry and further financing rounds.
Verteix managing partner Yoram Oron said, “We reached the tenth year of our fund and sought a partner who can continue to support our portfolio investments. We chose SMAC Partners, because it has been a very reliable co-investor in the past with comprehensive experience in Israel. We are confident the companies will continue their successful development.”
The start-ups sold include:
Published by Globes [online], Israel business news - www.globes-online.com - on December 16, 2007
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