Forum Archive Index - April 2000

["Graham Dekker" <graham@galdek.co.nz>]

It Capital Forms Strategic Alliance With Ernst & Young ITC - IT Capital Ordinary Shares Tuesday, 4 April 2000 12:31:00 pm IT Capital has formed a strategic alliance with Ernst & Young to focus on fast-tracking overseas business to business e-commerce solutions into NZ and Australia. Under the terms of the strategic alliance, Ernst & Young will contribute $3m in professional services matched by initial seed funding of $3m from ITC who will leverage its global network of partners. Further rounds of fund raising will see the introduction of strategic investors based in Australian and other international markets. Intellectual capital will also be provided by ITC's wholly owned subsidiary, Terabyte Interactive, the international award winning market leader in business focused web development. "The alliance between IT Capital and Ernst & Young provides the 3 cornerstones needed to bui8ld successful new economy companies: Intellectual capital, technology capital and financial capital," said IT Capital, MD, Keith Phillips. The launch of the new investment company comes after IT Capital expanded its global network last month through the alliance with Philadelphia-based Science Center International - one of the world leading business incubator firms. When combined with the recent SCI alliance, IT Capital is now able to offer its portfolio companies access to the major markets including Australia, China, Japan, Singapore and NZ, solidifying IT Capital's position as the leading global Venture Catalyst. END

Regards

Graham