Inside running for Spectrum

The company says Gavin Mitchell, who currently heads its wholly-subsidiary Kinetiq, has also been appointed group CEO.

Spectrum chairman, Alex Paterson, says the board has been pleased with the development of Kinetiq under Mr Mitchell's guidance.

"While the board continues to be involved with acquisitions for the group, Gavin will lead the development of our long-term growth strategy and manage its implementation,

"Gavin has enabled Kinetiq to make significant progress in international markets and we are looking forward to benefiting from his leadership marketing skills and industry understanding as the group develops."

Mr Mitchell is advocating a cautious approach to any future acquisitions.

"They must be taken at the right time, with the right companies and in the right markets for the group."

He has confirmed the company will continue to support local companies and will target investing in technology companies and vertical software developers in high growth industries.

"We will remain a late-stage investor, providing the best of New Zealand's innovative young technologists with the financial, marketing and management expertise they need to achieve global success."

Mr Mitchell provides the leadership role left vacant by former Spectrum executive director, Rob Levison.

Rob Levison was this week appointed an executive director of the New Zealand subsidiary of Australian credit and receivables company Collection House.

He will be responsible for helping to launch the company's Auckland-based operation in the New Zealand market.

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