SUMMIT SELLS SHAREHOLDING IN GLOBAL ADDRESS 07/08/2006
Substantial return achieved for an early stage investment
The Summit Group, the independent venture capital business specialising in seed and development capital, and its 41.5% owned investment company, Summit Alpha, announce the sale of their investment in Global Address (formerly Optima Database Management Ltd) to Harte-Hanks UK Ltd, a subsidiary of Harte-Hanks, Inc. (“Harte-Hanks).
Summit Alpha and The Summit Group have realised approximately five times return on their total funds invested.
Global Address, formed in 1999 by Martin Turvey (CEO) and Matthew Furneaux (EVP Sales & Marketing), is a data quality specialist that helps global corporate clients collect, maintain and enhance their client contact information. Its software supports name and address data quality for over 230 countries and 30 languages. The company operates from offices in the UK and the USA, and through a worldwide network of resellers and OEM integrators.
Harte-Hanks, which is listed on the New York Stock Exchange (symbol: HHS), is a worldwide, direct and targeted marketing company that provides direct marketing services and shopper advertising opportunities to a wide range of local, regional, national and international consumer and business-to-business marketers.
Global Address was advised by TLT Solicitors and Harte-Hanks by Clifford Chance.
Commenting, Kit Hunter Gordon, Summit’s Group Managing Director, said: “This is a classic example of the kind of returns that are available to venture capital and business angel investors if they are prepared to make early stage investments and then mentor the management. It is the type of investment opportunity that will be considered by Seraphim Capital, the recently launched ECF in which we have a substantial stake.”
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