Leading Venture Capitalists Back Greenwood Technology
Auckland, 27 September 2000 - Greenwood Technology, IT specialists in the development and deployment of web-based
business solutions, today announced that leading venture capital companies Deutsche Capital Partners and Direct Capital
Private Equity, together with US technology investor Chris Coffin, have taken a 32% stake in the company.
Simon Greenwood, managing director and principal shareholder in Greenwood, said “This is a superb outcome for Greenwood
Technology. We have obtained growth capital from leading and respected players. Their decision to invest demonstrates
their confidence in our products and our people. We have doubled our staff over the last year and expect to double it
again over the next 12 months as Greenwood continues to enjoy significant growth.”
Greenwood Technology is one of New Zealand’s leading ‘web-centric’ software development companies. Its focus is on
developing total e-commerce solutions utilising proprietary development tools that enable software solutions to be
developed faster and more efficiently than is possible with other commercially available software. Applications have
been developed in the logistics, health, insurance and construction industries.
Greenwood is also a leader in the application service provider (ASP) market. The ASP market is growing rapidly as
companies recognise the benefits of renting applications on-line and paying for usage rather than incurring the up front
capital and ongoing maintenance and obsolescence costs associated with owned systems.
Chris Coffin, who headed the America True campaign in this year’s America’s Cup, co-founded Touchbase Systems Inc, which
was later, sold to U.S. Robotics. Mr Coffin remained with U.S Robotics as vice president until 1996 when he left to
establish venture capital company, Vision Ventures. Of his investment in Greenwood, Mr Coffin commented, “Greenwood is a
great example of the leading-edge technology being developed here which can go far in the US market. My goal is to help
smooth the path for Greenwood in the US and other international markets.”
Deutsche Capital Partners is the local private equity arm of the world’s largest investment bank. As a major global
private equity and venture capital player, Deutsche Bank also brings to Greenwood its technology industry expertise.
Scott Perkins, CEO of Deutsche Bank in New Zealand, explained “Greenwood Technology has an edge in one of the most
prospective areas of the Internet revolution – enabling companies to improve their productivity and customer service
through an Internet-based e-commerce platform. We like the people, the products and were impressed by the value that
Greenwood is able to add to their customers.”
Direct Capital has led investments totaling more than $135m in 22 unlisted companies since 1994 and director Bill
Kermode commented “Private equity investment is about identifying those companies that have a top tier position in their
sector and significant growth prospects. The ASP sector is still in its formative stage in New Zealand but has a growth
potential greater than just about any other IT sector today. Greenwood is exceptionally well positioned to benefit from
this growth.”
About Greenwood Technology
Greenwood Technology is an end-to-end e-commerce partner, committed to delivering an integrated range of world-class
products and services. Greenwood Technology is a truly 'web-centric' company, with expertise in four strategic business
areas: software development, nation-wide systems support, application rental and e-commerce and website development.
Founded in 1992, Greenwood Technology is based in Auckland.
For further information:
Simon Greenwood, managing director, Greenwood Technology 021 954-242
Scott Perkins, managing director, Deutsche Bank 021 921-692
Bill Kermode, director, Direct Capital Private Equity 021 664-430
Andrea Dahlin, account manager, Botica Conroy & Associates 09-303 3862