Venture capital firms eqvitec partners and ITprovider announce the formation of the leading technology investment allian

Venture Capital Firms Eqvitec Partners and IT Provider Announce the Formation of the Leading Technology Investment Alliance in the Nordic Region Leading Nordic technology venture capital groups, Eqvitec Partners of Finland and IT Provider of Sweden announced today the formation of an alliance aimed at strengthening each groups' position in the Nordic technology investment market. "We believe that the global market for Nordic technology companies is just emerging", explains Johan Hernmarck, founder and managing director of IT Provider. "By combining the network and expertise of two of the market leaders, we will expand our position as the trusted partner to Nordic entrepreneurs seeking to globalize their technology-based products and services. "Our combined experience of entrepreneurship, management, and venture capital investing, together with our excellent global networks allow us to bring much more than money to the table," stated Jukka Mäkinen, senior partner at Eqvitec. "Both companies will continue to syndicate many deals with other Nordic and global venture capitalists, and our joint profile should make us even more attractive to investee company managers and co-investors. Between them, the companies currently manage six funds with total capital of over Euro 500 million, with nearly Euro 250 million available for new investments. The companies have invested in and accelerated the growth of a number of companies that have benefited from successful exits such as Adcore, Entra, Cell Network, Eimo, Iobox and Infosto Group. Each company has raised more than Euro 130 million within the last six months, and believes that their existing portfolios will generate strong returns in the future. The companies will immediately begin cooperating in very concrete ways, in particular through exchanging employees on a weekly basis, adopting each partner's best practices, co-sponsoring activities for portfolio companies, and working on deals together in both markets. In particular, the firms see great potential in financing companies growing up in the world leading wireless axis around global powerhouses like Ericsson and Telia in Sweden, and Nokia and Sonera in Finland. Scandinavia's lead in mobile telecommunications and multichannel internet industries, reflected in its high levels of penetration of mobile and IP-based devices, offers dramatic investment opportunities. Eqvitec and IT Provider each have a history of syndicating investments with major Nordic players like Ericsson and Nokia, international companies like Cisco, GE Capital, and Sony as well as other leading Nordic venture firms. The two companies will announce major co-investments in both Sweden and Finland in the near future. About Eqvitec Partners EQVITEC Partners Ltd is a leading Finnish venture capital firm focusing on technology investments. EQVITEC invests primarily in the Nordic area, and supports companies as they enter the global marketplace. EQVITEC has made over 25 successful investments in the past two years, and has made several major exits through IPO and trade sale. Contact: Jukka Mäkinen, Managing Partner, Eqvitec Partners, +358 9 6894 5539 / +358 50 665 63 jukka.makinen@eqvitec.com About IT Provider IT Provider Adviser 1 AB is a leading Swedish venture capital advisory firm advising three different investment funds focusing on technology investments. IT Provider-related funds have made investments in over 70 technology companies over the past ten years, and has made more than 25 exits through IPOs and trade sale. Contact: Johan Hernmarck, Managing Director, IT Provider, +46 8 614 00 00 /+40 70 520 6060 johan.hernmarck@itprovider.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/30/20010530BIT00400/bit0001.doc http://www.bit.se/bitonline/2001/05/30/20010530BIT00400/bit0001.pdf