'Syndicate headed by NatWest IT Fund invests in on board infoTM ltd'
on board info, a pioneering London based electronic calendar software and e-commerce company, has secured over $1,000,000 development capital from a syndicate including the NatWest IT Fund and Cambridge Research and Innovation Ltd, the seed venture capitalist fund. The capital will be used to develop e-commerce services that complement on board info's existing calendar software for portable computing devices and PCs. In addition, on board info intends to invest in growing its roster of premium content partners which already include The Economist and The Automobile Association.
Ray Eitel Porter, Chief Executive Officer, said: "on board info is well positioned to take advantage of the dramatic growth in the electronic calendar, palmtop and smart phone market via our eCalendar CompanionTM range. Our software allows users to personalise their electronic calendar to avoid missing out on dates and information which matter to them. The NatWest backing gives us the capital to develop our next generation of products with integrated e-commerce services, as well as growing the number of premium content partners, such as The Economist. Expect to see a number of new products launched this year in the UK and US markets".
Peter Smaill, Director of the NatWest IT Fund said: "We were impressed by on board info's ability to develop compelling products for an exciting new market niche, as well as its success in partnering with premium content providers. The eCalendar Companion range enriches all leading electronic calendars, such as Microsoft Outlook, Lotus Notes, Psion and Palm Computing devices, with essential dates and information chosen by the user".
Interregnum has worked with on board info in developing the market strategy and raising new capital. Jonathan Wood, director of interregnum commented, "on board info is creating a new kind of executive portal which reaches beyond the Net and into calendar applications used by millions of professionals every day. This is a highly valuable channel for e-commerce partners".
Philip Holbeche, a director of Action Computer Supplies, has been appointed Chairman. Olamide Agoro has been named Technical Director and Chris Marjara Business Development Director.
Notes to Editors:
1. The NatWest IT Fund offers equity finance for information technology companies. Suitable companies have achieved strategic positioning in their chosen IT specialism. NatWest decided to back on board info because of its sales growth potential and competitive product positioning. The deal with on board info is the eleventh investment since the IT Fund was launched in September 1997.
2. Ray Eitel Porter founded on board info in 1996 and succeeded in bringing to market a range of software for the emergent handheld and mobile computing markets. The most successful was the eCalendar Companion range targeting business professionals who value the ability to personalise their calendar with dates and information which match their business and personal interests. Having formed key relationships with content partners, such as The Economist and The Automobile Association, and leading electronic calendar and palmtop suppliers, on board info is positioned to exploit the need for premium, personalised content and e-commerce services helping business users to be more productive. Successful promotions have already been run with The Financial Times, Microsoft, Psion and Lotus. New products currently under development will focus on providing information on topics such as sport, business, entertainment and the weather.
3. Cambridge Research and Innovation Limited (CRIL) is a seed capital investment fund. The CRIL fund invests in UK based new technology ventures, where the technology has strongly protectable intellectual property rights. CRIL invests between £50,000 and £350,000 at start up or during the early stages of company growth. In addition to money CRIL invests a considerable amount of its own management time and effort helping to nurture and shape its investments.
4. Interregnum is a specialist IT venture marketing company where its executives work as non-executive directors with high potential IT companies to develop, fund and implement aggressive business strategies, in order to increase realisable market value and create wealth. Interregnum takes a minority equity stake in its portfolio companies and accepts a retainer and/or success fee. www.interregnum.com
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