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A Joint Venture Between
Private & Confidential
29 February 2012
Strategy and Resources Corporate Partnerships Portfolio and Investment Strategy Financials, Comparables and Valuation Management Team and Investment Record antfactory in the Press
2 9 15 21 31 41
New Economy Strategic Investor
Identify projects and teams and develop them into businesses
By partnering with corporate incumbents to leverage their assets - rather than building from scratch
connections and experience in evaluating opportunities 3 . tax Marketing/PR 17 today 45 by 1Q01 Professionals to De-Risk/Accelerate Businesses with Expertise in: Investment Track Record antfactory has made 21 investments worldwide (including its first in Latin America) and exited from two Citicorp Venture Capital has invested $360mm in 22 transactions in eight countries in the region since 1991 including $103mm in 11 transactions in new economy companies. accounting. internet and packaging Founders have made nearly 100 early stage technology and e-commerce investments since March 1994 ± and evaluated hundreds of others. This is a source of ideas. Network and Deal Flow Sao Paolo Mexico Buenos Aires Miami Venture capital/private equity Technology Operational management Corporate finance/M&A Strategy consulting Recruiting Legal. Portfolio focus is telecoms.Resources Offices throughout the Region Deliver Knowledge. broadband.
378 Paris 66 avenue des Champs Elysees Immeuble A 75008 Paris Tel: +33 1 5856 4600 Tokyo 15 Hibiya Dai Building Uchisaiwai-cho 1-2-2 chiyoda-kur. St Helier Jersey JE4 0YZ Tel: +44 1534 280842 Mumbai 908 Raheja Centre Nariman Point Bombay 400021 Tel: +91 22 281 0180 . Tokyo 100-0011 Tel: +813 3500 0102 Tel Aviv Harel House 3 Abba Hillel Silver Street Ramat Gan 52522 Tel: +972 3 754 1158 Madrid Menendez Pidal 43 28036 Madrid Tel: +34 91 782 4669 Milan Via Torino 2 Milan 20121 Tel: +39 02 7254 6624 4 Jersey PO Box 860 11 Bath Street. Butty 240 4° Piso (CP 1300) Buenos Aires Tel: +54 11 4590 2313 Amsterdam Herengracht 138 1015BW Amsterdam Tel: +31 -206270001 Stockholm Frosundaviks Alle 15 4th Floor 16970.antfactory Latin America is seamlessly integrated into antfactory Holdings¶ 200 professional global network London Prospect House 80-110 New Oxford Street London WC1A 1HB Tel: +44 20 7947 5000 Mexico City Boulevard Avila Camacho 36 Floor 10 Lomas de Chapultepec CP 11000 Tel: +1 525 284 2292 Sao Paulo Edificio Antonio Alves Ferreira Guedes Av Brigadeiro Faria Lima 3729 5 andar CEP 04539-905 Sao Paulo-SP Tel: +55 11 304 883 02 Buenos Aires Laminar. Solna Tel: +46 8 655 2646 Munich Leopoldstrasse 236 80807 Munich Tel: +49 89 35874 . Ing.
Investor. information technology and transforming industries Citicorp Venture Capital Private equity arm of Citigroup. world¶s oldest venture capital firm with over $5bn under management and 130 professionals in 7 offices in North America. network and ideas b-business partners Moore Capital HOPA GBS Champions/ Network Investors 5 . SKF. AstraZeneca. the world's largest financial services company Europe¶s largest buyout firm with 45 investment professionals in ten European countries and a portfolio of 79 investments in Europe Allianz Capital Partners Private equity vehicle of Europe¶s largest insurance company. network and deal flow Founded in 1946. Electrolux. SEBanken. SAAB. Sandvik. Allianz operates in over 100 countries and manages over $600bn of assets including over $50bn of significant equity stakes in European corporates Partnership between eleven companies in the Wallenberg sphere (ABB. StoraEnso and WM-data) to invest ¼1bn in new economy projects that are strategic to the group Private money management firm with over $9bn assets under management and 250 professionals in New York. London and Tokyo Holding company for Telecom Italia that has many industrial and new economy holdings Spain¶s leading independent investment banking boutique Approximately 50 individuals who act as extensions of antfactory in providing knowledge. AtlasCopco.Strategic Shareholders leverage antfactory Holdings¶ Knowledge. healthcare. Europe and Asia focussed on communications. financial services.
5bn of deposits and $201mm of net income (1999) Latin America Corporate Business: ± Over 4.Citigroup¶s resources across the region (and globally) are committed to building antfactory Latin America¶s business 28 offices in 14 countries with over 15.000 employees Latin America Consumer Business: ± 8. Buenos Aires and Miami for maximum leverage of existing corporate relationships ± Salomon Smith Barney has over 150 professionals dedicated to the region Over $1bn of capital committed to the region 11 professionals covering eight countries based out of New York and Santiago The world¶s largest financial services company by market cap $259bn of market capitalisation (1 Sep 2000) $667bn of assets (Dec 1999) $13.8mm retail customers with 13.2bn of annualised 1H00 core income Over $10bn of asses invested in private equity worldwide Citicorp Venture Capital Citigroup Resources Worldwide 6 .700 wholesale & SME customers (1999) ± Citigroup has committed and incentivised its country managers in Sao Paolo. Mexico City.
Global partnership with Andersen Consulting to source attractive investments and build businesses The alliance is up and running Collaboration agreement signed 6 June ± external announcement 17 July Over 50 meetings across sectors and geographies to date to ingrain the relationship Over 40 deals being jointly reviewed Full time staff to manage the alliance ± Steve Harris at antfactory and Steve Harpin at AC High level sponsorship ± Harpal Randhawa/Rob Bier (antfactory) and James Andersen/James Hall (AC) Outstanding synergies exist antfactory The Catalyst to make it happen Strategic investment core skill Transforms projects into businesses Entrepreneurs in residence Europe¶s leading strategic investor Actively managed global network Smart money Andersen Consulting Depth of skills to make it happen Deep industry knowledge Deep functional knowledge 65.000 people to scale major businesses World¶s largest channel to corporates The relationship is global Scandinavia UK Germany Netherlands France Spain Italy Middle East* India South America *Under discussion Transactions are managed jointly Mutual referral of deals AC has two investment alternatives ± To take options in antfactory and the investee business ± Or«.to coinvest on the same terms as antfactory antfactory to procure consulting and systems integrations work for AC Skills Network Credibility No 1 in eCommerce 7 .
Europe. Asia) Growing migration portfolio of businesses with global potential antfactory Partnership antfactory partnering with Global Bridge in investing in and implementing geographic rollouts of selected businesses in partnership with incumbent corporates Global Bridge to leverage roll-out capabilities of antfactory local offices 8 . Banco Santander and Pioneer Internet Fund Experienced senior management with deep relationships in Silicon Valley Strategy Shareholders Capabilities Powerful partnerships in key markets (Latin America.Partnership with Global Bridge in San Francisco to migrate successful US business models Global Bridge Silicon Valley/San Francisco based firm focussed on global migration of successful new economy businesses founded by Peter Kellner and Bill McGlashan Chooses investments for: ± Proven success of business model in local market ± Unique or proprietary technology ± Significant resources invested to develop ³asset´ ± Asset can be carved out and contributed to Newco ± Asset is applicable and localisable to other markets Backed with $65mm Whitney & Co.
cross-selling opportunities Infrastructure ± supply chains. fulfilment Industry Expertise Financial and Human Resources Regulatory Umbrella Brands ± trusted. logistics.Building new economy businesses by leveraging assets of corporate incumbents. recognised. rather than attempting to recreate them Corporate Assets Customers ± relationships. sticky Aggregate demand for products/services Resell on a wholesale/white label/ASP basis Commercialise technologies Migrate products or services Develop ideas/projects into businesses Create value from unutilised/under-utilised assets Re-leverage assets built in the core business Exploit time sensitive ideas/wasting assets Extend assets outside core industries/geographies Retain/motivate key employees Business may be attractive to offer to core customers Create potential for attractive financial returns Can be Leveraged Creating attractive investment opportunities with strategic value 9 .
Latin. services and connectivity in Europe. portal centred on IT publishing Anglo/Indian contract production of distance learning content Leading UK educational ISP English-speaking educational portal aimed at secondary school level Platform developer for medical B2B exchanges Intelligent resume screening ASP Online technology-oriented content and commerce portal for IT professionals in partnership with leading global publishing house Partnership with major US online games developer for expansion into European markets Broadband technology enabler for content enhancement from Indian back-office Remote energy metering Unified bill payment portal B2B transportation market place Aftermarket parts B2B Database & configuration engine enabling online car sales Enabling Software/ASP Media. professional and consumer photographic portal. parents and teachers at primary school level Mobile contact management & synchronisation software Online lifestyle publishing company. m-commerce facilitator Wireless Education Online content for children.Sectoral Focus of antfactory Holdings Sector Financial Services Current Portfolio Partnership with leading Lloyds TSB Pipeline Projects Global retail banking platform JV with leading banking software provider JV with leading global investment bank incubator Partnerships with global insurance company to develop on-line initiatives Healthcare Physicians-oriented B2B portals providing content. the US & India European hospital procurement platform Web-based supply chain management software Export of established US physicians portal Partnership with leading mobile and fixed line operator to incubate wireless applications Wireless media information service Wireless data distributor. leading technology online music synthesiser. access aggregator. Entertainment and Publishing Utilities Automotive 10 .
Entertainment & Publishing Healthcare Enabling Technologies Government Energy Real Estate Others Total TOTAL 7 24 17 2 15 0 1 1 34 101 Under Consideration 3 15 5 10 14 0 0 1 15 63 Done 0 0 0 1 0 0 0 0 0 1 11 .antfactory Latin America analysed over 160 business plans since July Refused Financial Services B2B Marketplaces Media.
Proactively creating businesses Leveraging the assets of our strategic shareholders Partnership with Andersen Consulting Calling Program on Top 50 Latin America corporates Intermediaries and personal contacts Network investors and champions c.100 business plans received unsolicited per month ± several hundred reviewed over the last few months 12 .
Why Corporates partner with antfactory Ideas from our experience and network Alliances with/acquisitions of our portfolio companies Introductions of projects/businesses/teams Flat organisation.Increases ability to add other Corporates to the platform .Reduces legal risk arising from antitrust/competition laws Unique Ideas/ Opportunities Entrepreneurial Culture Attractiveness to Management and Strategic Partners Operational Support Financial Engineering Neutrality 13 . rapid decision making and open communication Contribute employees from antfactory or portfolio companies with experience of building new companies antfactory¶s investment is ³smart-money´ benchmarking value Independent capital structure and governance facilitates ability to bring in strategic equity partners and attract/retain management Execution capabilities of in-house operations team accelerates realisation of chosen business strategy Participation of outside capital allows for more flexible structuring Structures exist to de-consolidate losses Participation of a ³neutral´ entity brings important advantages: .Ensure platforms¶ independence from participating Corporate(s) .
antfactory brings antfactory has made 21 investments and two exits so far Founders have made nearly 100 early stage technology and e-commerce investments since March 1994 ± and looked at hundreds of others Team brings industry expertise. contacts and process for further financing/strategic alliances/exits 14 . insight and execution Entrepreneurial energy/sense of urgency New economy culture Speed of decision making and execution Highly experienced operational team which takes hands-on responsibility for building business Investment Judgement Global Knowledge and Network Entrepreneurial Culture Human Capital Financial Capital Risk capital to leverage return on ideas and human capital employed Packaging and Execution Experience. insight and experience Insight and access from calling on Europe¶s leading corporates In touch with latest business models and most innovative entrepreneurs Draws on global team for ideas.
financial services. media & entertainment. investment size of $5-25m ± Direct investment in core/offline business. transactional value of $25-250m Investment in enabling technology companies. telecommunications) ± Horizontal markets (procurement. CRM. security) ± Vertical markets (education.Investment Strategy Articulated Investment Strategy Be a value-added investor through provision of risk capital and utilisation of acceleration capabilities and network of corporate/shareholder as strategic partners Focus on opportunities within: ± Traditional industry companies with opportunities arising from the Internet ± Enabling technologies fundamental to building new economy businesses antfactory has specific interest and expertise in: ± Infrastructure (logistics. investment size of $5-50m ± Corporate LBOs with management and antfactory acquiring entire company. IT. including B2B infrastructure and market places. SMEs) Investment in traditional industry companies through: ± Corporate JV with establishment of NewCo and corporate(s) contributing assets to create sustainable business. HR & recruitment. outsourcing. wireless. healthcare. at seed/early stage. initial investment of $2-10m for 30-40% stake Strategically important to senior management (including CEO) Contractual right to leverage relevant assets Contribution of required human resource Commitment of significant risk capital to seed/subsequent financing requirements Clearly defined exit criteria And Internal Industry Focus Within Established Investment Parameters Clearly Defined Relationship With Corporate Partner(s) 15 .
Sector Experts of antfactory define a holistic investment strategy and seek corporate anchors as well as rolling up entrepreneur deals into a ³super business´ enablement Product Content ³stickiness´ enablement Transaction platform Trade functionality enablement Infrastructure Connectivity B2B B2C Horizontal aggregation 16 .
personalised. leading edge. and as first business/proof of concept. embedded digital devices & convergent technologies Inside IT is a web-publisher focused initially on the IT marketplace. technically trained and low cost workforce to build software services and content production businesses Working with offline publishers and portals who are seeking to build an integrated online solution for consumers and advertisers. listings advertisements and live transmissions of medical conferences Indegene is an India-based company focused on integrating Medicine and Information Technology. etc Photoshot has set out to become the portal site for photography across Europe. a discussion area. The website will also serve as an efficient platform for interaction as well as transaction Strategy With investments so far in Europe. The company also intends to move into the telecom market. interactive format. SMEs and end users the ability to inform themselves about the newest products on the market 17 . and cross-border software development services headquartered in Mumbai with an office in London Barbarossa (code name) is a strategic sourcing. offering content. consolidated purchasing and e-procurement company that aims to reduce indirect costs initially for medium-sized European companies in a three stage process Intellirecords is a provider of digital dictation capture and transcription solutions designed to eliminate the inefficiencies that plague current record dictation and retrieval processes in both IPAs and Hospitals Medirecords Through its global network. antfactory is sharing best practices and working on global corporate partnership deals eServices Rave Technologies is a provider of high quality. and Latin America. It is focussed on providing content for consumers and physicians and connectivity solutions for players in the Latin American e-Health market Caducee is a French language portal targeting healthcare professionals as users and Pharmaceutical companies as sponsors. wherein it intends to offer the same content-rich product enabling both resellers (VARs). antfactory is able to help secure strategic alliances and leads on large contracts for e-services companies (for which it is generally rewarded with warrants) Using its understanding of and networks in India.antfactory Holdings¶ Existing Portfolio Sector Healthcare Companies eHealth Latin America is a comprehensive portal and aggregator of healthcare Internet products and services. Entertainment & Publishing PeopleNews has built a ³white-label´ technology platform for publishing offline media in an online. antfactory is building a number of businesses that leverage the country¶s English speaking. The company provides high quality information and education programmes for Medical professionals through its website. developed an English language website (scheduled for hard launch in September) that offers celebrity news. The proposition incorporates a medical search engine. antfactory is pursuing partnerships/mergers for its existing portfolio companies as well as helping incumbents create and acquire vertical content Media. lifestyle tips. India. next generation technology that delivers interactive audio solutions for the Internet. party reviews. e-commerce and digital image solutions Sseyo has developed a proprietary.
providing total logistics support to Ship Charterers. The business provides e-commerce capability to sell branded furniture and fittings. online design advice. services and solutions Quoted Shore Capital is a London-based investment banking boutique focussed on small and mid-cap technology and advisory. Will partner with offline providers. etc) by growers. brokers. infrastructure.Internet and IT incubator listed on the Copenhagen Stock Exchange Whittard of Chelsea is a small cap specialist tea and coffee retailer with 110 shops in the UK and franchises in eight other countries in Europe. commerce. and a modern logistics. neutral on-line chartering marketplace. The portal aims to be the first stopping point for anyone considering any aspect of residential real estate and services offered to both the B2B and B2C markets TradingProduce. Operators. focused on providing total procurement support for SME and corporate buyers and sellers of IT products. online providers in more advanced geographies as well as multiple platforms antfactory¶s focus is on helping these companies create partnerships with industry players to create market liquidity and on mergers to increase critical mass B2B Marketplaces Shipdesk is an independent. and soon fish. Asia. and Content Production (Indian Shop). meat.com is a neutral B2B marketplace for the procurement of produce (fruit and vegetables. market-making brokerage and principal investment flows in the UK and Israel Techubator . antfactory acquired shares and warrants in Whittards and is jointly building Best of British which has signed up 95 British luxury brands (who typically have no eCommerce capability) to outsource their internet and interactive TV sales and mail order businesses 18 . wholesalers and retailers Yoo Design is a B2B furniture and fixtures online procurement solution for design professionals and property developers. fulfilment and pick. the Middle East and South Africa. secure B2B buyer-centric business.antfactory Holdings¶ Existing Portfolio Sector Education Companies Spark Learning is an edu-tainment channel targeting classroom and home-based learning for 4-11 year old children in the UK Simpleworld is an integrated multi-channel retail concept selling children products and services to parents with children of the age of zero to six years Strategy The first two of a number of synergistic investments planned to build a pan-European education network integrating content. and community-based content globally. Owners. Schools Education SparkLearning/Schoolsnet/Edex). Its first two signed contracts are with Yoo Limited (the furniture offering for new built flats. Corporate Training (Arel/Vuepoint). hotels and offices backed by Phillipe Starck and John Hitchcox) and Boris Lend Lease ace-quote is an independent. pack and shop operation. technology and software in four customer areas: Parents and Children (Simpleworld/WebBaby). Brokers and Agents Inmoclick operates a vertical portal in Spain specialising in the residential real estate market. flowers. eg print media. and provides project workflow tools.
4 51.7 2.4 5.5 1.4 5.9 Total 33.7 6.9 6.7 3.8 3.0 2.0 3.9 9.4 6.2 0.6 8.0 1.9 3.6 1.6 0.4 38.9 0.0 8.7 21.0 10.9 1.9 1.0 5.6 0.4 38.0 50.1 0.0 4.5 13.9 By Geography By Sector Healthcare Education Media.antfactory Holdings¶ Existing Portfolio By Geography UK India Latin America France Spain Sweden Denmark TOTAL B2B Marketplaces Enabling Technologies eServices ASPs No of Investments 13 3 1 1 1 1 1 21 5 1 3 1 3 2 4 2 21 4 1 4 2 7 9 20 1 21 Invested 24.8 0.0 1.5 0.3 2.1 0.1 0.9 2. Entertainment.0 6.5 1.0 1.9 7.1 2.0 Amount (US$mm) Warrants 8.9 2.2 8.0 1.5 0.1 5.2 0.0 13.7 51.7 7.6 0.2 5.2 6.0 13.9 27.2 9.9 1.0 0. Publishing Other TOTAL Quoted Subsequent Financings Signed In Documentation By Stage of Development In Negotiation Sub Total Early Stage Total Exits TOTAL 19 .0 5.9 12.4 2.8 0.4 0.7 10.7 38.6 36.5 6.7 0.0 13.4 51.4 0.
adapted to the unique needs of Latin American market BuenaSalud has agreements for content. and healthcare companies based on proven models of US healthcare websites.eHealth Latin America Deal Summary Investment Thesis Strong team with expertise in Latin America and US healthcare & internet business Board of prominent physicians and academics First mover advantage and momentum Strategic alliances with: ± American Association of Academia Med Cert ± John Hopkins University Medical Centre ± McKesson HBOC ± Screaming Media Superior and technologically advanced content platform Diversified revenue steam Total Investment Date of Investment Pre-money Valuation Post-money Valuation Current AF Ownership No of board seats $6. physicians. payers and providers Income from clinical trials services 12% 2004 8% 32% 19% 23% 53% 29% 14% 4% 6% 20 .0mm 18 July 2000 $15. These relationships will enable the Company to rapidly develop and distribute services. generate traffic and capitalize on additional distribution revenue opportunities Business Description Revenue Model 2001 Sale of advertising space Commission on e-commerce transactions Connectivity charges and subscriptions Subscriptions and sponsorships from physicians.0mm $30.0mm 20% 2 out of 7 board seats to afLA Business Description BuenaSalud is the first Latin American business-to-business portal and aggregator of healthcare Internet products and services It provides content and connectivity solutions for consumers. services and distribution. enhance the BuenaSalud brand.
Other Corporate Transformation Companies Partners Bain Kleiner Perkins Texas Pacific Group Date of Launch Capitalisation ($mm) Offices San Francisco London Munich Staff Investments LevelSeas. Cargill.com Mar 00 100 24 Accel/KKR www.accek-KKr.evopartners.com.com Accel Partners KKR McKinsey as ³strategic adviser´ Feb 00 50 500 being raised from LPs at a 500 pre Palo Alto New York London ? eMac Digital food services marketplace in partnership with McDonalds Model N. $10mm investment in partnership with Safeway (a KKR portfolio company which contributed $30mm for 50%) to do last mile delivery eVolution www.com BCG General Atlantic Goldman Sachs Jun 00 300 New York London Hong Kong 16 None so far 21 . an ocean freight marketplace formed by BPAmoco. eVolution invested $25mm at a $65mm pre (28%) GroceryWorks.iformationgroup. $26mm investment in marketplace services provider iFormation www. Shell and Clarksons.
0 28.0% 113 113 75 100 78 66.50 300 61.5 40.33 130 46.Capital Plan for antfactory Latin America $350 mm in total ± of which antfactory and Citicorp Venture Capital share 50/50 in: ± $30mm of seed capital at $1 per share ± $20 MM commitment to lead the first round financing at $4.1% 22.94 550 78.2 6.2 200 100 1.0% 50.0% 12.0% 75 75 50 52.5% 25.3 700 350 442 2.1% 28. subject to 42 months vesting At mid year (2001 and 2002 average of year end NAVs) based on projections 22 .00 30.1 1.1% 14.0 3.5% 37.0 Inst/Ret Investors 107.0 antfactory CVC First Round Investors 50.7% 19.0 37.0 Second Round Investors IPO/Exchange Offer (2Q ±02) antfactory CVC First Round Investors Second Round Investors Inst/Ret Investors 1 2 22.4 150 150 8.2 2.0 50 50 3. funded by non-recourse loans from afLA.4% 155 155 103 138 150 130 130 53 38 6.0 First Round (Autumn ± to close no later than 31 Jan 01) Second Round Investors 100 100 6.5 1.5 4.8% 25.6% 21.33 per share IPO (NASDAQ or Madrid) or merger with afH within 24 months at approximately $9 per share Post Money Shares (mm) Valuatio n ($mm) Goodwill ($mm) Multiple of Cumulative Cash Raised (x) Value Analysis Holding ($mm) Gain ($mm) Multipl e of Cost (x) Management1 Benchmarked Value ($mm) Gain ($mm) Terms of Financing Round Amount Invested ($mm) Seed Round (Sep 00) antfactory CVC Total antfactory CVC First Round Investors 15 15 30 10 10 50 70 Second Round (3Q ±01) 4.1% 18.3 Assumes 12mm shares purchased at $1.0 88 88 25 4.3 95.5 400 200 193 2.0 30 Price Per Share ($) Pre-Money Valuation ($mm) NAV2 Ownership antfactory CVC na na antfactory CVC First Round Investors 100 2.
9 2.67 4.5 8.33 4.3 2.00 3.7 6. $70mm raised at $4.6 7.1 7.7 5.67 6.9 2.2 2.0 2.7 1.3 5.1 1.0 5.4 2.6 1.000 management restricted shares purchased at $1 per share 23 .8 2.antfactory and CVC commit to lead the first round financing at 1.67 5.3 3.00 5.3 2.8 4.3 4.7 2.0 3.33 (16.6 2.6 1 2 30mm shares sold for $1 in seed round.8 1.0 2.000.00 138 154 169 185 200 215 231 246 262 277 174 194 213 233 252 271 291 310 330 349 38 54 69 85 100 115 131 146 162 177 62 82 101 121 140 159 179 198 218 237 3.17mm shares) in the first round Includes 12.7 2.00 4.8 3.3 4.7 6.0 3.3 2.0 1.7 5.1 2.33 5.8 to 2.2 5.5 2.8 1.5 2.2 2.4 2.1 2.1 2.7 4.5 2.33 3.1 6.0 4.3 times invested and investable cash (multiple reduces as more capital is raised) Share Price ($) Post First Round Market Cap ($mm) Primary1 Fully Diluted2 Post First Round Goodwill ($mm) Primary1 Fully Diluted2 Valuation as a Multiple of Cash Raised Pre First Round Primary1 Fully Diluted2 $70 Fully Diluted Assuming First Round Raises: $85 $100 3.0 2.0 3.
a corporate strategic investor with a 20 percent hurdle rate would need to see approximately a 30 percent IRR on afLA¶s underlying investments Post First Round Market Cap ($mm) Implied Internal Rate of Return (%) 2000-2010 horizon1 2000-2005 horizon1 Share Price ($) Primary3 Fully Diluted4 75 100 Assuming Annual Investment ($mm) of: 125 75 100 125 3.33 5.00 4.67 6. Additional funding is assumed to be NPV-neutral.000 primary shares outstanding post first round of financing Includes 12.000.000 management restricted shares purchased at $1 per share 24 .67 4.154.Investing in the first round financing by antfactory Latin America is premised on antfactory Latin America achieving an IRR on its investments only marginally higher than its cost of capital.33 4.33 3.67 5. For instance. ie obtained at the same valuation as in the first round brought forward using a 20 percent discount rate 46.00 3.00 5.00 138 154 169 185 200 215 231 246 262 277 174 194 213 233 252 271 291 310 330 349 28 29 31 32 33 35 36 37 38 40 26 27 28 29 31 32 33 34 35 36 25 26 27 28 29 30 31 32 33 33 30 32 34 36 37 39 41 42 44 45 28 30 31 33 34 35 37 38 39 40 27 28 30 31 32 33 35 36 37 38 Investors seeking a 20 percent return require a IRR of around 30 percent for investments made in years 2000 to 2010 1 This rises to only marginally for a shorter time horizon assuming no value created in excess of cost of capital for investments made after year 2005 2 3 No allowance for any economic value added past the end of the investment horizon (ie the IRR does not exceed the cost of capital).
0 Value of Future Investment ($m) Investment IRR Estimated future value of investment Present value of investment return Present value of initial investment Present Value of annual costs net of recharges NAV at end of year 2000 Year 0 40 75% 214 124 (40) (3) 110 2001 Year 1 100 70% 491 237 (83) (4) 275 2002 Year 2 100 65% 449 181 (69) (4) 609 2003 Year 3 100 60% 410 137 (58) (4) 919 2004 Year 4 100 55% 372 104 (48) (4) 1.50 and subject to 42 month vesting.000 Management Plan Shares purchased at an average of $42.200.000 Primary Shares Outstanding.0 20% 10% 3 year 20% nil Value Total net present value of investment return af Seed Investment CVC Seed Investment First Round Investors (af. Fully Diluted assumes 2. CVC. additional funding assumed to be NPV-neutral 25 .242 2009 Year 9 100 30% 220 25 (19) (3) 2.5 $5.Valuation Model Suggests a Net Present Value above $11 per Share assuming $100mm of annual investment Inputs Internal rate of return on investment Annual IRR fade rate Costs net of recharges 2000 Costs net of recharges 2001 Growth of Expenses 2002-2005 Growth of Expenses 2005-2010 Holding period Discount rate Tax rate 75% 5% $2. 3rd parties) Value of capital raised Total equity value Value per share (Primary) ± 30 Nov 2000 Value per share (Fully Diluted) ± 30 Nov 200 $585 $15 $15 $70 $100 $685 $14.827 2007 Year 7 100 40% 274 44 (28) (4) 2.278.564 2006 Year 6 100 45% 305 59 (33) (4) 1.526 Note: 9.052 2008 Year 8 100 35% 246 33 (23) (3) 2.8 $12.399 2010 Year 10 100 25% 195 18 (16) (3) 2.263 2005 Year 5 100 50% 338 78 (40) (4) 1.
154.000.000 management plan shares purchased at $1 per share. additional funding assumed to be NPV-neutral 26 . value rises by around 50% from the base case assumptions of $100mm of annual investments End 2001 Share Price ($) @ 75% IRR Discount Rate 15% 20% 25% 30% Capital Invested per Annum ($mm) 50 11 9 8 6 75 15 12 10 8 100 18 15 12 10 125 21 17 13 11 150 24 18 15 12 175 27 20 16 13 200 29 22 17 14 End 2000 Share Price ($) @ 75% IRR Discount Rate 15% 20% 25% 30% Capital Invested per Annum ($mm) 50 9 7 6 5 75 13 10 8 6 100 16 12 9 7 125 18 14 10 8 150 21 15 11 9 175 23 17 12 9 200 25 18 14 10 Note: Analysis performed on a fully diluted basis including 46. If the business model and network produce $200mm of annual investments.000 primary shares outstanding and 15.Value is most sensitive to i) the annual amount of investments and ii) the spread between the IRR on investments and the discount rate.
for an uplift of $30mm.6% 0.3% 1.7% $10 $20 $30 $40 £50 Implied Carry 55.6% 35.0% Cumulative Cash Raised Assuming Next Round of: $100 $200 $300 $200 $300 $400 5.33 per share and based on 46.8% 0.4% Implied Carry 55.3% 1 2 3 4 5 6 Gross annual operating expenses currently projected to be approximately $6.5% 1.e.33 per share3 16.0 / 4.0% 3.0% of cash raised after the next financing Net Expenses1 $10.33 ± approximately 45% Cash Raised in Second Round $70 Fully-Diluted Post Money Value2 $252 Fully Diluted Ownership of Investors in 2nd Round 27.7% Implied Carry Assuming afLAs portfolio at the time of closing of the first round of financing is valued at an uplift of:4 3. monthly fees charged to portfolio companies and fees from Service Businesses targeted to get the net number at or below $5.0 Cash Raised to date $100 10.9% 2.5% 1. Carried Interest Implied in Second Round Financing Priced at $4.6% 43.8% 2.0% 2. Carried Interest Implied in Second Round Financing Priced at $6.0% 0.153.2% 40.0 $2. Implied annual fees ± expected to average approximately 2. which when added to the 28% bought by second round investors leaves an implied carry of 44% Assumes 15.33 For example.7% 29.5% 5.50 per share6 23.0% 7.9% Ownership of Previous Investors and Management Option Holders Adjusted to Assume Investment at $6. the ownership of previous investors is $42 + $30mm = $72 / $252 = 29%.5% 0.6% 47. i.6% Implied Carry Assuming afLAs portfolio at the time of closing of the second round of financing is valued at an uplift of: $50 $75 $100 $125 £150 45.0% 2.70mm shares.5% 24.Investing in antfactory compared with being an LP in a VC fund 1.0 $7.0% 0.0% 34.846 primary shares outstanding plus 12.0mm as the gross expenses increases At $4.5 $5.3% 2.0mm. 42.7% 1.50 ± approximately 35-40% Cash Raised in Second Round $100 Fully-Diluted Post Money Value5 $478 Fully Diluted Ownership of Investors in 2nd Round 20.5% 3.000 management restricted shares subject to 48 months vesting $30mm cash and $12mm of exercise proceeds of management options assumed to buy 9.3% 0.8% Ownership of Previous Investors and Management Option Holders Adjusted to Assume Investment at $4.4mm new shares issued in second round $42 + $70 / $478 27 .5% 51.000.6% 39.5 $0.
debt.7 NA 3.0 to 9. pre-IPO excludes the proceeds from the private placement 4 Information from Ledstiernan preliminary prospectus of 7 June 2000 up-dated by Ledstiernan.192 0 39 1.379 375 6 0 375 89 30 119 3.186 5.0 11.000 1. SEK/USD exchange rate of 9.192 1.067 1. 114.100 NA Divine Interventures3 At IPO 9.278.5 28 .5 CMGI2 At Market 35 295 10.6 to 2.049 460 37 497 2.5 times cash invested.000 primary shares outstanding.973 566 5.268 2.547 682 5. Investors in antfactory will need to be comfortable with antfactory¶s ability to profitably invest its cash ICG1 At Market Share Price Shares Outstanding Market Cap (Local Currency) Market Capitalisation ($) Less: Public Holdings Plus: Debt Adjusted Enterprises Value Cash Available for Investments Investments at Cost in Private Companies Investments at Cost Plus Cash Enterprise Value Less Public Holdings as a Multiple of Investments at Cost Plus Cash Adjusted Enterprise Value less Cash Available for Investments Enterprise Value Less Public Holdings and Cash as a Multiple of Investments at Cost 31 265 8.268 2.000 ordinary shares outstanding adjusted to include convertible preferred stock.137 8.321 2.000 management plan shares purchased at average of $42.226 0 39 1.6 867 867 18 0 849 260 37 297 2.2 1.100 NA 2.137 2.6 At Market 9 136 1.159.9 967 967 18 0 949 360 37 397 2. fully diluted assumes 2.5 times cash and cash invested ± and 3.Listed Strategic Investment Companies are trading at 1.9 $200mm 75 12.200.6 Ledstiernan4 At IPO 35 109 3.230 543 226 769 1. cash on balance sheet and public holdings from CSFB report of 1 August 2000 2 Information from Merrill Lynch report of 14 June 2000 3 All information from Divine Interventures prospectus.9 15.9 Note: Share prices as of 1 August 2000.5 15.4 $300mm 75 14.067 18 0 1.221 721 687 335 287 589 589 589 3.2 3.6 At Market 31 109 3.1 9.730 1.264 543 226 769 1.0 136 1.815 424 6 0 424 89 30 119 3.730 3. shares outstanding from Lehman 5 antfactory at $75 next funding price. 9.186 10.0 assumed for Ledstiernan offering 1 Investments at cost from Stax consulting report of 22 March 2000.1 4.226 1.2 antfactory capital raising of5 $100mm 75 11.9 15.
antfactory Holdings has Over $600m of capital to invest with plans to raise further funds during the next twelve months antfactory Holdings 50% 50% Fund antfactory Latin America1 antfactory Japan2 Total Cash Capitalisation (Total) From Outside Investors Invested/committed Cash Available to Invest $195mm 195 30 117 $50mm 25 6 44 $70mm 35 0 70 $350mm 350 0 350 605 36 581 1 2 50% owned by Citicorp Venture Capital Latin America 50% owned by two Japanese institutions (to be disclosed in September). antfactory has committed $15mm of cash and $20mm worth of shares at the value achieved in afH¶s next financing round 29 .
5mm to the second round Whitney purchased $20mm in the first round and committed $38mm to the second round Post Money Shares (mm) Valuatio n ($mm) Goodwill ($mm) Multiple of Cumulative Cash Raised (x) Value Analysis Holding ($mm) Gain ($mm) Multipl e of Cost (x) Terms of Financing Round Amount Invested ($mm) Seed Round (Sep 00) Founders Total Founders/ Manager Whitney TPG Partners Other Strategic Shareholders 3.3 464 269 195 2.9% 11.33 42 6.4% 100.3 84 39 45 1.1% 3.6 1.8% 17.9% 7.6% 100.3 4.1 0 na Price Per Share ($) PreMoney Valuatio n ($mm) NAV2 Ownership Founders na Founders/ Manager CVC TPG Partners Other Strategic Shareholders 1.0% 48 20 10 6 39 3.1 3.9% 7. Closed 24 December 99) 57.0% 23.4% 26. Whitney Third Round Investors tbd tbd tbd tbd 200 200 75.7 2.9% 9.00 3. Closed May 99) Founders/Management Whitney CVC Allianz Other First Round Investors Strategic Shareholders Network Investors/Others Third Round (Autumn 00) Founders/Management Whitney First Round Investors excl.1mm and ± committed $6.4 Founders/Management Whitney CVC Allianz Other First Round Investors Strategic Shareholders Network Investors/Others 39.1 3.5 150 50.0% First Round (Price October.9 100.2% 100.9 Note: Fully diluted numbers of shares includes 2. Whitney Second Round Investors excl.1 6 20 10 6 42 13.6 756 361 300 1.0% 18 113 30 30 60 33 17 44 3.0mm to the first found and $2.0% 218 136 72 131 200 206 78 56 22 18.5% 17.000 Management Plan Share purchased at an average of $42.4% 6.00 314 9.5 38 30 30 0 33 16.9 Founders/Management Whitney First Round Investors excl.200. Whitney Third Round Investors 28.Capital History/Plan for antfactory Holdings $195 mm in total ± of which founders / management seeded $3.00 556 12.0 3.1% 24.2 2.0 Second Round (Priced 28 March.50 and subject to 42 months vesting. NAV estimate at third round based no cash and investments at cost or value benchmarked by third party lead investors in subsequent financings or liquidity events by portfolio companies 30 .8 170 55 15.5% 6.5 1. Whitney First Round Investors excl.5% 12.
0 19.0 1.5 million CVC-led buyout of Aluprint S.4 25. the leading flexible packaging company in Mexico.0 Packaging 31 . the leading Andean region flexible packaging company.8 20.Selected Investments by CVC Latin America Amount (US$mm) 55. de C.0 25.A. Mexico Argentina Venezuela Broadband Broadband Broadband Leading Mexican broadband operator outside Mexico City Platform for consolidation of major independent cable operators outside of Greater Buenos Aires Largest broadband operator in Venezuela Company Pegaso Digitel Capítulo Avantel Digicel Telecom Total Cablemás Teledigital Intercable Broadband Total CAME Phoenix Capital Country Mexico Venezuela Chile Colombia El Salvador Industry Wireless Telecom Wireless Telecom CLEC Wireless Telecom Wireless Telecom Description Third national entrant in Mexican wireless telecom market Third entrant in Venezuelan wireless telecom market providing cellular and wireless local loop services Leading CLEC serving corporate clients in Santiago Leading next generation wireless telecom service provider Wireless telecom services Global Pack Packaging Total 25.0 64.0 20. simultaneous merger with Empaques Alfan.0 Andean Region Venezuela & Colombia Regional Packaging Packaging Leading regional paper packaging manufacturer in northern Latin America Largest plastic packaging and products company in Andean Region $102.0 14.4 116.8 59.V.0 15.0 20..
5 3.0 35. Leading ³free service´ Brazilian ISP Leading Latin American Internet business services provider Logistics portal Travel portal Broadband content Internet publishing and information provider Company Devoto Proyeccion Dual GEMet NetLink Other Total antfactory Latin America deRemate.0 56.0 25.Selected Investments by CVC Latin America Amount (US$mm) 15.com InternetGratis.2 25.0 3.com Internet Total Cablemás Pending Total Grand Total Country Uruguay Costa Rica Mexico Mexico Industry Food Retailing Media Construction Technology Description Leading supermarket chain in Uruguay Central American outdoor advertising platform Leading homebuilder in Mexico City Electronic payroll processor in Mexico 32 .0 4.com Netenvios.com Travelya.8 43.8 0.5 2.0 364.com I2 Networks Punto.0 1.6 2.0 25.0 2.0 4.4 Mexico Broadband Add-on investment to fund acquisitions Regional Argentina Brazil Argentina Regional Regional Regional Regional Internet Internet Internet Internet Internet Internet Internet Internet B2B internet incubator Leading Latin American Internet auction site.com Decidir.
offering capacity to other telecom groups (Pan European) Letsbuyit. BRKL. 62) Techcubator is a fast growing Danish incubator company for Scandinavia and Eastern Europe. SCO. which makes using the web quick. 13) MyVal. database-driven. It merged in January 2000 into the Copenhagen listed investment company Brandts Klaedefabrik (Denmark. ICON. including stockbrokers and lotteries (UK. Ofex. underpinned by a powerful and scaleable technical platform (UK) 33 Description . 8) Cycore is a privately held graphics software company based in Uppsala. easy and safe (UK) PixelFusion's technology sets new standards for rapid silicon design and performance (UK) A leading developer of psychometric tests to apply the reach.ST. 1493) Icon Medialab is a fast growing Swedish internet consultancy which delivers digital communications solutions to clients worldwide (Sweden. for companies selling digital goods (NL) Sportal is a network of sports Internet sites.com plc Icon Medialab EarthPort. 193) Tricorder Technology is an AIM-listed world leader in advanced 3D imaging systems and software (UK. focusing on synchronisation across wireless and other platforms. called Contractor. FIT also has a 14 person web shop with 30 clients founded in 1996 (UK) Iaxis is a carrier.com MathEngine Obongo PixelFusion Psychometric Services Ltd Real Call Plc SchoolsNet SmartAxis Sportal Scoot.com PLC Tricorder Technology Techcubator MyVal.Selected Investments made by founders (pre antfactory) Name EUROPE Scoot. flexibility and ubiquity of the internet to the technologies of personnel assessment (UK) RealCall® is one of the world leaders in web and TV calling technology (UK) SchoolsNet aims at becoming a virtual school. Ofex.com Plc has been formed to exploit a number of trends developing in the emerging Internet and corporate Intranet environments (UK. Sweden (Sweden) e-Exchange Limited facilitates global trade between members while taking a neutral position in the trades (UK) An ASP. publishing-cum-broadcast enterprise (UK) Provider of an efficient multi-currency digital cash payment service.L. phone and digital TV based interactive services with local content and enhanced "yellow page" type information (UK. the focus for a multimedia.com PLC Cycore E-Exchange Limited Future Internet Technologies Iaxis Letsbuyit. TCT.L.com is an interactive shopping website (Sweden) Provider of natural behaviour technology for leading-edge developers committed to injecting life into 3D simulations and applications (UK) Obongo is a free toolbar. 722) Internet transaction portal for clearing multiple on-line transactions for merchants.com plc provides internet.
Client list includes Granada TV. services. BGST. EUNI. and community resource for participants in the sport of adventure racing (US) Animal Fair Media is a consumer e-commerce company selling pet and pet-related products (US) Athelete.com Predict It Adventure Racing. 102) BigStar. is the parent company for AgriMall. ITN. finance.com Chrome Data Corp FreeLotto. customer-oriented online auction marketplace (US. and Music365 (UK) Digital River. is a leading provider of professional information tools for the automotive industry (US) FreeLotto. is a facility to enhance websites by carrying video clips or live video broadcasts. 348) BigNetwork.com combines rich content.com.Selected Investments made by founders (pre antfactory) Name EUROPE (cont¶d) Video Networks Limited The only company in the UK dedicated to and currently delivering true digital video on demand and other broadband interactive television services (UK) Internet video service provider. 11) callNOW. CNOW.Com MBT International. content. innovative community tools. 16) MBT International.OB.com 34 . and efficient e-commerce to deliver a highly satisfying user experience for kids. Inc BigNetwork. SkyTV. Inc CallNOW.com is an online agricultural inventory company. 7) Leading commerce. DRIV.com. The Mirror Group and Ex press Newspapers. an Internet-based merchant. PRIT. takestwo is offering advertisers the opportunity to replace conventional banner ads with video banner ads or audio banner ads.com operates an online $1 million sweepstakes (US) Description Web Marketing Ltd US Digital River. and politics (US. 26) iParty Corporation.com and HorseNet.com includes an online community for horse lovers and an auction facility for live animals (US. Inc. and valuation information through the Internet (US.com is a leading on-line distributor of videos and DVDs (US.com is the leading Internet "portal" marketing traditional telephone service at discount prices on a global basis (US. MBTI. 31) The BuyIt Auction is a technologically sophisticated. provides party goods. risk assessment. IPT. b4thenet. Inc iParty Corporation MonsterDaata. MDDC:OB.com BuyIt. Inc. Inc Animal Fair Athlete. is a provider of comprehensive electronic commerce outsourcing solutions to software publishers and online retailers (US. 21) The company has begun to provide a fully integrated one-stop data-shop of real estate transaction due diligence. planning advice and other information (US. Benetton.com creates massively scaleable systems that turn on-line sites into on-line places (US. parents and organisers involved in youth sports (US) Chrome Data Corporation. CTCK. EMAP. while HorseNet.com Bigstar. AgriMall. 8) Web-based prediction clearinghouse for enthusiasts in the popular affinity groups of sports. entertainment.
and cultural exchange between China and the English-speaking Western world (China) An Internet software company developing a freeware product enabling multilateral. fine jewellery. Global Villager. technology developer. is the largest online retailer and wholesale fulfilment centre for single-copy magazines and periodicals (US) Mondera. 196) DFNN.Selected Investments made by founders (pre antfactory) Name US (cont¶d) Global Villager. insurer. is an innovative knowledge company that enables industry to protect itself from information technology vulnerabilities (US) iSurfTV.com brings one of the world's best selections of high-quality diamonds. Inc.com.com captures the experience at some of the most exclusive of-line shopping locations around the world (US) TimeBills.com is a Philippine based financial site with online trading for small to medium size Asian Brokers (Philippines) An Indian software services firm acquired by GEM in March 1994. clearinghouse and data storage provider for companies and individuals engaged in electronic commerce (US/Asia) ShoppingTheWorld. Inc Mondera. is a provider of business professionals solo. real-time communication between individuals (Israel) Established in 1995. practices and small firms with web-based business services (US) Description 35 . built from 40 to 1200 programmers and sold in 1998 to the UK listed company FI Group (India) An online space geared towards improving communication and broadening the potential for commercial. Inc.com DFNN.com is the leading community and content destination site for 96 million Spanish-speaking 15-to-29-year-olds throughout the Americas (US) MagsNow.com Signet Assurance Company.com. social. is one of the leading suppliers of software solutions for interactive video for electronic commerce (US) LoQueSea. LLC ShoppingTheWorld. is a leading English-Chinese bilingual online content. Inc Independence Technologies Inc Infrastructure Defence Inc IsurfTV LoQueSea.6bn market cap BEA Systems (US) iDEFENCE.com TimeBills. Inc ASIA MyWebInc. and commerce destinationm (US) A Middleware business 87% owned by GEM which it sold in 1995 to a group that has built it into the NASDAQ listed $11.com MagsNow. and luxury gifts to the Internet (US) Risk transfer organisation that aims to function as financial intermediary.com IIS Virtual China Inc REST OF WORLD Hypernix Technologies. MYWB. Ltd Produces a system to easily connect to the Internet via a set-top box and a remote control or wireless keyboard (Malysia. Inc. community.
50 por ciento de las cuales se dirigen a empresas de Internet. grupo investidor europeu dedicado a novos projetos para a internet. A sociedade de investimento estratégico européia antfactory e a CVC Latin Anmerica. programada para dentro de duas semanas. La compañía británica de inversiones en Internet. finanças. en sociedad con el banco estadounidense Citigroup. 36 . filial latino-americana do fundo de capital de risco do Citigroup. Fundada por um grupo de investidores e empresários da web em outubro de 1999. a serem aplicados na regi o nos próximos 18 meses. atuando como investidor ou sócio operacional. Segundo ele. tecnologia. consultoria. Sua equipe busca recursos para marca. y Estados Uidos. en sociedad con el banco estadounidense Citigroup. Ao todo. tendo como quesitos experiência nas áreas de investimentos. possui unidades em São Francisco. Foi anunciada. la compañia británica de inversiones antfactory pondrá 100 millones de dólares. e investiräo o restante ao longo do periodo. el monto de la inversión no había sido dado a conocer. são US$ 500 milhões disponíveis para investir. servindo de elo entre pacientes. infra-estrutura e análise de negócios. médicos. que criam novos canais de distribuiçäo nos moldes da norte-americana Amazon. A companhia nasce com um plano de US$ 100 milhões. comenta Randhawa. Foram abertos escritórios em Buenos Aires. revelou Harpal Randhawa. Hasta el cierre de esta edición. a empresa possui operações em sete capitais. presidente e CEO da antfactory. CVC es accionista en antfactory. tanto na qualidade de investidor. antfactory se define como una firma de inversión estrategica que alcanza los 350 millones de dólares. Para liderar a divisão latino-americana da antfactory Holdings foi nomedado o executivo Geoff Crossley. Além do investimento previsto. Estados Unidos. India. o portal foi ao ar nos Estados Unidos e vai absorver US$ 6 milhões da antfactory.comµ. An antfactory foi criada em 1999 por um grupo de empresários e investidores da Internet europeus e emprega mais de 140 pessoas especializadas em todas as atividades vinculadas ao desenvolvimento empresarial. Para impulsar las ideas de emprendedores latinos que quieran ingresar a la Web. Gi=== do México e Buenos Aires F==clonarios: 140 pessors Citigroup: US$ 10 bil=== em participaçöes societárias antfactory Holdings Ltd. A rede virtual e plataforma B2B para o setor de saúde eHealth Latin America anunciou hoje que recebeu um inevstimenta de US$ 12 milhões de empresas como a antfactory Latin America. A nova sociedade terá como missão principal ajudar as empresas tradicionais a valorizar seus ativos na nova economia. Bank of America Securities e Baccini Playfair. antfactory.antfactory in the press . emprega mais de 140 pessoas. entre outras. O portal vai utilizar o capital para ampliar os recursos para o desenvolvimento de soluções tecnológicas e administrativas no setor de saúde. A empresa comercializa produtos e serviços. levantando US$ 150 milhões. Para acompanhar idéias. deve incluir investidores estratégicos tanto nos Estados Unidos quanto na América Latina. Os dois sócios dedicaram US$50 milhóes para o lançamento da sociedade e concluiram acordos para investir conjntamente US$ 50 milhóes extras no desenvolvimento do comércio pela Internet na Amenca Latina. Ao todo. invertirá 100 millones de dólares en firmas latinoamericanas orientadas a la Web. como de sócio operacional. Como que va en serio. ex sócio da consultoría McKinsey. Milano. con un acuerdo para invertir la misma suma nuevamente en el futuro cercano. Em Mumbai. e Tel Aviv. e a aproveitar tecnologias e novos modelos de negociaçáo. la firma anunció el cierre de su segunda ronda de inversión. O primeiro empreendimento da antfactory na América Latina será um portal ´business-tobusinessµ (B2B) dedicado ao mercadó de saúde nos países da região. EUA (Sao Francisco) e Israel Escritórios: San Paulo. Con sede en Londres. Por su parte. a antfactory América Latina vai apoiar a montagem de negócios. a antfactory identifica e desenvolve oportunidades via parcerias com empresas estabelecidas. sua parceria com o CVC. Israel. Paris. ´Tivemos bons resultados com ativos empresariais na Europa e Asia. O encerramento da rodada de investimentos.Latin America Silvio Ribas de Sâo Paulo Ficha técnica Dados la antfactory na America Latina Só=los: antfactory a Citigroup Inve=timentoe: US$ 100 mihões Primelro p=oto: portal do saúde (US$ 6 milhões) Antfactory: aluacâo == Europa (Londres. El banco y antfactory se han comprometido a aportar 50 millones de dólares para lanzar la compañía. Madri. Ahí está la oportunidad. seguradoras e fornecedores. anunciaram ontem o lançamento da antfactory Latin America. ´A idéia é participar de empresas com marcas conhecidas na economia convencional e capacitá-las para atuar em negócios online. que investirá mais de US$ 100 milhóes na regiao. El pasado 29 de junio. busca oportunidades na área tecnológica. canal de investimentos latinoamericanos do Citigroup. para o lançamento da antfactory America Latina. a companhia pretende levantar capital extra através de outros parceiros. antfactory Latin America facilitará a criação de empresas no setor na nova economia. Israel. a disposición de los proyectos que consideren convenientes. Os dois sócios da antfactory America Latina realizaram primeiro aporte de US$ 50 milhões. acrescenta o comunicado. A antfactory completou a segunda rodada de financiamentos em junho. Citicorp Venture Capital (CVC) y la firma inglesa antfactory han firmado un acuerdo para establecer una incubadora de empresas de Internet que operará en la región de América Latina. relacionamento com o cliente. Na Europa. antfactory tiene oficinas en otras ciudades de Europa. Amsterdá a Esto=oima. India. especialmente no Brasilµ. acaba de chegar ao Pais. O Citigroup investiu US$ 350 milhões na regiâo desde 1997. Munique. Com sede na Argentina. Outros profissionais estão sendo agregados a nova equipe. em iguais partes. CVC ha promediado inversiones en Latinoamérica por 150 millones en los últimos dos años. en la que recaudó 150 milliones. jóvenes. Establecida en octubre de 1999. São Paulo e Cidade do México. ontem. assinalaram ern urn comunicado.
a antfactory latin america funcionará como uma incubadora ern parceria direta com as corporações. urn dos diretores e sócios do CVC Latin America. Para concretar su plan de negocios. as empressis Citigroup Venture Capital (CVC) Latin America e a inglesa antfactory Holdings abriram o primeiro escritório da nova antfactory Latin America. con un acuerdo para invetir la misma suma nuevamente. relaciones con los clientes. LONDRES ± La compañía británica de inversiones en Internet antfactory dijo el lunes que invertiría unos cien millones de dólares en firmas latinoamericanas en sociedad con Citigroup. administración operativa. El equipo estará integrado por profesionales de áreas clave: capital de riesgo y capital privado. Neste período. aplicações wireless. adoptadas de compañís emergentes del sector de la nueva economía. Desde sua criaçáo. como inversor y como so cio operativo. Munich. conta com dez funcionários e deve chegar a 50 até dezembro. serviços financeiros. o Citigroup Venture Capital Latin America investu cerca de US$ 4 milhões ern negóocios relacionados á internet. Paris. alem de infra-estrutura para serviços de internet´. San Francisco y Tel Aviv. na cidade do México e urn escritório satelite em Miami. antfactory y CVC Latin America de Citigroup se han comprometido a aportar 50 millones de dólares para lanzar la empresa. o mercado brasileiro demandará metade dos investimentos dedicados pela companhia para incubar operações Web. varejo. La compañía actuará de enlace para los pacientes. lanzaron antfactory Latin America. detalha Caldeira. a antfactory latin america também abre operaçóes em Buenos Aires. aberto há três semanas. reclutamiento. la empresa prevé recaudar más capital de otros socios estratégicos en la región. Milán.antfactory in the press . Segundo ele. ferramentas e recursos diversos a negócios ponto-com em estágio inicial na Europa. aseguradoras y proveedores latinoamericanos. até o final do ano. la compañía inauguró oficinas en San Pablo. Los acionistas de antfactory Latin America comprometieron u$s50 millones para lanzar la compañía y otros u$s50 millones de inversión adicional. Amsterdam y Estocolmo). El mercado base de antfactory fue Europa. Debut La primera inversión latinoamericana de antfactory fue de u$s6 millones en un portal regional BtoB agregador de productos y servicios de atención de la salud. con una inversión proyectada de u$s100 millones. Segundo Paulo Caldeira. Ciudad de México y Buenos Aires. Fundada en octubre pasado. afirma o executivo do CVC. y CVC Latin America. ou seja. comercialización y relaciones públicas. na América Latina. asuntos legales. indicaron. Además. ern 1997. Madrid. pero no mencionaron su nombre (Reuters) A antfactory Holdings inversionista estratégico europeo que desarrolla negocios de la nueva economía en asociación con empresas existentes. activos. donde tiene operaciones en siete ciudades (Londres. ³Estamos caminhando para marketplaces promovendo uma incubação direta dentro das companhias. asesoramiento estratégico. fusiones y adquisiciones. educação utilities. médicos. La función de la firma será desarrollar negocios exitosos de la nueva economia. finanzas. antfactory Latin America se concentrará en la integración de activos de negocios existentes con modelos y tecnologías comerciales innovadoras. infraestructura y conocimientos especializados de la industria off line en cuestión. US$ 50 milhões. El apalancamiento incluye activos como marcas. la estrategia de antfactory es identificar y desarrollar negocios de la nueva economíam asociándose con empresas existentes para apalancar sus A incubadora antfactory anunciou ontem uma parceria com a Adersen Consulting para investir no desenvolvimento de companhias de Internet. contables y fiscales. As empresas vâo investir US$ 150 milhões na iniciativa. unidad de Citigroup que se concentra en inversiones de capital privado y capital de riesgo en la región. na região. no dia 10 de julho.Latin America Daniela Braun Logo após anunciar uma parceria para investir US$ 100 milhões em negócios relacionados á internet. tecnologia. También opera en Mumbai. Las compañías realizan su primera inversión de seis millones de dólares en un portal latinoamericano negocio a negocio (B2B) que incluye productos para la salud. ern São Paulo. com serviços e mão de obra especializada. Doze companhias devem estar 37 . que fornecerá capital. ³As áreas de concentraçáo dos investmentos são plataformas B2B e parcerias corporativas nas áreas de saude. O escritório de São Paulo.
interested parties should conduct their own investigation and analysis of antfactory and data contained in this document and should consult with appropriate professional advisers. managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances such that the distribution does not and will not constitute an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. is or will be given by antfactory or its respective directors. In furnishing this document. The information in this document. Upon request. No representation or warranty. undertakes no obligation to provide any additional information or to update this document or to correct any inaccuracies which may become apparent. indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this document and any such liability is expressly disclaimed. nor any other person. and (iii) a person whose ordinary activities involve that person in acquiring. estimates or forecasts and nothing in this document is or should be relied on as a promise or representation as to the future. express or implied. that it has not relied upon or been induced to enter into any contract or to make any offer by any representation or statement contained herein. 38 . or for any errors. Any recipient will. Accordingly. (subject as aforesaid) no representation or warranty is given as to the achievement or reasonableness of. holding. be required to acknowledge. supplied in connection herewith or in connection with any further enquiries) is confidential. targets. so far as permitted by law and except in the case of fraud by the party concerned. partners.Important Notice This document (references to which and to any information contained herein shall be deemed to include any information. relating thereto. This document does not constitute an offer or invitation for the sale or purchase of securities or of any of the assets. employees or advisers. and no reliance should be placed on. negligent or otherwise. so far as permitted by law and except in the case of fraud by the party concerned. business or undertaking described herein and shall not form the basis of any contract. any projections. In particular. but without limitation. which does not purport to be comprehensive. antfactory. employees or advisers or any other person as to the accuracy or completeness of this document and. This document is being distributed to recipients only on the basis that each recipient to whom this document is issued is (i) a shareholder in antfactory (ii) in the case of a person in the United Kingdom a person falling within Article 11 of the Financial Services Act 1986 (Investment Advertisements)(Exemptions) Order 1996 (persons sufficiently expert to understand the risks involved) as amended. partners. whether or not in writing. (subject as aforesaid) none of antfactory. the recipient will promptly return this document. no responsibility or liability is accepted for the accuracy or sufficiency thereof. omissions or misstatements. has been provided by antfactory and has not been independently verified. nor any of its respective directors. In all cases. shall be liable for any direct. so far as permitted by law and except in the case of fraud by the party concerned.