Monday, September 17, 2007

Longview Solutions - More Liquidity Events

This morning's announcement of the acquisition of Toronto's Longview Solutions by Exact Software for $51 million and change spells some kind of success for Vengrowth. At 1.8 times revenue, the purchase price represents a nice multiple. But the question remains as to how much of that was received by investor Vengrowth, who since 2001 has invested $30,952,000 in the company. Whatever the answer, Vengrowth, who has shed its labour-sponsored VC moniker and is now positioning itself as an asset manager, should be relieved to see another exit out of its aging Fund I. Doubtless Wellington Fund, whose $3.5 million convertible debenture investment in 2005 appears to have been the last money in, will be far happier.

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