Press release - 30 June 2006
CapMan exits Quartal
Quartal Oy will redeem CapMan funds’ holding in the company. Quartal is a Finnish IT and software company that delivers solutions and services for financial reporting and online investor relations. The exit does not have impact on CapMan Plc’s result for 2006, as the exiting funds have not begun to generate carried interest. The exit also does not have impact on earlier estimates for the transfer of the funds to carry.
CapMan funds Finnventure IV, Finnventure V and Finnventure V ET invested in Quartal Oy in 2000. Quartal’s turnover totalled EUR 8.3 million in 2005, and the Group has 95 employees in Finland, Germany and Switzerland. In autumn 2005 Quartal’s subsidiary Content Management was sold to Satama Interactive Plc.
”Quartal’s business has developed very well, and the company’s profitability is at a good level. Quartal has all the prerequisites to independently develop its business,” states CapMan’s Senior Partner Petri Saavalainen.
”82% of Quartal’s turnover today is accrued outside of Finland. The corresponding figure was less than 20% at the time of CapMan’s investment, and CapMan has had a substantial role in enabling this change,” states Aarne Aktan, CEO of Quartal.
For further information, please contact:
Petri Saavalainen, Senior Partner, CapMan Technology, tel. +358 9 6155 8314 or +358 500 415 911
Aarne Aktan, CEO, Quartal Oy, tel. +358 424 258 204 or +358 40 7740 204
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