Ideiasnet Sells Spring Wireless Stake to Industry Ventures Fund

Ideiasnet has sold its 4.1% stake in Brazilian mobile technology business Spring Wireless to Industry Ventures Fund. Ideiasnet invested in the company in 2004, and has realised an internal rate of return (IRR) of 19.6%, representing 2.6 times invested capital.

PRESS RELEASE

Ideiasnet announces the sale of its 4.1% stake in Spring Wireless, a Brazilian enterprise with company value of R$ 329 million, that offers end-to-end solutions in mobile technology platforms, to Industry Ventures Fund. Ideiasnet invested in the company in 2004, and with this transaction achieves an internal rate of return (IRR) of 19.6%, representing 2.6 times invested capital. A market leader in its segment, Spring Wireless operates globally and has AB InBev, Coca-Cola, Kellogg’s and L’Oreal in its customers portfolio, among others.

With a beginning position of 7% in Spring Wireless, this transaction represents Ideiasnet’s second round of divestment in the company. The first, completed in December of 2011, divested a 2% stake. As co-shareholder in the company alongside the U.S. investment funds Goldman Sachs and NEA (New Enterprise Associates), Ideiasnet took an active role on the company’s board resulting in significant impact on its growth, preparation for the international market, and expertise in the Brazilian technology market.

According to Sami Haddad, Ideiasnet’s CEO, “Mobile is a key investment area for us and we will continue to apply our experience in the sector with new investments.” The sale of Spring Wireless is aligned to Ideiasnet strategy of evaluating liquidity opportunities in the portfolio and realizing new investments in companies with high potential of growth in Internet, mobile and software areas.

Press ContactsAgencia Ideal – Tel/fax: (11) 3035-2161Melissa Amorim – melissa.amorim@agenciaideal.com.br – (11) 3035-2145Adriana Lutfi – adriana.lutfi@agenciaideal.com.br – (11) 7565-2753 / (11) 3031-2424

SOURCE Ideiasnet