Atlantic Bridge plans to float video tech firm on Nasdaq
ATLANTIC Bridge Ventures, the Irish private equity group that was co-founded by entrepreneur Brian Long and which is backed by businessmen including Denis O'Brien and Dermot Desmond, is helping to line up a $340m (€244m) stock market flotation of US-based video technology firm Envivio.
Speaking at a seminar in Dublin this week, Mr Long said that Envivio had engaged US investment banks Piper Jaffray and Stifel to spearhead the Nasdaq flotation, which is expected to take place in July.
The flotation, which will value the firm at between $280m and $340m, according to Mr Long, is likely to result in a strong return for Atlantic Bridge, which co-led a $25m investment in Envivio in 2008.
That funding round included the venture capital arm of electronics giant Samsung. Envivio had previously secured backing from Intel Capital, Japan's NTT and Innovacom, the investment unit of France Telecom.
Mr Long did not name the company within its investment portfolio that would be making its stockmarket debut, but the Irish Independent understands it to be Envivio. Mr Long was uncontactable, as were two other directors with Atlantic Bridge.
Bob Stockwell, a spokesman for Envivio, said that he was unable to comment at this time.
Mr Long said that the target flotation company has annual revenue of around $40m and is on target to grow them to $70m. Envivio has raised about $72m in financing since it was founded in 2000.
Envivio said that its financial year, which ended on January 31, had seen revenue and sales bookings double in the year.
Mr Long was the founder of chip design firm Parthus. Since he co-founded Atlantic Bridge with other former Parthus executives, the firm has exited two of its investments, including Glonav, which was sold in 2007 for $110m. Atlantic Bridge also has stakes in companies including Dublin-based Accuris Networks and Cork-based Biosensia.
Last November, Atlantic Bridge raised €85m for its second investment fund, which it plans to boost to €130m by the end of this year.