Prime Technology Ventures and Philips arrange for successful spin-out of five technology companies from Philips incubators
Amsterdam, the Netherlands, -- November 05, 2008 -- Philips Corporate Technologies and Prime Technology Ventures (“PTV”), a leading independent pan-European venture capital firm headquartered in The Netherlands, today announced the completion of a successful spin-out of five technology ventures from Philips incubator venturing program.
The transaction includes the following ventures: amBX, Civolution, Intrinsic-ID, priv-ID and Serious Toys. PTV has made substantial cash investments in each of these ventures for further development and growth of the businesses outside of Philips. Philips also re-allocated its minority stakes in Silicon Hive and Liquavista to the PTV III fund.
In addition to other investors such as Parcom Capital (ING Group) and Adams Street Partners, Philips also became a limited partner in PTV. This strategic relationship provides a unique platform that will bring the potential of highly innovative and promising business ventures to fruition.
Rick Harwig, Chief Technology Officer of Philips and Chief Executive Officer of Philips Corporate Technologies commented: “With PTV, these ventures have the means to accelerate their growth and establish a strong business. Furthermore, PTV is the right partner for Philips given their strong track record of developing high growth technology companies, competent team and blue chip investor base.” This transaction is consistent with Philips’ open innovation strategy and intention to spin out viable ventures which groom businesses outside our core Healthcare, Consumer Lifestyle and Lighting activities.
Sake Bosch, founder and Managing Partner of PTV commented: “We are delighted to welcome Philips as a limited partner in PTV III. We believe these businesses have great potential and match our sector experience and expertise. Above all, these ventures are in line with our strategy to invest in high growth companies which have the potential to achieve international dominance.”
Philips continues to be committed to develop disruptive new businesses and technologies in this entrepreneurial environment. This is part of Philips’ overall commitment to introduce timely and simplifying innovations that will improve people’s lives and have superior earnings potential.