Firstly, Pentechs looking for intellectual property thats been copyrighted or patented, or a contract or skills that are not available anywhere else. The potential investee must also have global potential. We wont get the returns we are looking for from a company that just targets the U.K., says David Armour, director of the fund. And lastly, a good management team -- that doesnt have to be complete but must have a proven track record -- is essential.
Armour says all the layoffs going on right now -- most notably Marconi Communications PLCs (Nasdaq/London: MONI) decision yesterday to axe 4,000 jobs -- means theres plenty of talent and ideas floating around. Well scoop up these guys, spend the next 18 months developing a product, and by the time were ready for production, the financial markets should be back in shape."
Still, its going to take more than wishful thinking to make these companies work, and Pentech is unable to draw on tech experience from its parent, Penta Capital, which funds hotels and restaurants for a living.
Instead, it has hired a proven entrepreneur (Anderson) and a chartered accountant (Armour) to head up the fund. Anderson was co-founder and CEO of Objective Software Technology (OST) which he sold to Wind River Systems in 1998 for $3.7 million. Armour has more than 10 years experience as a chartered accountant, advising corporate and institutional clients in private equity deals. As a partner at AMCo, he helped establish the firm as one of Scotlands foremost corporate finance advisory practices.
Between them, they appear to have the credentials. Now all they need are companies willing to take up the challenge.
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