SEAVI Advent and Advent International have exited its investments in Interactive Technology Holdings Limited (ITHL) via trade sale to Syniverse (stock symbol: SVR), a leading provider of mission-critical technology services to wireless telecommunications companies worldwide.
Singapore, 7pm – June 19, 2006 – Headquartered in Hong Kong, ITHL is a leading provider of value-added services to carriers in the Asia Pacific region. It has approximately 180 employees and nine regional offices, including offices in Singapore, Malaysia and Taiwan. SEAVI Advent, Advent International and DBS Private Equity together invested US$10 million in a Series A financing in 2002 as expansion growth capital.
“Over the last few years, we have worked closely with ITHL in its regional expansion beyond its core markets of Hong Kong and Singapore. Today, we are very pleased that ITHL has succeeded in becoming Asia’s leading value added telecommunications service provider. We hope that ITHL will continue to be successful in the global telecommunications sector under Syniverse.” said Tan Keng Boon, Managing Partner of SEAVI Advent. “Our investment in ITHL has provided an attractive return to our limited partners. Going forward, we will continue to implement our investment strategy in similar investment situations.”
Raymond Cheung, CEO of ITHL, said, “We’d like to take this opportunity to thank our private equity investors for their active participation at our Board. We believe our Company has executed and helped generate attractive shareholders return. Going forward we will have greater tasks to achieve and an unique opportunity to provide our extensive products to other operators around the world.”
About SEAVI Advent
SEAVI Advent is the exclusive Asia affiliate of Advent International www.adventinternational.com, a global private equity fund with over US$10 billion under management. SEAVI Advent has been in partnership with Advent International since 1984. SEAVI Advent is now actively investing its regional Fund IV program which focuses its capital investing in high-growth late-stage companies and middle market buyout situations. SEAVI Advent has regional offices in Singapore, Shanghai and Hong Kong.
Syniverse is a leading provider of mission-critical technology services to wireless telecommunications companies worldwide. Syniverse solutions simplify technology complexities by integrating disparate carriers’ systems and networks in order to provide seamless global voice and data communications to wireless subscribers. Carriers depend on Syniverse’s integrated suite of services to solve their most complex technology challenges and to facilitate the rapid deployment of next generation wireless services. Syniverse provides services to over 350 telecommunications carriers in more than 50 countries, including the ten largest U.S. wireless carriers and six of the ten largest international wireless carriers. Headquartered in Tampa, Fla., U.S.A., Syniverse has offices in major cities throughout North America, The Netherlands and the United Kingdom and a global sales force in the United Kingdom, Luxembourg, France, Italy, China, Hong Kong, Brazil, Slovakia and India. For more information, visit www.syniverse.com.