Content Technologies
Content Technologies was a UK based supplier of software providing enterprises with email content and web access security.
The company was a spin out of an IT services firm and, at the time of Advent’s investment, it employed around 130 staff across 4 locations. Annual revenues were some £12m, derived mainly from its MIMEsweeper product range.
Funding was sought to expand international marketing and take the business through to an exit, probably via IPO. Advent invested £1.3 million in an expansion finance round in March 2000 which included investment from Goldman Sachs, Chase and PSINet.
Given the strength of the prevailing market, preparation was made for a UK Listing during the summer of 2000, but, in the event, Baltimore Technologies plc acquired the company for £702 million in unrestricted stock in September 2000. Advent’s holding was sold immediately realising £4.6 million. This represented an IRR of 564% and a multiple of 3.5.