Exploit Technologies To Divest Part Of Its Shares In BuzzCity To Myriad International Holdings Bv For US $1 Million
8/13/2009 12:32:58 PM
Exploit Technologies, the marketing and commercialisation arm of A*STAR, today
announced it has entered into an agreement to divest part of its shares in Buzzcity
Pty Ltd (“BuzzCity”) to Myriad International Holdings BV (“MIH”) for US$1 million.
With the divestment, Exploit Technologies continues to own just above 5% of the
shares in BuzzCity. The Singapore based mobile advertising company has been Exploit
Technologies’ portfolio company since 1999, after it spun off from the Singapore
Agency for Science, technology and Research (A*STAR). Exploit Technologies will
carry on its active advisory role to BuzzCity’s management team after the completion
of the transaction.
The current transaction marks MIH’s second round of acquisition of BuzzCity shares.
MIH, a subsidiary of the South African media conglomerate, Naspers, had in August
2008 invested US$10 million to acquire a 25% stake in BuzzCity, a developer of
wireless communities and consumer services.
Commenting on the divestment, Mr Boon Swan Foo, Executive Chairman of Exploit
Technologies, said, “Given Naspers’ experience and foothold in the media industry,
MIH’s acquisition of a higher stake in BuzzCity, despite the uncertain economic
outlook, is a strong testimony of BuzzCity’s business model and the attraction of its
expansive new media markets. This made-in-Singapore company is definitely
speaking a language that media companies understand. With a structured business
incubation process in place to nurture a pipeline of high potential start-ups, Exploit
Technologies is confident that more of our portfolio companies will catch the eyes of
talent scouts, like MIH, to forge strategic partnerships and break into new markets.”
About Exploit Technologies Pte Ltd
Exploit Technologies is the strategic marketing and commercialisation arm of the
Agency for Science, Technology and Research (A*STAR). Its mission is to support
A*STAR in transforming the economy through commercialising R&D. Exploit
Technologies enhances the research output of A*STAR scientists by translating their
inventions into marketable products or processes. Through licensing deals and spinoffs
with industry partners, Exploit Technologies is a key driver of technology
transfer in Singapore. It actively engages industry leaders and players to
commercialise A*STAR's technologies and capabilities, bridging the gap from Mind to
Market. Exploit Technologies’ charter is to identify, protect and exploit promising
intellectual property (IP) created by A*STAR’s research institutes.
For more information, please visit http://www.exploit-tech.com