2nd Apr 2008 07:01
Braveheart Investment Group plc02 April 2008 For release, 07.00, 2 April 2008 Braveheart Investment Group plc ("Braveheart" or the "Group") INVESTMENT IN APPSHARE LIMITED ("the Company") Braveheart (AIM: BRH), the technology commercialisation and investmentmanagement company, announces that it has made its eighth investment from itsAlpha EIS Fund into AppShare Ltd., a recent spin out from the University ofStrathclyde. The funding of c. £180,000 also included investment from theUniversity. AppShare was formed in 2007 to develop a collaborative software solution knownas 'ePlace'. The technology allows the sharing of software applications betweenusers at different locations. Whilst software collaboration systems alreadyexist, ePlace offers significant advantages over existing web-conferencingproducts. ePlace is intrinsically capable of being more secure than most of itscompetitors it consumes much less bandwidth and offers many features that addreal value to the concept of remote application sharing. At present the large corporate sector is the main user of collaboration systems.With an estimated spend of £1.1 billion annually, the market is forecast toreach $2.8 billion by the end of 2010. The Company currently has a workingePlace prototype, which it aims to further develop over the next 12 months,utilising the funds raised. The prototype has completed a successful test periodat a reference site, a significant milestone in the development of a fullycommercial product. Stephen Behan is CEO of Appshare Ltd. He said: "ePlace is a direct peer-to-peerservice. Other commercially available services require users to connect to avirtual space via an intermediary, which has clear security implications.Currently, you have to rely on these intermediaries to not 'eavesdrop' on yourconversations. ePlace is not a desktop sharing system; it's an applicationsharing technology that allows colleagues to 'look over your shoulder' as youuse an application and explain your work. So far we have yet to find anapplication that cannot be shared across time zones using this approach." He added: "The support of Braveheart, who have such a proven track record insupporting fledgling technology companies, has come as a considerable fillip tous as we look to further develop and commercialise ePlace. Alongside the fundingsupport we have received from Braveheart and the University we have secured asubstantial grant award from Smart Scotland; with this funding package in placewe are confident that we have a solid platform from which to move forward." Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheartsaid; "We are delighted to support another spin-out from the University ofStrathclyde. AppShare's ePlace software is uniquely designed to take advantageof a gap in a growing market and its experienced management team have a clearand focussed approach to bringing the product to market." For further information please visit www.braveheart-ventures.co.uk or contact: Braveheart Investment Group Tavistock Communications (for Braveheart)Geoffrey Thomson, Chief Executive Clemmie Carr / Simon HudsonTel: 01738 587555 Tel: 020 7920 [email protected] [email protected] Appshare Limited University of StrathclydeStephen Behan, Chief Executive Kat FergusonTel: 07914 842 028 Tel: 0141 548 4123 [email protected] Notes to Editors Braveheart was formed in 1997 by four Scottish businessmen as a co-investmentvehicle in order to pool their money and knowledge, increase diversification andalso reduce risk. It makes investments in young, emerging, unlisted companies where there ispotential for significant growth, through the successful commercialistion oftheir IP. Typically, Braveheart's investments are focused on British companieswith potential global technology solutions. However, the Group also maintainslimited exposure to more traditional businesses. Braveheart's portfolio ranges from start-up companies to businesses which areclose to an IPO or sale. Each year out of several hundred-business plansreceived, around ten investments are made, all of which demonstrate attractiveexit potential. These opportunities emanate from Braveheart's network ofcontacts, which includes the Group's own clients, and close relationships withscience parks and universities. Braveheart has formal relationships with sevenuniversities and two business parks, giving it unique access to IP and start-upcompanies emanating from them. The Alpha EIS Fund ("the Fund") Established in December 2005, the £2.5 million Fund was set up as a taxefficient vehicle to invest in early-stage, university spin out companies, richin intellectual property, with potential for significant growth, through thecommercialisation of their IP. The Fund is managed by Braveheart andparticipants and co-investors include Bank of Scotland Corporate, ScottishEnterprise's Co-investment Fund and Braveheart's own clients. The Fund willdeliver a minimum of ten EIS qualifying investments, sourced through the Group'sunique framework of strong formal relationships with Scottish universities andbusiness parks. To date the Fund has made 8 investments from the Alpha Fund, totalling in excessof £1 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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