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Australian tech fund buys into ITC

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

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Tech venture capital company IT Capital has hauled in the first catch from its recent efforts to promote the company to Australian and Asian investors.

ITC has announced it has placed 10 million shares with a leading listed Australian technology fund, raising $2.93million. The tech fund has asked that it not be identified.

"With approximately $A180 million of funds under management in the technology sector, our new partner is well positioned to recognise the value of IT Capital's investment portfolio," says ITC boss Jeff Dittus.

"They also have the capacity to increase their investment in ITC as we continue to grow," he says.

Mr Dittus says the latest commitment follows IT Capital establishing headquarters in Sydney, and increasing its focus on venture capital investing in the Australian market.

"We have just completed an institutional road show to fund managers in the Asia Pacific region with the goal of increasing our investor and co-investor network, as well as our Australian shareholder base," says Mr Dittus.

IT Capital recently reached a share swap agreement with Plan-B Technologies in Singapore. The company says with these two transactions, its institutional ownership now stands at around 45%.

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