ANNUAL REPORT 2007 | 2008 - Gimv

VENTURE
CAPITAL
Information & Communication Technology
In 2007 the ICT business unit continued its
European expansion by acquiring an experienced
ICT venture capitalist in France. This has already
produced an investment in the French company
Movea. The cooperation with Israeli venture
capital fund Genesis Partners resulted during the
fi nancial year in a joint investment in the Israeli
company Oree.
The continuing internationalization of its ICT activities refl ects
Gimv’s ambition of attracting the best deals as a top tier
European venture capital provider.
With around thirty years of development behind it, the venture
capital market has become more mature and international.
Entrepreneurs looking for fi nancing no longer give preference
to local players, but to venture capitalists who look beyond their
own national boundaries. With international experience and local
presence in various countries, Gimv ICT can look back on
good performances and focus on attractive opportunities.
In 2007 interest remained strong for internet companies with
Web 2.0 applications, leading to extensive M&A activity at
high valuations. Another striking feature was the sharp grown
in consumer-directed technology like HDTV, advanced mobile
phones, games and home server networks, all young markets
which still offer lots of potential.
The past fi nancial year saw acceptable valuations for early stage
companies and rather high valuations for later stage ones. This
phenomenon was more marked in France and in the United
Kingdom, where the high numbers of venture capitalists spurred
on the market, resulting in high prices. European market fi gures
rose slightly in 2007. In total EUR 4.60 billion of venture
capital was invested, compared with EUR 4.46 billion in 2006.
Up 2 percent on the previous year, this is the highest amount
since 2002.
40 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
ICT portfolio according to geographic distribution
(based on portfolio value at 31/03/2008 - excl. Telenet)
United States
9 %
Rest of Europe pe
7 %
Germany 10 %
Netherlands 12 %
Rest of the world
4 %
Belgium 34%
France 24 %
ICT portfolio according to stage of development
(based on portfolio value at 31/03/2008 - excl. Telenet)
Private equity funds ds
11 %
Secondary ary
transactions 3 %
Growth fi nancing ng
35 5 %
Seed fi nancing
2 %
Early stage 49 %