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Kennet announces sale of portfolio company Consul Risk Management to IBM Corp
Favourable M&A market leads to third exit in five months for Kennet


London — 19 December 2006— Kennet Partners Ltd (“Kennet”), a leading international growth equity investor focused on the technology sector, announces the sale of portfolio company Consul Risk Management International b.v., a privately held, Netherlands-based software company for the enterprise and managed security services markets, to IBM. The sale is expected to close in the first quarter of 2007 and marks the third announced exit for Kennet since July of this year.

Kennet first invested in Consul in 1998. With the help of its investors, Consul successfully entered the important US market for security software before agreeing to become part of IBM. The company has become a market leader in best practice IT security reporting to help address standards, laws and regulations such as SOX, Basel II, Gramm-Leach-Bliley, HIPAA and ISO 17799 with large blue-chip customers such as Aegon Canada and Fidelity National Financial. Consul strengthens IBM Service Management by providing key IT governance and compliance monitoring to extend IBM’s end-to-end security management capabilities.


Other recent Kennet exit activity

  • On 20 November it was announced that Aspective Limited was to be acquired by Vodafone UK†. Aspective was launched in 1999 with funding from Kennet to create the first European provider of hosted front-office, e-commerce and mobile applications.

  • On 28 July, Kennet sold portfolio company Cramer Systems Group Limited, a leading provider of operations support systems (OSS) solutions, to Amdocs for $375 million (£205 million). Amdocs’ acquisition of Cramer provided Kennet with a double-digit multiple of its original investment.

    David Carratt, managing director of Kennet Partners, said: “The acquisition of Consul is another example of the quality of Kennet portfolio companies which have been bought by some of the world’s most demanding technology businesses including Vodafone, Amdocs, and now, IBM. The technology M&A market is particularly active at present which provides a favourable exit environment for companies that are operationally successful. This activity reinforces our strategy of providing growth equity to technology businesses addressing global market opportunities.”

    † Vodafone UK means Vodafone UK Limited, a wholly owned subsidiary of Vodafone Group plc.


    For further information please contact:
    Kennet Partners Ltd
    David Carratt, dcarratt@kennet.com, 020 7968 6930

    Penrose Financial (for Kennet)
    Shona Prendergast, shonap@penrose.co.uk 020 7786 4884
    Stefanie Schneider, stefanies@penrose.co.uk, 020 7786 4859


    About Kennet
    Kennet Partners is a leading international private equity firm which invests in growth companies providing information technology products and business services that leverage information technology. Kennet provides expansion capital to businesses that want to accelerate growth and build exceptional shareholder value in partnership with an experienced investor. Kennet Partners acts as an advisor to Kennet I LP, a Jersey limited partnership and to Kennet II LP, a Guernsey limited partnership. Kennet Partners is authorized and regulated by the Financial Services Authority. For more information: www.kennet.com

    About Consul
    Consul is a leading provider of compliance and security audit software that helps clients track, report and investigate non-compliant behaviour, such as unauthorized activity by information technology (IT) administrators or other users.
    xx


    Publisher Contact Information:

    Kennet Venture Partners Ltd.
    +44 (0)20 7968 6930
    dcarratt@kennet.com

    Company profile of Kennet Partners Ltd.
    Past press releases of Kennet Partners Ltd..

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