Auckland software developer takes on equity partner to support US expansion
8 March 2007, Auckland. – Utilities software provider Catapult Software announced today that they have sold a stake in the company to the AintoG group to help expand Catapult’s markets.
Catapult, which dominates the New Zealand market with software that helps utilities like electricity lines companies automate the management of their networks, was focussed on accelerating their expansion into the USA particularly and felt AintoG would help make that happen, says Managing Director Tony Haresnape.
“AintoG’s high level expertise is a good match for us – they know the software business, have experience in exporting to the US and other markets, and understand the energy market.”
AintoG takes two board positions on each company it selects, providing access to all six members of the group, and aims to achieve a return by helping the selected company achieve rapid growth.
Mr Haresnape said Catapult had added John O’Hara and Peter Dickinson from AintoG to their board, “but the most powerful part of the proposition is that we actually get access to six experienced technology business people.”
“Investment capital is relatively easy to come by, but relevant expertise of the calibre and range AintoG has available isn’t,” he said, confirming Catapult had looked at a number of support and investment options.
With AintoG’s help Catapult was aiming at capturing a dominant share of their niche in the US energy market, while building a platform for introducing a range of complementary products to that sector.
John O’Hara of AintoG said the agreement with Catapult was the first in a number the organisation would be securing in 2007.
“We have undertaken a rigorous assessment and interview process over the last few months to find suitable candidates.”
“Catapult stood out for several reasons – they have proven products, a clear market focus and a competent and open-minded management.”
“Rapid growth demands rapid change in a business so we have been careful to select a business that is flexible enough to cope.”
“We believe AintoG can make a particular difference in the go-to-market part of Catapult’s business – locating and securing more US customers and building a business model that can scale to make the most of the opportunity.”