| Two Sri Lankan-led newly-established software development companies, Interblocks Ltd, and Emprise IT
(Pvt) Ltd are likely to become the next success stories for local venture capital fund, Nextventures Ltd. The two companies
that received funding from Nextventures having established their product lines are looking towards marketing opportunities
in the Asia Pacific region, according to a Nextventures statement. Interblocks received early stage funding
from Nextventures to enhance its international market presence and Research and Development (R&D) in Agent technologies.
"The company's performance in two years of operations has seen the evolution of strong commerce and finance e-business
applications. Of the company's products, the Internet Payments Solution (iPay) was selected by SchumbergerSema, a
global financial IT giant to complement its products through a marketing rights agreement. The iPay software suite
is the first fully automated multi-currency online Internet Payments System developed in Sri Lanka and also deployed
at Sampath Bank to run the first Rupee-based Internet payment gateway in Sri Lanka," the statement said.
Investment in Emprise IT, an Asia Pacific Wireless Solutions Developer, is relatively new for Nextventures and is jointly
funded by Celtic Pacific and Upstart Capital, two VC's based in New Zealand. The company is headquartered in New Zealand
with an office that carries out its international marketing operations. Emprise IT working closely with Compaq focuses
on developing applications for the iPaq Pocket PC. Its flagship product Avya, is also being used locally by Unilever
connecting the field force to its back-office. Using the application enables Unilever to work towards a paperless environment
in which product orders, etc. are updated online. "We are optimistic that these will take pride of place
in our portfolio. Most IT companies are going through a bad patch. IT companies in our portfolio are no exception, but
we are confident that these companies will bounce back, mainly because they have been founded on strong business principles,"
said Nissanka Weerasekera, Chief Executive Officer of Nextventures. Nextventures Ltd was launched as a
venture capital fund management company in May 2001. The evolution of Nextventures was part of a transformation strategy
in which it manages a close-ended 'PVIC fund', while having the freedom to manage funds of other investors under separate
agreements. This gives the original investors full benefit of their investment. PVIC was incorporated in 1992 as a
fully-owned subsidiary of the People's Bank and later joined by National Insurance Corporation Ltd totalling an equity
capital of Rs. 200 million, the statement said.
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