Digi-Tec was a growing ICT firm and achieved growth both organically and through mergers and acquisitions (M&As). The large number of shareholders had divergent goals and visions for the future. In order to ensure further growth, two main shareholders searched for an external investor to buy out the others and thereby align and strengthen its governance. In 2011 the Spain-based private equity firm SRIC invested in Digi-Tec. This case documents the interactions between the external investor and the management. An exit opportunity arose much earlier than expected. The investment manager is faced with the question whether it is optimal to exit already after three years, or rather to stay on board for some more years as initially planned.
Manigart, Sophie; Sapienza, Harry J.; Vermeir, Wim (1996)
The rapid internationalization of markets for venture capital is expanding the funding alternatives available to entrepreneurs. At issue for both entrepreneurs and venture capital firms is how and when venture capitalists (VC) can provide meaningful oversight and add value to their portfolio companies beyond the provision of capital. An important way VCs add value beyond the money they provide is through their close relationships with the managers of their portfolio companies. Utilizing surveys of VCs in the US, the UK, the Netherlands, and France, the determinants of interaction between VCs and CEOs, the roles VCs assume, and VCs' perceptions of how much value they add through these roles are examined. The strategic, interpersonal, and networking roles through which VCs are involved in their portfolio companies are examined, and the success of such efforts are analyzed. VCs saw strategic involvement as their most important role.
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