Sam Morgan has invested in two firms and is looking for more. Picture / Stephen Parker
Rich List newbie Sam Morgan has sunk a small part of his windfall from the sale of Trade Me into two local technology businesses and says he is looking for more investment opportunities.
Morgan made $227 million from the sale of Trade Me, the online auction business he
founded in 1999, when it was bought by transtasman media company Fairfax in March.
Auckland-based iVistra Technology, which specialises in "visualisation systems" designed to give managers a graphical representation of how their business is performing, said yesterday that Morgan had taken a "strategic" stake in the company.
Exact details of Morgan's shareholding have not been released but iVistra chief executive Craig Meek described the minority investment as "meaningful".
Morgan has also invested in another Auckland-based technology company, Sonar6, which sells graphics-based "talent management" software for assessing staff performance. Morgan sits on the Sonar6 board.
"My investment approach is to back great people with great ideas with global potential," Morgan said yesterday.
"I look for companies that have already established their product and management team and that have clear plans but simply need some funding and assistance."
Meek - one of the pioneers of 3D graphics company Virtual Spectator - said that, after three years of product development, iVistra had just signed its first European customer and had other strong global prospects.
He hoped Morgan would take a hands-on role in the iVistra business.
"He's very open and very helpful and already has made some good suggestions. So we're already reaping some benefits from his experience. I certainly see that growing and we're going to encourage that."
Morgan is not taking a seat on iVistra's board but said he intended "to get to know Craig and his team better over the coming months and lift my level of investment and involvement".
The Trade Me proceeds look set to find their way into other ventures.
"I am taking my time in making investments at the moment, but hope to be doing one every few months as the opportunities allow," Morgan said.
