Strathmore in web-firm link

By DITA DE BONI

Technology investment company Strathmore Group said yesterday it had invested $US1 million ($1.96 million) to secure stakes in international web application development and distribution companies Haht Software and Haht Asia.

North Carolina-based Haht Software deals in "sell-side e-commerce," or business-to-business e-commerce solutions for companies that sell products via partner and distribution channels.

Haht Asia, with offices in Sydney and Tokyo, sells and services Haht applications in Asia, the Pacific and South Africa.

Strathmore's investment sinks $US500,000 in company funds into Haht Asia, securing 10 per cent of the company, to aid sales and support activities.

The remaining $US500,000 has been invested in the preinitial public offering (IPO) funding round for Haht Software.

The total $US15 million funding round for Haht Software is being led by San Francisco-based investment bank Chase, Hambrecht and Quist.

Haht is the first Strathmore investment in a foreign-domiciled company and is the company's third foray into the high-tech arena. It purchased technology advisory firm Foresight Partners in September and half of credit services company CreditNet International in December.

Strathmore chairman Phil Norman said last night that the company had nominated director Peter Wright to take a directorship on the board of Haht Asia to "assist the Asian subsidiary strengthen its position."

"The chance to get involved in an established US software company pre-IPO will give us a great opportunity to co-invest with a leading [investment] bank and forge closer relationships with them."