IT Capital chief seeks fresh fields

One of New Zealand's most experienced technology investors, Keith Phillips, is to quit his job as managing director of listed investment firm IT Capital to start his own company.

Mr Phillips, a South African who made his way to Auckland via management positions with Apple in Britain and the United States, will retain links with IT Capital as chairman of Deep Video Imaging and as a director of Virtual Spectator.

Other investments the company made on his watch include 35 per cent of accounting software developer exo-net, which was sold for about $13 million to Solution 6, new media company Terabyte and Golden Orb, an Australian company developing software to cluster small businesses.

It has more than $10 million cash, with the company taking a cautious approach to new investment.

Mr Phillips said IT Capital was now a mature venture capital organisation with offices in the United States, Australia, Asia and New Zealand.

The companies in its portfolio "are in good hands and I am looking forward to the challenge of identifying the next generation of great Kiwi technologies and to do what I can to assist New Zealand with its transformation into a knowledge economy."

IT Capital chairman John Robertson will be executive chairman while a replacement is found.

Mr Phillips said details of his new venture would be made public in due course.

Mr Robertson said Mr Phillips had brought leadership, international marketing skills and strategic thinking to the company.

"Keith has a good strategic picture of the world of IT.

"That vision, that strategic understanding was valuable to ITC and we will continue to have that association."

"We have developed the company with that global perspective, so we have a strategy of saying we originate investments in New Zealand and Australia and accelerate them to the rest of the world though our Singapore and North American connections and investors."

Mr Phillips said details of his new venture would emerge "in due course, but he has publicly identified a need for more cash at seed and mezzanine funding levels to get technology projects to a stage where venture capital companies could come in.

Links


IT Capital