Venture capital group 3i has completed its investment injection into one of Sun Microsystems? major partners, Relay Business Systems, after the reseller underwent a management buyout.
As a result of the mbo, 3i invested a 30 per cent stake to help Relay?s buyout from its parent company, Palm Technologies. 3i was a shareholder in Relay before the buyout, and committed itself to raising the investment stake after the deal?s completion.
Relay MD Ian McPherson said: ?The investment from 3i will enable us to capitalise on our already strong position in the market.?
Brian Hobbs, Relay sales and marketing director, said: ?We see this as a focused partnership with a well targeted investment company. The money will be used to further our reach into both the commercial and the educational sectors of our business.?
Owen Sennitt, investment manager at 3i, said the company had been especially attracted by Relay?s commitment to Java, in particular its Java Centre initiative, in conjunction with Sun. But he refused to comment on the value of the investment.
Relay operates from Bath, Warwick, Hertford and Cardiff, and specialises in systems for the education, government and commercial sectors. It supplies Oxford and Cambridge universities with software, network and database systems and internet/intranet systems.
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