Thames Tech Wire

BVCA Concerned about Increased Regulation and Taxation

London -- Vince O'Brien, chairman of the British Venture Capital
Association (BVCA), has warned the U.K. government that the
local venture-capital industry is not as robust as most people
believe. Speaking at the BVCA's annual Chairman's Dinner,
O'Brien said the industry was increasingly concerned about new
regulation and taxation. According to a recent survey, more than
half of the BVCA's members believe that regulatory burdens for the
local VC industry will worsen compared to those in other European
countries. "This is a highly mobile and flexible industry," O'Brien
said. "We are concerned that no sudden or gratuitous change in
our tax or regulatory environment drives key members of the
industry out of London and the U.K."
http://www.bvca.co.uk/

Computer Viruses Plaguing U.K. Companies, Report Says

London -- According to a report by the U.K. Department of Trade
and Industry (DTI), malicious computer programs are the biggest
cause of security problems for local businesses, with nearly half of
U.K. companies reporting that viral infections caused their worst
security breaches over the last two years. The DTI also found that
about two-fifths of U.K. companies said viruses had a serious
impact on their business, with some of the worst cases taking as
many as 50 days to fix. Not all of the news was bad, however.
"Despite the increased threat, fewer companies had viruses than in
the last two surveys," the DTI said. "Infection rates have dropped
by roughly a third since two years ago."
http://www.theitshield.com/pr/5426

Investcorp Technology to Acquire Conduit for €90 Million

Dublin -- Investcorp Technology Ventures, the venture-capital arm
of South Africa-based investment group Investcorp, announced
that it has agreed to acquire Conduit Ltd., an Ireland-based
directory assistance business, for approximately €90 million (£61
million). Under the terms of the deal, InfoNXX, a U.S.-based
independent directory assistance provider, will participate as a
minority buyer. Investcorp said it expected to close the deal within
the next two months.
http://www.conduit.ie/media/2006/pr_2.asp

Japan's Softbank to Acquire 23% of Sporting Exchange

London -- According to a report in the Financial Times, Softbank
Corp., a Japan-based Internet investment company, has agreed to
acquire as much as 23% of Sporting Exchange Ltd., the U.K.-
based online gambling group that controls Betfair. Although
financial terms were not disclosed, the Financial Times said
Softbank would pay about £13 a share. Sporting Exchange said it
would likely release details for the deal, which should be
completed by April 3, within the next few days.
http://news.ft.com/companies/uk

Report: Pre-Money Valuation of VC-Backed Firms Increases

London -- According to a new report from VentureOne, the median
pre-money valuation of European venture-backed companies
increased to €4.1 million, the highest annual median since 2002
(€4.8 million). The health-care industry showed the largest
increase, growing from €5.7 million in 2004 to €7.5 million in 2005.
The median value of European IT companies also increased from
€3.2 million to €3.9 million over the same period. "As exit
opportunities improve, particularly for IT companies -- the mainstay
industry of venture capital -- investors assign more value to
portfolio companies being funded, especially those in the later
stage of financings," said VentureOne Research Director Steve
Harmston.
http://www.ventureone.com/

C&W Set to Cut Nearly Half of Workforce

London -- Cable & Wireless (C&W), a U.K.-based
telecommunications company, announced that it is planning to
eliminate as many as 3,000 jobs -- nearly half its workforce -- over
the next five years. The company said the massive restructuring
would see it reduce its customer based by as much as 90% as it
focuses on larger clients, such as Lloyds TSB Group and
Volkswagen Group. Just last month, C&W made headlines when it
unveiled plans to split into two business units and announced that
CEO Francesco Caio would leave at the end of March.
http://www.cw.com/media_events/media_centre/worldindex.html

PartyGaming CEO Richard Segal to Step Down

London -- Gibraltar-based PartyGaming, owner of the largest
online-poker website in the world, announced that its chief
executive officer, Richard Segal, will resign in June. Segal, who
lives in the U.K., is understood to have made the decision after he
refused the board's request to relocate to Gibraltar permanently.
Segal led PartyGaming's £4.6-billion initial public offering on the
London Stock Exchange last year. He is also credited with
spearheading the company's expansion into blackjack and the
unification of its online betting system.
http://www.partygaming.com/

Baltimore Plc Lists Shares on London's AIM

Dublin -- Baltimore Plc, the shell company previously known as
Baltimore Technologies, announced that it has listed its shares on
London's Alternative Investment Market (AIM) under a new
corporate structure. The Ireland-based firm has acquired two of its
investors, Acquisitor Holdings and New York Holdings, to form a
new investment business, Baltimore Plc. The new company's
16,500 shareholders include about 3,000 independent
shareholders based in Ireland.
http://www.baltimoreplc.com/ir-press-2005.php

U.K.-Based Cramer Expands in Atlanta

Atlanta -- Cramer, a U.K.-based telecommunications software
vendor, announced that it is expanding its presence in Atlanta,
Georgia. The company has appointed two Atlanta-based
executives, secured new office space in the Georgia Tech Venture
Centre (GTVC) and launched a growth initiative that will triple the
size of the Atlanta office over the next six months, the company
said. Cramer's customers include Bell Canada, Cablecom, KPN,
Telefonica and Vodafone.
http://biz.yahoo.com/bw/060227/20060227005364.html?.v=1

Vodafone Takes £28-Billion Charge, Lowers Growth Forecast

London -- U.K.-based Vodafone Group, the largest mobile-phone
operator in the world, announced it plans to cut its book value by
as much as £28 billion (€41 billion) in the face of fierce competition
worldwide, particularly in Western Europe. The company also
lowered its revenue-growth guidance for the year. "This lower
growth rate reflects the increasingly intense competitive
environment, continuing regulatory reductions in termination rates,"
Vodafone said. The company said it expected profit margins to
drop by about 1% in fiscal 2007.
http://www.vodafone.com