Publication Date:
Mon, 2011-05-09 00:59
Investcorp, which once floated luxury brands Gucci and Tiffany & Co., said the investment valued eviivo at about 30 million pounds ($49.2 million). It did not disclose the actual amount invested in eviivo.
The majority stake was bought through Investcorp's technology private equity arm, the firm said in a statement. The technology investment arm invests in small and medium-sized businesses in North America and Europe, Investcorp said.
London-based eviivo grew at a compounded annual growth rate of over 60 percent in the last few years and partners with more than 4,400 businesses in the United Kingdom, Investcorp said in the statement.
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