Montreal, Canada - September 1, 1999 - Investissement Desjardins and TechnoCap Inc. are pleased to announce a combined investment of $3.75 million in Best-Seller Inc., a Montreal based software company and a leader in providing web-based e-Library networks. Investissement Desjardins has invested $2.5 million and TechnoCap has invested an additional $1.25 million to support Best-Sellerís ongoing product development.
Best-Seller develops PortFolio, an innovative web based library information management system written entirely in Java. Used by mid-tier to large libraries in North America and Europe, PortFolio enables corporate Enterprise and Public libraries to manage their multi-media collections and provide access to these collections via the Internet or their corporate Intranet.
Pierre Brunet, Senior Vice-President of Investissement Desjardins, says "Our decision to invest in Best-Seller was based on their strong management team, proven technology and large market potential. We are convinced that Best-Seller is poised to continue its expansion throughout Europe and the USA."
"Since TechnoCapís initial investment, we have witnessed a strong evolution of the company. The results that Todd Joron, President and CEO, and his team have delivered have been impressive. With Best-Sellerís e-Library network, Best-Seller provides the true portal for accessing library information worldwide." said Marc Balevi, Executive Vice-President of Technocap.
Todd A. Joron, President & CEO of Best-Seller, says, "Best-Seller proudly welcomes Investissement Desjardins to our family as valued partners along with Technocapís continued confidence and expertise as we expand further."
With over 200 sites, Best-Sellerís distinguished clients include some of the largest and most prestigious corporate and public libraries in North America and Europe. In the last 12 months, Best-Seller has expanded its offices in Montreal and Paris, doubled its staff to 50 employees, increased its net revenues by 63%, increased its gross margin to 97% and tripled its sales pipeline. This investment precedes a third round of financing scheduled for year end to fund acquisitions and a continued international expansion.
Investissement Desjardins is the venture capital arm of the Mouvement Desjardins, covering investment in growth companies and investment funds. Its mission is to create value in associated companies and help them achieve a significant position in their sector of activity, on both Canadian and international markets.
TechnoCap, a $100 million Montreal based capital venture firm whose shareholders are some of the largest financial institutions in Quebec and Canada, invests in technology companies that are in start-up or expansion phase. TechnoCap adds value by its experience in technology and commercialization as well as by its business network.
Executive Vice President
(514) 337 - 3000 poste 287