Bull Capital invests in Singapore-based IT security specialist
Bull Capital has bought a 41.67% stake in i-Sprint Group, a Singapore-based IT security service provider owned by Automated Systems Holdings, for $9.85 million.
According to a retulatory filing, i-Sprint will issue 118 million new shares to Bull Capital. The proceeds will be used to expand the company's customer base, to develop new projects relating to mobile security, for technology acquisitions and for working capital.
I-Sprint intends to go public on an internationally recognized stock exchange and Bull Capital will be able to exercise a buyout option covering all the company's shares if an offering does not take place.
Hong Kong-listed Automated Systems bought i-Sprint in 2011 for S$7.9 million ($6.28 million). The subsidiary develops technology security products for financial and insurance institutions and corporations globally.
The investment comes from Bull Capital $200 million Peregrine Greater China Capital Appreciation Fund. The fund invests primarily in high-growth companies in mainland China, Hong Kong, Macau and Taiwan, with a particular emphasis on consumption, retail, manufacturing, technology and the environment.
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