Press Release
a.p.solve to Spin Out of BT as Part OF NVP Brightstar Venture Partnership
3 February 2003: a.p.solve, which provides intelligent fieldforce management solutions to organisations in the telecommunications, cable and utility markets, today announced that it plans to spin out of BT and begin operating as an independent company, as part of the newly launched technology venturing partnership, NVP Brightstar and has received a £multi-million investment for funding international expansion.
NVP Brightstar has been created by BT Brightstar, the corporate incubator created by BT's research and technology business, BTexact Technologies; Coller Capital, the UK-based global private equity secondaries investment manager; and New Venture Partners, the US-based venture capital firm.
Based on advanced software technology developed with years of BT research, a.p.solve has been a developing venture within Brightstar since 2000 and includes ntl:home and BT among its customer base. It has recently opened offices in France and Germany with advanced plans to open further offices in Europe and expand its indirect channels to market. Inclusion in this portfolio reflects a very successful performance for 2002, whilst demonstrating investors' confidence in a.p.solve's business proposition, management and products.
Mark Horne, chief executive officer of a.p.solve, said: "There are few opportunities for true innovation in today's market, but our TASKFORCE, intelligent fieldforce management product, has changed the rules of workforce management. It is not simply a better 'mouse-trap'; it takes a fundamentally different approach - transforming the way corporations with mobile workforces dramatically reduce cost and achieve operational efficiencies while delivering superior customer service. With our integration and implementation partners and now with solid funding for expansion, we will be in a position to rapidly extend our leadership position in fieldforce management."
Rob Rosenberg, partner with New Venture Partners, said: "We are very excited about our investment in a.p.solve. A great many companies depend on mobile fieldforces but lack the tools to manage them effectively. a.p.solve's real world experience managing 20,000 BT field engineers each day and driving 30% productivity improvements demonstrates the power and compelling value of its flagship TASKFORCE product. As the company ramps its marketing and sales activity in the coming months, we anticipate raising an additional round of growth capital from external investors."
a.p.solve is expected to be incorporated in the spring of 2003.
About a.p.solve
a.p.solve is currently in acceleration with BTexact Technologies' corporate incubator, Brightstar, at Adastral Park, Martlesham, UK. It develops, markets, sells and supports TASKFORCE, a pioneering intelligent fieldforce management solution, aimed at organisations with mobile workforces of 200-plus engineers. Focusing on companies operating in the telecommunications, cable and utility services industries, TASKFORCE today manages tens of thousands of mobile workers, allowing large organisations to provide a rapid, same-day response, at a significantly reduced cost.
Developed at a cost of more than £100 million and 1000 man years of effort, TASKFORCE uses inbound, real-time information to drive the mobile workers' daily activity. Patented artificial-intelligence-based technologies dynamically and automatically deal with a complex mix of planned, reactive and demand-driven work orders, optimising the co-ordination of each job's location with the skills of the mobile workforce.
a.p.solve works with a broad range of global partners to deliver the proven competitive advantage to the world's best service companies.
About New Venture Partners LLC
New Venture Partners collaborates closely with corporate and institutional laboratories to create independent new ventures. Its professionals take a hands-on approach to identifying, incubating and forming companies based on advanced technology and underutilised existing company product lines.
The management tea originally came together as the Lucent New Ventures Group, developing spin outs from Bell Labs. New Venture Partners, with a syndicate led by Coller Capital, acquired the former Bell Labs portfolio of 27 companies in December 2001, as the starting point for its independent operation as a venture capital firm. Its recent successes include Flarion, Watchman, Intrado, Celiant (now part of Andrew Corp.) and Ibiquity Digital.
For more information about NVP, see the web site www.nvpllc.com.
About NVP Brightstar
NVP Brightstar is the name identified with NV Partners IV LP, a Cayman Islands exempted limited partnership, in its venture activities. NVP Brightstar will be managed by NVPM LLC, a Delaware limited liability company within the New Venture Partners family of companies.
Media Contact:
Cristian Parrino,
a.p.solve,
tel: 01473 605900
Email: cristian.parrino@apsolve.com
www.apsolve.com
Ashley Carr/Maxine Germaney
itpr, tel: 01932 578800
Email: maxineg@itpr.co.uk
www.itpr.co.uk
