Apax Partners Invests in QXL in Europe's Largest Ever Venture Capital Investment Into Online E-Commerce.NEW YORK--(BUSINESS WIRE)--Feb. 8, 1999--Apax Partners, the international investment group for growth companies, today announced an investment of $12 million in Europe's leading online auction site, QXL QXL Quixell (European online auction website) QXL Quark Express Element Library . This is the largest European venture capital investment into Internet-based commerce to date and reflects the rapid evolution of the European market. The private placement was managed by Jerusalem Global, Israel's leading high technology investment bank QXL offers two online sales format; QXL Direct, where it auctions branded goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. on its own account; and QXL Exchange, where private sellers auction their own goods. QXL Direct offers electronics, computer, household, jewellery and travel goods. Consumers can expect to find compelling deals unavailable in other sales formats. QXL Exchange can be used for private sale of an unlimited variety of items. Its auctions feature everything from collectibles and antiques to skis and cars. The company is already expanding rapidly in the UK, France and Germany. It is generating sales at an annual rate of $10 million, and it is growing at 20-305 a month. This makes it one of Europe's leading e-commerce businesses. QXL was started in September 1997 by Financial Times columnist columnist, the writer of an essay appearing regularly in a newspaper or periodical, usually under a constant heading. Although originally humorous, the column in many cases has supplanted the editorial for authoritative opinions on world problems. , Tim Jackson, with funding from private investors. In April 1998 a seed round, managed by Jerusalem Global, was completed with funds raised from its network of angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. . A further investment was made by Jonathan Bulkeley, the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of online retailer BarnesandNoble.com. Investment from Apax Partners Ventures will enable the company to accelerate growth in marketing, operations and technical infrastructure. In the past four months the company has more than doubled its sales revenues as well as its size and has launched localised localised - localisation sites in Germany and France, with further European expansion planned. Most recently, the QXL Exchange, QXL's personal auction service, opened for trading in the UK and Germany and reached a run rate of $3 million in sales generated within a month. Apax Partners Ventures will acquire a significant stake in the company. Head of Apax Partners' IT group, Dr Peter Englander, will sit on the QXL board. Commenting on the investment, Peter Englander said, "We are very excited to be able to back such a strong, capable and experienced management team in a high growth early stage technology company. The US market is already worth well over a billion dollars and we believe this Internet application will be very large in Europe as well." Michael Chalfen of Apax added: "Online auctions are one of the most exciting e-commerce applications and, as Europe's first mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. , QXL is already leading this market. It has world class service that European Customers will increasingly embrace." "We are thrilled to enter into this strategic relationship with Apax, a partner who has demonstrated its ability to make innovative investments, particularly in the Internet field," commented Tim Jackson, QXL's founder. "We are now well positioned to continue our rapid growth and secure the leading role in the European retailing marketplace. This growth will be underpinned by the combination of Apax's expertise and the strong management skills of QXL's CFO See Chief Financial Officer. , Robert Dighero and of Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Laurent, our SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul , European Operations." QXL QXL Ltd www.qxl.com Europe's largest online auction site, offers computer, electrical goods, jewellery, gifts and travel products via the Internet in an auction format. Founded in September 1997, QXL was the first interactive auction site in Europe. In October 1989 a German-language and currency version of the site www.qxl.de was launched, with a dedicated German customer service arm and in January 1999 a localised French site was launched www.qxl.fr. In December 1998 and January 1999, QXL opened the QXL Exchange in the UK and Germany enabling individuals to create their own Web auctions. Without registering or giving any personal information, web surfers are free to check all product specifications and images, and see full details of other people's bids and auction times. To participate, bidders open an account on QXL's secure server in just 90 seconds, and then use an account number and password to place firm bids. New lots come up several times a day and are open anywhere from one hour to one week. Email alerts are sent to bidders if outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. , offering the chance to increase the bid before the auction closes. Bidders can also ask the company's robot auctioneer AUCTIONEER, contracts, commerce. A person authorized by law to sell the goods of others at public sale. 2. He is the agent of both parties, the seller and the buyer. 2 Taunt. 38, 209 4 Greenl. R. 1; Chit. Contr. 208. 3. to bid up to a set limit. All products are sold with a 14-day, money-back guarantee and manufacturer's warranties and are shipped via the international courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. UPS. Apax Partners Apax Partners Ventures is one of the leading firms pursuing a balanced equity portfolio strategy. The firm invests primarily across five sectors internationally - IT, Telecoms, Biotech/Healthcare, Media and Speciality Retailing - in early stage, expansion and buy-outs. It has a team of 95 equity investment professionals in eleven offices across Europe, the US (operating as Patricof & Co), Israel and Japan. 70 of these professionals are in Europe. Founded independently in Europe in 1971 and in the USA in 1969, the firm came together in 1977. Apax Partners now manages over $3.5 billion on behalf of leading institutions around the world. Investments in the IT sector include Eyretel, the Virgin Fast Track 100 winner, Computacenter, Demon Internet Demon Internet Demon Internet is a British Internet Service Provider. It was one of the earliest ISPs, one of the UKs first, especially targeting the "dialup" audience starting on 1 June 1992 from an idea posted on CIX by Cliff Stanford of Demon Systems Ltd. , Autonomy and Dr Solomon's Software. For further information and photography, please contact: Deborah Kay T: 0171 872 6412 Apax Partners M: 0411 332 928 Alison Cabot T: 0181 964 9400 x209 QXL M: 0788 757 4904 For available photography, please contact Alison Cabot at QXL. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion