News | Private Equity

Monday 10th December 2001

SJ Berwin advised Advent Venture Partners, the leading independent technology venture capitalist, on its £8.5 million ($12 m) investment in the series B funding round of Netik, a provider of end-to-end straight-through-processing (STP) for the financial services industry. Advent Venture Partners led the £10.6 million ($15 m) funding, investing alongside Warburg Pincus, an existing investor in Netik, who has committed £2.1 million ($3 m) to this latest funding round.

Netik, founded in 1997, develops products that enable financial services companies to seamlessly process a trade from the moment a transaction is entered into, right through to reporting settlement back to the client. For financial institutions this means improved productivity, reduced operational costs and risk and enhanced competitiveness.

Netik counts a number of large blue chip corporates, including Citibank, Deutsche Bank, Credit Suisse and Zurich Financial, amongst its clients and recorded a turnover of $19 million in the year to 31 May 2001. Netik has established strategic partnerships with Microsoft and Compaq. The company is based in London, with operations in New York, and currently employs 200 people.

This latest funding will enable Netik to reach breakeven and to finance a potential acquisition programme. The company has completed several strategic acquisitions since 1999 - MIC Data Corporation, Lightspeed Data Systems and Montclair Financial Technology.

The SJ Berwin team was led by Martin Bowen, assisted by Andrew Clarke and Emma Senior. The Gouldens team, which advised Netik Holdings, was led by Michael Nouril, assisted by Conrad Davies. James Comyn of Freshfields advised Warburg Pincus.

• SJ Berwin is a full-service international legal practice with more than 470 lawyers across its offices in London, Brussels, Frankfurt, Berlin, Munich, Madrid and Paris.
• With the largest dedicated private equity team in Europe, comprising 140 full-time corporate private equity lawyers together with support from its other departments, SJ Berwin advises clients on the full-range of private equity business, both in connection with the establishment of private equity funds and their associated incentive schemes, and on MBOs, MBIs, public-to-privates and venture capital investments.
• SJ Berwin has recently won the European Venture Capital Journal Award for Private Equity Law Firm of the Year 2000, Law Firm of the Year and Property Team of the Year at The Lawyer Awards 2000, and Competition Team of the Year at the Legal Business Awards 2000.