--TA, Summit put money in Bigpoint

Internet Business News
04-26-2011
--TA, Summit put money in Bigpoint

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

26 April 2011 - TA Associates and Summit Partners are together investing USD350m (EUR241m) in Bigpoint in a deal that will give them a controlling stake in the German Internet gaming group, the Financial Times reported.
The two companies are buying the stake from Comcast Interactive Capital, GMT and General Electric.

GMT and General Electric, which enjoyed five-fold growth in their investment, made two years ago, will remain minority stakeholders, while Bigpoint's founder and co-head, Heiko Hubertz, will keep his 30% holding.

The deal values Bigpoint at over USD600m and does not involve the raising of new funding. Hubertz, however, hopes that TA and Summit would help the company expand globally, acquire businesses and create software.

Bigpoint is one of the biggest companies in its sector, with its registered customers exceeding 185m.

It was advised by Montgomery & Co, while TA and Summit were consulted by Noah Advisors.

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