Attica Ventures exits Antcor stake to u-blox AG

The deal is considered to be the largest sale of a Venture Capital backed technology startup in Greece

16 September 2014

After few months of talks and negotiations, u-blox AG (SIX Swiss Exchange: UBXN), proceeded with the acquisition of 100% of the shares of Antcor SA, a Greek Wi-Fi technology company whose principal shareholder was Attica Ventures, a Greek venture capital fund company, owned by Attica Bank.

The total amount of the Antcor acquisition agreement may reach up to €8,500,000, which makes this the largest sale of a Greek VC backed technology startup company. It should also be noted that the return for investors is expected to be more than twice the initial investment capital.

Through the Zaitech venture capital Fund managed by Attica Ventures, the latter has invested large amounts of capital in and has provided strategic and business support to the said technology Greek company from its very establishment up until today. In 2011 Antcor implemented an aggressive programme of international strategic partnerships, placing emphasis on the development of the new software baseband technology mainly for the new 802.11ac Wi-Fi standard. These efforts resulted in the strategic investment of CEVA, Inc (NASDAQ: CEVA), through a substantial share capital increase in August 2012.

Over the last two years, with the ongoing support and cooperation of Attica Ventures and its partners, the company has been steadily rising and growing. It has more than doubled its number of jobs and has concluded many international commercial cooperation agreements with some of the biggest companies in the semiconductor and microelectronics sector, and has also achieved a significant increase in sales.

U-blox AG, which has been listed on the SIX Swiss Exchange (UBXN) since 2007, with sales exceeding €180 million in 2013 and with a current market capitalisation exceeding €600 million, is a global leader in wireless and positioning semiconductors for the automotive industry, technology consumer markets and the broader processor industry. With regard to this agreement, Attica Ventures CEO Giannis Papadopoulos stated:

"Today is a day of joy and sadness for us. Joy because we have successfully completed our fourth disinvestment and sadness because we have to say goodbye to a company and its people, with whom we have been together from the very moment of its establishment up until today. We invested in Antcor at a time when the term ‘start-up’, which is so popular today, was an unknown term in the Greek business scene, and we supported it passionately and consistently, having great confidence in our outstanding partners. The road was rough and long, with many disappointments and toils along the way. However, today’s result justifies our principles and work methods, our persistence and patience, and also stands as a major international acknowledgement of our investment strategy. Despite the tough situation in which the Greek economy finds itself, and the adversities faced by Greek entrepreneurs in these crucial circumstances, the acquisition of Antcor by u-blox AG confirms the positive prospects of Greek enterprises that are known for their outward-looking attitude, innovation and effective management."

About Attica Ventures

Attica Ventures was established in 2003 by Attica Bank (the first Greek bank to create a venture capital fund management company) and has since 2004 been managing funds amounting to €65 million invested by Attica Bank, TANEO (New Economy Development Fund) and private investors. It has already injected funds of over €40 million into the economy by participating in the implementation of investment plans amounting to over €170 million in total.

It is currently considered one of the most successful venture capital management companies in Greece, having implemented 12 investments in Greek SMEs and having contributed to their development and to the creation of more than 800 new jobs. Four of its investments are already listed on the Athens Exchange (mastihashop, Doppler, Performance Technologies, Foodlink). Furthermore, it has already completed four disinvestments, yielding significant returns for investors up until today. In October 2011 the company received an Employment Growth Award from the Athens Chamber of Commerce and Industry for its long-standing contribution to the creation of new jobs.

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For further information, please contact Ms Maria Antoniou, Account Manager, STRATCOM, tel. +30.219.999.1887, antoniou@stratcom.gr

FROM THE ATTICA VENTURES PRESS OFFICE