PRESS RELEASE
SIGMA TECHNOLOGY GROUP PLC
Investment
in Procession Limited
March 6th, 2001.
Sigma announces that Sigma Technology Investments (STI) has subscribed
£500,000 for shares in Procession Limited ('Procession' or 'the
Company') giving it a 4.6% equity stake as part of a private placing
raising approximately £1.3m for the Company.
STI was the lead investor. The other investors
who have subscribed are Enterprise Venture Capital Trust plc, the directors
of Procession and some of the existing shareholders of the Company.
Graham Barnet, Joint Managing Director of Sigma, is appointed to the
Board of Procession as a non-executive director. "Sigma has been
very impressed by the management team at Procession and we are pleased
to be working with them. Procession has developed a first class suite
of products and the fundraising will help to more effectively market
the products and accelerate the company's growth," said Graham.
About Sigma
Sigma Technology Group plc ('Sigma') is the holding company of Sigma
Technology Management Limited and Sigma Technology Investments Limited
('STI') (together, 'the Group'). The Group advises, procures funding
for and invests in companies at various stages of development. The Group
specialises, in particular, in working with companies in the technology,
media and telecommunications sectors.
About Procession
Procession is based in Chesham, Buckinghamshire and develops and markets
Business Process Management software for the emerging e-Process market,
allowing managers to take control of their key business processes. Procession's
technology enables the rapid design and integration of strategic processes
into eBusiness systems. These systems can be added to or modified easily,
and in real time.
Bob Critchlow is Chairman of Procession. He
was previously Chief Executive Officer of Tetra plc including the time
of its flotation on the London Stock Exchange until its sale to Sage
Group in 1999. He is also a non-executive director of Intelligent Environments
plc, which is listed on London's Alternative Investment Market.
Paul Greenfield was appointed Chief Executive
Officer of Procession in October 2000. Prior to this he was Vice President
of European Operations at Calico Commerce Inc. Previously he was Vice
President at Avant! Corporation where he had extensive experience in
merger and acquisition work. Both of these roles also included his involvement
in the listing of these companies on Nasdaq.
The Company intends to use the proceeds of the
private placing principally to increase its sales and marketing function.
-ENDS-
Contacts
Procession Software Ltd.
+44 (0) 1494 781 444
info@procession.com
Graham Barnet / Neil Crabb
Joint Managing Directors
Sigma Technology Group plc
+44 (0) 20 7860 6200
Matthew Smallwood / Camilla Glen
College Hill for Sigma
+44 (0) 20 7457 2020
