Alliance Helps Boost Investment in N.S. Companies
An alliance between InNOVAcorp and TARA, or Telecom Applications Research Alliance, is being credited with closing an investment in Halifax-based Unique Patterns Design Ltd.
The two groups have invested a total of $645,000 in Unique Patterns, which uses a web-based program to design customized clothing and allows clientele to preview the creations before they are produced or purchased. InNOVAcorp has made a one-time investment of $75,000, which matched an equal investment by TARA. TARA subsequently increased its second-round investment by $495,000, bringing its total investment in Unique Patterns to $570,000.
"Our alliance with TARA connects us with companies early on, and that leads to opportunities to participate in higher return, lower-risk second-round opportunities," said InNOVAcorp CEO Dr. Ross McCurdy. "This management strategy ensures our venture capital fund will continue to build and be available for future technology entrepreneurs."
Wayne Bussey, president and CEO of TARA, agrees. "We are very pleased with the InNOVAcorp/TARA relationship. This investment alliance allows us to reach a much higher level of investment which, in turn, dramatically increases our ability to impact promising organizations like Unique Patterns."
The investment alliance between InNOVAcorp and TARA provides capital to IT companies with high-growth potential. Under the agreement, TARA is responsible for investigating, analyzing and recommending suitable investment opportunities to a joint subcommittee. The investment alliance benefits Nova Scotia IT companies by leveraging InNOVAcorp's investment fund, allowing it in the long run to support more companies.
Unique Patterns is one of seven syndicated deals for InNOVAcorp. Its past investment partners, besides TARA, have included ACF Equities, Aliant, the Business Development Bank of Canada and Working Ventures Ltd.
Investment financing is just one of the resources used by InNOVAcorp in its commitment to grow Nova Scotia's IT industry. This fall InNOVAcorp will host Softworld 2000, a global, online business development forum that matches technology companies with strategic and international partners from around the world. Softworld 2000 is happening now online at www.softworld2000.com, and it culminates Oct. 15-18 in Halifax. InNOVAcorp is expecting more than 1,000 senior IT executives from 40 countries to attend.
NOTE TO EDITORS: Background information on TARA and InNOVAcorp is available; please e-mail [email protected] for more information.