Direct Capital

The Portfolio

TMT Ventures

Company		Year Invested	Company Description
Business MediaLab is an aggregator of ICT research across the corporate, university and government sectors in New Zealand, co-ordinating and completing agreed ICT research projects between each of the above sectors. Strategy TMT Ventures invested in MediaLab in April 2005. One of the key untapped resources in New Zealand ICT investment sector is the commercialisation of research and development completed in New Zealand universities, crown research institutes and large corporates. MediaLab is NZ’s leading aggregator of such research and through its investment, TMT anticipates identifying commercialisation opportunities at an earlier and more effective stage.	MediaLab	2005	MediaLab is an aggregator of ICT research across the corporate, university and government sectors in New Zealand, co-ordinating and completing agreed ICT research projects between each of the above sectors.
Business Based in Auckland, Phitek develops audio enhancement solutions for the aviation and consumer electronics industries. Products include: Smartjack (used in over 35,000 seats of the world’s leading airlines), premium noise cancellation headphones and ear-buds and other audio peripherals, and integrated circuits. Strategy With the convergence of technologies into single devices such as cellular handsets, MP3 players, iPods and laptops, there is a growing demand for audio technologies to maintain the same pace of change. Phitek is proving itself to be a leader in the audio field and TMT Ventures invested into the company in September 2005 to provide capital funding for its rapid expansion as it enters the mass production across its various product lines.	Phitek Systems Limited	2005	Based in Auckland, Phitek develops audio enhancement solutions for the aviation and consumer electronics industries.
Business Geosmart is an Auckland based company providing a range of digital mapping and Location Based Services (LBS). The Company has three main product lines SmartMaps – which encompasses web and mobile mapping, vehicle navigation, and fleet management solutions, SmartForests – which encompasses digital forest mapping and inventory management, and SmartPhotos – aerial photography and photogrammetry. Strategy TMT invested in Geosmart in April 2004 to fund development of its web and mobile mapping solutions and the rollout of vehicle navigation in New Zealand. Geosmart is the leading provider of map datasets to the New Zealand market and aims to leverage its software and mapping data into a number of premium web, mobile, and vehicle based solutions.	GeoSmart	2004	Geosmart is an Auckland based company providing a range of digital mapping and Location Based Services (LBS).
Business A payment solutions company including: Card Management Systems, Customer and Merchant Loyalty Systems, Mobile Payment Solutions, and Payment Utilities. GFG has offices in Auckland, Australia, Philippines and Singapore. Strategy TMT Ventures invested in GFG Group in December 2004 to help fund the development of its Mobile Payments solution and the global expansion of its Card Management System. GFG has a strategy of leveraging its extensive payments experience, intellectual property, and reputation in the banking community into these solutions. The Company plans to extend its footprint with respect to is Cards business and capture a significant market share of the mobile payments market with its GFG:Mobile product.	GFG Group	2004	A payment solutions company including: Card Management Systems, Customer and Merchant Loyalty Systems, Mobile Payment Solutions, and Payment Utilities. GFG has offices in Auckland, Australia, Philippines and Singapore.
Business Based in Wellington and Australia, Momentum is an energy provider targeting predominantly SME customers in the deregulating Australian electricity market. Strategy TMT Ventures invested in Momentum Energy in 2004. The investment by TMT was a seed stage investment and TMT invested to fund the five NZ founders in taking their proposal from a business plan to a fully operational business. The strategy for Momentum has been to leverage the intellectual property of the founders gained in the NZ electricity market into the deregulating Australian market.	Momentum Energy	2004	Based in Wellington and Australia, Momentum is an energy provider targeting predominantly SME customers in the deregulating Australian electricity market.
Business Software of Excellence International Ltd (SOE) specialise in the development of software for the international dental industry. The company is based in Auckland with subsidiaries in the United Kingdom, the United States and Australia. SOE’s robust and scaleable dental software products are used at more than 3300 sites around the world and their product is the fastest-selling dental software in the United Kingdom, where they are a key participant in the Government’s initiative to introduce electronic patient records into the public health system and the military. SOE is a listed public company in New Zealand. Strategy To secure initial funding for the acquisition of US based competitor, SOE raised $2.5m from a private placement of convertible notes to financial investors including TMT Ventures and Co-Investor Pty Ltd.	Software Of Excellence	2004	Software of Excellence International Ltd (SOE) specialise in the development of software for the international dental industry.
Business Based in Australia and the US, Dilithium Networks provides a range of 3G video telephony solutions to leading equipment vendors in the mobile and broadband industries. Dilithium Networks serves a global customer base including the majority of the leading network equipment suppliers, terminal manufacturers and mobile operators. Strategy TMT Ventures invested in Dilithium Networks in July 2003 with the view of creating value through facilitating relationships with its corporate partners Alcatel and Lucent as value added resellers of Dilithium’s products. The Company aims to work with its channel partners to deliver world class solutions to global 3G network providers that enable interconnectivity between mobile and broadband networks.	Dilithium Networks	2003	Based in Australia and the US, Dilithium Networks provides a range of 3G video telephony solutions to leading equipment vendors in the mobile and broadband industries.
Business In 2003 TMT invested in EMS-Global Holdings, a New Zealand / UK based company offering the Cortex outsourced security and identity management platform, with customers in the USA, UK, Europe and Asia. In December 2005, EMS merged with Enprise Holdings Ltd, a New Zealand based IT company. The merged company offers (i) implementation and support services for SAP Business One and Exonet ERP solutions, (ii) the Cortex platform for outsourced security, messaging / collaboration, CRM and ERP solutions to the global MSP market and (iii) job costing software to complement SAP Business One and sold to the global SAP reseller community. Strategy TMT holds 60% of the shares in Enprise, with management owning the remaining 40%. The company aims to maintain its leading position as a provider of ERP solutions to the New Zealand SME market, while growing its IT solutions sales activities globally.	Enprise Solutions	2003	In 2003 TMT invested in EMS-Global Holdings, a New Zealand / UK based company offering the Cortex outsourced security and identity management platform, with customers in the USA, UK, Europe and Asia.
Business Travel.com.au (TVL) was established in September 1997 and is now Australia's leading online travel company. TVL offers travel services to individual and corporate customers, including domestic and international travel, hotel accommodation, car hire, travel insurance and holiday packages. TVL’s business supports two distinct brands travel.com.au and lastminute.com.au, the latter being a joint venture with Lastminute.com plc based in London. TVL is listed on the Australian Stock Exchange Strategy TMT’s shareholding in TVL was accumulated by an initial placement of shares in August 2003 and the subsequent sale of TMT investee Arnold Travel Technology in December 2004. Arnold developed the travel booking engine used by TVL and was funded by TMT Ventures in order to capitalise on the trend of moving from the over-the-counter booking process to an automated online service.	Travel.com.au	2003	Travel.com.au (TVL) was established in September 1997 and is now Australia's leading online travel company.
Business Based in Auckland, Esphion develops Network Behaviour Anomaly Detection (NBAD) software for Internet Protocol (IP) networks providing zero day protection against worms, viruses and anomaly traffic. Strategy TMT Ventures invested in Esphion in July 2002 to fund the commercialisation of its anomaly detection software into the telco and large enterprise markets. Esphion’s product provides the next layer in security beyond IDS and IPS and provides neural-based solutions that continually adapt to changing network behaviour and provide zero-day protection against the latest threats.	Esphion	2002	Based in Auckland, Esphion develops Network Behaviour Anomaly Detection (NBAD) software for Internet Protocol (IP) networks providing zero day protection against worms, viruses and anomaly traffic.