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February 15, 1999

3i LEADS CONSORTIUM TO BUY SAFETYNET

By CBR Staff Writer

Safetynet Plc, the UK-based disaster recovery company, has come under the control of a consortium led by venture capitalists 3i Plc after co-founder Paul Hearson sold out his stake for 32m pounds. The deal, which values the company at 85m pounds, gives 3i 20% of the equity while Reuters Group Plc has upped its stake to 25%. The balance is held by managing director Paul Barry-Walsh and the management. Safetynet has tripled its facilities in the past 18 months and has eight recovery centers in the UK and sites in Tokyo, Frankfurt, Madrid and Paris. Safetynet claims to have been the first company is the world to offer financial business continuity services and is a leading provider of bank dealing room disaster recovery services. Safetynet aims to float in around three years.

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