RealTime IT News

NetVest Group Selling Stake in Enhanced Services and Zulu

Sometimes it seems as if you can't keep up with doings at Zulu-Tek even with a scorecard.

The latest: NetVest Capital Partners LP said that it has reached an agreement in principle with a group led by China International Equities Ltd. to divest its partnership interests in Enhanced Services Co. Inc. as well as its stake in Zulu-Tek.

Zulu-tek, you'll recall, is the new name of SOFTBANK Interactive Marketing following its acrimonious takeover by echoMedia in Rhode Island. Apparently Hong Kong-based China International (not exactly a household name) will now have a piece of the action. No financial figures were disclosed.

Zulu-Tek and Enhanced Services swapped stock in early March and subsequently announced their intention to merge into a single entity that will offer customers a wide range of interactive advertising and marketing services.

"NetVest provided the venture capital support to enable Zulu to acquire EchoMEDIA and SOFTBANK, an industry pioneer in online advertising," said Roger Mincheff, president of Enhanced Services. "NetVest also provided the vision to refocus these companies into Zulu. When the planned business combination with Enhanced is complete, the full benefits of NetVest's efforts to lay the foundation to become a major Internet competitor will be realized."

The combined forces of Zulu and Texas-based Enhanced Services "will provide a range of innovative online services, including e-commerce, Internet advertising and technological services," Enhanced said.

But not with any help from all the former SOFTBANK execs, who are suing former parent company Ziff-Davis over the sale, claiming in essence that SIM was destroyed. All the founders and top execs quit, and the entire European staff walked out en masse and established their own company.