Oceanic Communications Is Latest Kontiki Growth Fund Investment
Kontiki Growth Fund Ltd ("KGF") is pleased to announce its investment in Oceanic Communications Ltd ("Oceanic"). Oceanic is a recently-established web development and interactive marketing agency with a prime focus on building web-enabled business applications and online marketing and communication strategies. Its target clientele includes large corporate and government clients in Fiji and the South Pacific region. The main services provided by Oceanic include internet and intranet application site development, interactive strategy consulting, web and email hosting, email marketing services, online advertising solutions and web-enabled office process development. Oceanic is the brainchild of its CEO, Jonathan Segal. Jonathan is a US national based in Fiji with over a decade of direct management experience working for large US companies like Verizon Communications, Addison, and Intrasphere Technologies. Prior to establishing Oceanic, he was the Director of Interactive and Strategic Development at Connect Fiji. "This is an extremely exciting time for businesses in the region looking to take advantage of what Internet technology can offer them," said Jonathan. "Oceanic is very much about demonstrating to its clients not only where money can be made but also where money can be saved. Kontiki's investment in our firm demonstrates this continued and growing importance." KGF has invested a total of $200,000 in the venture. Its investment sees it owning 50% of the ordinary equity and 150,000 10% preference shares in Oceanic. The other ordinary equity shareholder in Oceanic is Jonathan. Oceanic is the third investment for KGF and is expected to meet KGF's target Internal Rate of Return of at least 20%. KGF was launched in December 2004, raising $3.5 million. It has now invested a total of $0.6m in the Kontiki Fund and $0.45m in private equity. Commenting on the investment, KGF Chairman, Jesoni Vitusagavulu, said Oceanic is an exciting investment opportunity that will see KGF benefiting from the development of Fiji's Information and Communications Technology (ICT) sector. "The demand for Internet based applications is growing and organisations are increasingly recognising that in addition to being a great marketing tool, web-based applications can also help an organisation streamline its business processes to achieve significant efficiency gains. Oceanic is well positioned to take advantage of this trend. Oceanic to us is about innovation, service and IT at a new level. As such, we are pleased to have the opportunity to be involved in the next generation of IT in Fiji," he said.