TIME backs Transmedia Communications

The venture firm will take a minority stake in the business alongside its founders Etienne Mirlesse and Natalia Tserkova, as well as Swisscom Ventures, which has supported the company from inception.

The financing will be used to broaden iConcerts' geographical footprint, develop access on further devices, grow the catalogue and improve access technology for the consumer.

The management of one of TIME's portfolio companies had worked with iConcerts previously, and mentioned the company to the GP. TIME approached iConcerts' founders directly, expressing its interest in becoming involved.

Among the factors contributing to making iConcert an attractive investment were its potential for growth and its global position in a niche market, the GP said. TIME hopes to eventually profit from exiting the business to a trade player at a premium. The GP holds a stake of 15-30%.

Company
Transmedia Communications is based in Geneva, where it launched its iConcerts business in 2006. iConcerts is a digital distributor of audiovisual concerts, offering a catalogue of recordings to viewers in 85 countries via pay-TV. The product has recently become available on smartphones and tablets.

iConcerts expects to reach a turnover of €5-10m in 2012 and €10-20m in 2013. The business currently breaks even and the GP expects high EBIT figures after 2014. Around 50 people currently work for iConcerts.

People
Henri de Bodinat is president of TIME. Dominique Mégret is head of Swisscom.

Advisers
Equity - Ernst & Young (Financial due diligence); JeantetAssociés (Legal).

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