Newcomer DTI makes debut UK investment

Kimberly Romaine
18 August 2011

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New York-based DTI Capital has backed the ТЃ4m buyout of London-based WTG, unquoteт has learned.

DTI was recently founded by a former Octopus Private Equity executive to back technology investments, with $5-50m of equity per deal.

Reflecting the increasingly short-term appetite of investors, DTI raises money on a deal-by-deal basis, mostly from family offices, and, unusually, charges no management fee. DTI was founded by a former associate director of VCT Octopus, Matthew Penneycard (pictured), and John S. Wehrle, who worked with Penneycard at Acartha Technology Partners, a firm Wehrle founded.

WTG is an information integrator that provides high-security solutions for public sector uses. It has been providing its services to criminal justice and national security departments since 2001 and contains data classified as 'restricted' and above.

WTG's software turns data into intelligence so that it can be shared securely via email, online portals and collaboration platforms.

Kieron Sambrook-Smith is the CEO of WTG. Penneycard is managing director of DTI and is joining WTG's board.

Legal advice for the deal was provided by the law firm Kaye Scholer. The London-based accountancy firm Blick Rothenberg did financial due diligence, and Latitude carried out the commercial due diligence.

WTG is one of three investments in DTI's portfolio.