It focuses on the small and medium-sized business sector.ĪPN chief executive officer Vincent Crowley said: ``A large number of our subscribers and advertisers are small and medium businesses, so it was logical to work with Peakhour to make these technologies available to our customers and other small and medium-sized businesses. Peakhour has since grown rapidly and has more than 100 people based in Sydney. Last August, the company raised A$12m in seed capital, which was one of the largest amounts ever raised by an Australian IT start-up. Peakhour plans to set up offices in Asia, Europe and the United States over the next six to twelve months. Other shareholders include Hong Kong-based Telecom Venture Group and Technology Venture Partners. Peakhour is involved in the fast-growing application service provider (ASP) market, where its client customers access their software applications remotely in what works out as a highly cost-effective deal for businesses.įounder and chief executive of Peakhour David Harrington said yesterday the fact that the fund-raising was oversubscribed was remarkable, given the shake-out in the technology sector. APN News & Media has increased its stake to 15pc following the completion of the funding move. Sydney-based Peakhour has just completed its second fundraising and raised A$40m through new and existing shareholders. INDEPENDENT News & Media's Australian business, APN News & Media, has increased its shareholding in business-to-business internet company Peakhour.
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