Philips Research Press Release

Prime Technology Ventures and Philips arrange for successful spin-out of five technology companies from Philips incubators

Amsterdam, the Netherlands – Philips Corporate Technologies and Prime Technology Ventures (“PTV”), a leading independent pan-European venture capital firm headquartered in The Netherlands, today announced the completion of a successful spin-out of five technology ventures from Philips incubator venturing program.

The transaction includes the following ventures: amBX, Civolution, Intrinsic-ID, priv-ID and Serious Toys. PTV has made substantial cash investments in each of these ventures for further development and growth of the businesses outside of Philips. Philips also re-allocated its minority stakes in Silicon Hive and Liquavista to the PTV III fund.

In addition to other investors such as Parcom Capital (ING Group) and Adams Street Partners, Philips also became a limited partner in PTV. This strategic relationship provides a unique platform that will bring the potential of highly innovative and promising business ventures to fruition.

Rick Harwig, Chief Technology Officer of Philips and Chief Executive Officer of Philips Corporate Technologies commented: “With PTV, these ventures have the means to accelerate their growth and establish a strong business. Furthermore, PTV is the right partner for Philips given their strong track record of developing high growth technology companies, competent team and blue chip investor base.” This transaction is consistent with Philips’ open innovation strategy and intention to spin out viable ventures which groom businesses outside our core Healthcare, Consumer Lifestyle and Lighting activities.

Sake Bosch, founder and Managing Partner of PTV commented: “We are delighted to welcome Philips as a limited partner in PTV III. We believe these businesses have great potential and match our sector experience and expertise. Above all, these ventures are in line with our strategy to invest in high growth companies which have the potential to achieve international dominance.”

Philips continues to be committed to develop disruptive new businesses and technologies in this entrepreneurial environment. This is part of Philips’ overall commitment to introduce timely and simplifying innovations that will improve people’s lives and have superior earnings potential.

Prime Technology Ventures
Bart Jochems - Marlot Communicatie
Tel: +31 (0)70-3115869
Email: b.jochems@marlotcommunicatie.nl

Philips Corporate Technologies
Hans Driessen
Tel: +31 610610417
Email: hans.driessen@philips.com

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs more than 118,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.

About Prime Technology Ventures 

Prime Technology Ventures is a leading venture capital firm focusing on investing in European companies in the information technology and related industries and leverages its capital, experience and contacts to actively guide them into global category leaders. The firm has invested in companies in the Benelux countries, United Kingdom, Finland and Sweden. From its offices in Amsterdam and Cambridge the independent partnership manages over 270 million euro in committed capital. The focus is on investments from seed through growth stage companies. Recent exits include Global Collect, Human Inference, Tridion and Watermark. Examples of current investments are 3Mensio, Codenomicon, eBuddy, Greetz, Nedstat, Netdialog, Q-go, Palringo, Pulsic, Sellaband and Siennax. Please visit the website www.ptv.com.