IBM backs Allen and Buckeridge fund

IBM has made an $8.62 million investment in Allen & Buckeridge's third venture capital fund which closes later this year.

The IT giant will also become Allen & Buckeridge's preferred supplier of hardware and software technology and services. The VC focuses on new dot-com companies.

The agreement represents IBM's first foray into the Australian venture capital market. According to an IBM spokesperson, IBM is involved in other investments and programs outside of Australia. Specific details were not available.

Under the agreement with Allen & Buckeridge, it will not be mandatory for companies to select IBM equipment and services; however, Allen & Buckeridge will recommend IBM's technology as the preferred solutions, the IBM spokesperson said.

A spokesperson from Allen & Buckeridge said IBM's contribution adds to Allen & Buckeridge's third fund which is due to close in September.

Meanwhile, Allen & Buckeridge's public fund offer, known as Blue Peak, is due to close this Friday. The fund is being managed by Ord Minnet.

Both funds are targeted to raise a combined $175 million in investment capital.

According to the spokesperson, the funds are on track to reach the target.

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