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Singular ID acquired by Bilcare Singapore LTD Pte
Innogest Capital accomplishes its first exit in less than six months after the initial investment

Padua, 31 January 2008

Innogest Capital has agreed to sell its 20% stake in Singular ID Ltd Pte following the acquisition by Bilcare Singapore LTD, a global player in the pharmaceutical packaging industry.

Innogest Capital had invested in Singular-ID in July 2007. After this transaction, it achieved an annualized internal rate of return close to 200% on its initial investment.

Pietro Busnardo, director of Singulard ID by appointment of Innogest Capital, said “Singular-ID’s team and technology proved to be very solid since the beginning. In a very short time, the company sealed commercial partnerships in Asia and Europe. We are very satisfied with the return achieved, albeit we would have preferred to hold on the investment for a longer period of time”.

Claudio Giuliano, Managing Partner of Innogest, said “Despite the fact our fund started activities only about one year ago, this transaction shows the quality and reliability of our team, our ability to screen and select high potential start ups. It has been a pleasure to work with Singulard-ID and its entrepreneurial team towards new growth horizons and international expansion. We are also delighted for the financial return for our investors, and we are committed to deliver similar or better results in future transactions.”

Singular ID, with offices in Padua and Singapore, commercialises magnetic tagging technology for use against counterfeit products, contract manufacturing overruns, and grey market diversion.

Bilcare Singapore LTD Pte is a subsidiary of Bilcare LTD, an Indian company listed at Bombay Stock Exchange. Bilcare is a global provider of pharma solutions and leader in the pharmaceutical packaging industry, with over 500 global customers.

Innogest Capital ( ) is the leading Venture Capital fund in Italy, with over 80 Million Euros under management and offices in Turin, Milan and Padua.

Innogest focuses on investing in young and highly innovative companies, helping entrepreneurs turn their start ups into successful businesses. Within Innogest portfolio of 6 companies, Singular ID is the first exit accomplished.

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Innogest SGR

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