Petach-Tikva, Israel. February 27, 2012 – Lenovo Group announced today its commitment to invest in Vertex Venture Capital’s new VC fund as part of Lenovo’s strategy to strengthen its presence in Israel. The Company will make a significant investment in Vertex Venture Capital to pursue new development opportunities in the areas of fixed and mobile broadband communications, digital media technology and applications, enterprise IT and infrastructure and greentech.
“We have a very strong position in Israel that mirrors our worldwide results. Lenovo is the number one provider of commercial laptop PCs in the country and the second largest PC vendor overall” said George He, Lenovo Senior Vice President and Chief Technology Officer. “The investment in Vertex is aimed to continue our expansion in Israel by building a solid R&D presence in the country. We firmly believe in the great potential inherent in combining the innovative technology and entrepreneurship of Israel-based companies with Lenovo’s global presence.”
Ehud Levy, Managing Partner at Vertex Venture Capital said, “We are delighted to welcome Lenovo to our family of global investors. There is tremendous synergy between our investment focus and Lenovo’s long-term business goals. We believe that our strategic partnership with Lenovo will significantly contribute to the further success of our companies as well as bolster the local Israeli high tech sector. Based on our history since inception over 15 years ago, we are confident that this relationship will prove to be a win-win-win situation: for Lenovo, for Vertex’s portfolio companies and for Vertex’s fund”.
Lenovo (HKSE: 992) (ADR: LNVGY) is a $US21 billion personal technology company serving customers in more than 160 countries, and the world’s second-largest PC vendor. Dedicated to building exceptionally engineered PCs and mobile internet devices, Lenovo’s business is built on product innovation, a highly-efficient global supply chain and strong strategic execution. Formed by Lenovo Group’s acquisition of the former IBM Personal Computing Division, the company develops, manufactures and markets reliable, high-quality, secure and easy-to-use technology products and services. Its product lines include legendary Think-branded commercial PCs and Idea-branded consumer PCs, as well as servers, workstations, and a family of mobile internet devices, including tablets and smart phones. Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information see www.lenovo.com
About Vertex Venture Capital