By Joey Gardiner, 14 December 1999 14:53
NEWS Andersen Consulting is to form a $1bn unit to invest in high-tech start-ups. The fund will be managed under the name Andersen Consulting Ventures, and will aim to take ownership stakes in emerging companies in the technology sector. The news follows recent announcements of similar plans by consulting giants such as Cap Gemini, Ernst & Young and PricewaterhouseCoopers. The unit will be headed up by Jackson L. Wilson, who was previously in charge of Andersen's Global Markets division. Wilson said the venture will use Andersen's size to leverage relationships with established industry leaders throughout the world. Andersen Consulting says the investments will be spread across dot-com companies in Asia, Europe and North America. It will provide $500m in seed capital for the venture and raise the rest of the money from a variety of external sources.
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