Novell Buys Stake in IPO Investment Bank
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W.R. Hambrecht & Co., the San Francisco investment bank founded by Bill Hambrecht, said Wednesday that computer networking giant Novell Inc. has taken a minority stake in the firm.
The size and amount of the stake by Novell, made through its venture capital arm, wasn’t disclosed.
The investment is expected to help W.R. Hambrecht, formed in January 1998, fund its growth.
The firm recently launched its OpenIPO system, an auction-based method of taking companies public on the Internet. The first deal was for Ravenswood Winery, which went public April 9.
Novell’s interest in Hambrecht’s venture? “We can use networking technology to bring a fresh approach to wealth creation and the world of investment banking,” said Eric Schmidt, chief executive of Salt Lake City-based Novell, one of the largest providers of networking software.
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