Michael Wayne Investment Management, the hedge fund that focuses on corporate and financial stocks, announced its $1 billion investment on Wednesday in technology start-up SCE Technologies.
The move is a sign that Michael Wayne believes in the technology of the future, according to Michael Wayne’s managing director, Scott Purdon.SCE Technologies, which is based in San Diego, Calif., aims to help businesses reduce their reliance on the cloud by providing cloud computing to the entire company.
The technology is expected to be the backbone of a number of technology companies that will be launching this year.
“We are excited to be joining forces with Michael Wayne to invest in the future of the technology sector and the future for the business world,” Purdin said in a statement.
“Michael Wayne has long been a champion of the startup community and has made significant investments in the sector over the years.
This will enable us to expand our existing investment into the emerging technology industry, as well as provide a competitive edge in the field.”SCE Technology has already raised $300 million in Series B funding and Purdis said the company has more than $3 billion in existing capital and is ready to make its first investment.
He added that the fund’s $1 million investment in SCE Technology will cover the full acquisition cost of SCE’s cloud computing infrastructure.SCHLINGER, Calif.
— SCHlinginger Capital Group Inc., the biggest U.S. technology investor by assets, on Wednesday said it has agreed to acquire the Los Angeles-based SCE Inc., which makes digital video conferencing and data center services for the entertainment and media industries.
Schlinkinger announced the deal, in a regulatory filing, saying it would acquire the company for $1.2 billion, or $12 a share.
SCE will be renamed Schlinkinger Global Communications Inc.SCLINGER has been focused on investments in digital technologies for more than two decades, and its portfolio includes the company that developed the technology that powers Google Maps.
In March, it said it had invested more than half a billion dollars in startups in the last 12 months.