One Of The UK's Most Innovative Web Companies To Be Sold

Online, October 29, 2011 (Newswire.com) - Elitemarket.com - the London based company that has established a global lead in the development of browser and tablet based virtual environments is to be sold. The company was formed in December 2008 by two technology entrepreneurs, Andrew McErlain and Deepinder Sahni, and having taken Elitemarket.com to a full working proof of concept, they have decided to seek a corporate partner with global reach to take the company forward.

Andrew McErlain commented: "we have had enormous interest in what we have achieved on the elitemarket.com site; fast browser based access to virtual environments and stores of a very high graphical quality. We believe we are the first site on the worldwide web to deliver such quality at a speed which surprises nearly everyone who goes to the site for the first time. Our developers have now replicated that quality and speed within apps for both Android and iPad tablets."

Andrew and Deepinder had initially considered an independent route forward for the company but they decided that raising external capital for an innovative web company in the UK would take too long and distract attention away from the main objective of taking the elitemarket concept global with real scale and dynamism.

Andrew further commented: "It remains a sad fact that raising capital for truly innovative and dynamic companies in the UK is challenging. The harsh reality is that the market for risk capital in the UK is very small with the vast majority of investors taking a risk-averse stance particularly in the current climate. Whilst the Government talks of small and innovative companies leading this country out of recession, they can only do that if they have access to the capital they need to take world beating ideas to the global market. The reason that the global leaders on the web have emerged from the US is no accident - they understand the concept of true risk capital and have the confidence to invest at an early stage. Until the UK Government addresses this deficiency as compared to the US market, we will not perform to anywhere near our true potential."

So it seems that another truly innovative concept, that originated within the UK, will be exploited and taken forward elsewhere.

Andrew said: "this is a very dynamic market where you need to exploit a lead with scale and speed. We must take up the tremendous interest in what we have created now. We are already engaged in detailed discussions with potential partners and we will hope to make a further announcement very soon."