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Byline: Porus P. Cooper
Jul. 20--When a small group of individual investors pooled their resources in late 1999 to finance start-up software companies in the Philadelphia area, their timing wasn't perfect.
Soon after they formed Robin Hood Ventures, the technology boom began to fizzle.
With no returns on their equity for years, one of the founders, Rob Weber, took to calling his involvement "an expensive hobby."
The group, which has invested $9 million in more than a dozen companies, is finally celebrating its first success: One of the ventures it backed, Compoze Software Inc., of Wayne, has been bought by a software heavyweight, BEA Systems Inc., of San Jose, Calif., the companies announced yesterday.
The deal was all in cash, said Larry Brotzge, an early member of Robin Hood and a director at Compoze. He would not reveal the purchase price or how well Robin Hood did on its early-2001 investment of $300,000 in the company, except to say: "We are very pleased with the outcome."
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