HSBC Private Equity has led a £7 million development capital investment in UDEX, the provider of complete, structured product descriptions. HSBC invested £4.6 million, Northbridge Ventures £1.5 million and 3i, who have supported UDEX since 1998, a further £0.9 million. 

UDEX was set up in 1997 with the sole aim of establishing and maintaining a global masterfile of complete, structured, commonly coded product descriptions (and their associated barcodes) produced to common global standards which would become the Industry Standard throughout the supply chain. UDEX is independent and non-partial and makes its product descriptions available to any reputable organisation on a commercial basis. 

John English, Chief Executive of UDEX, commented: "We are very pleased that a company with the knowledge and prestige of HSBC Private Equity has demonstrated its confidence in the present achievements and future prospects of UDEX by undertaking this substantial investment. We and HSBC Private Equity are delighted at the degree and speed of acceptance which UDEX has achieved and are convinced that we have established an excellent foundation for the general acceptance of our standard for product descriptions."

Andy Thesen, Director of HSBC Private Equity, said: "We are delighted to have the opportunity to invest in UDEX at a significant point in its development. Since 1997 the founders have worked hard to increase awareness of UDEX. The system has already been adopted in the UK by Tesco and Sainsbury's, and in the US by the World Wide Retail Exchange (WWRE). We believe that the prospects for the company are excellent."