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Mobilitec Completes $12.1 Million Series C Funding, Secures Leadership Position In Mobile Content Delivery Market

Posted on: Monday, 7 February 2005, 06:00 CST

SAN MATEO, California, February 7 /PRNewswire/ -- Mobilitec, Inc., a global provider of integrated software products that enable mobile content delivery, today announced it has raised $12.1 million in Series C financing led by Canaan Partners. The round includes new investor Duchossois Technology Ventures, as well as existing investors AIG Orion and Lucent Venture Partners. Rutberg & Company served as the exclusive financial advisor to Mobilitec on the financing.

The success of this round reaffirms Mobilitec's market strategy and its long-term potential in the mobile content delivery space. Mobilitec will use the new capital to expand its global footprint, strengthen global sales and marketing activities and continue to enhance its leading mPower product suite. Mobilitec has attained a leadership position worldwide by providing mobile operators and service providers with a complete solution needed to deliver mobile content services to their subscribers.

Mobilitec has built an impressive customer base worldwide with leading wireless carriers and service providers, including Vodafone, the world's largest operating group. Today, Mobilitec has access to a subscriber base of well over 135 million subscribers and expects that number to almost triple by 2008. Mobilitec's presence extends throughout Europe, North America and Asia.

"Mobilitec has established a strong leadership position in the mobile services space. It has vital relationships with 20 wireless carriers worldwide, has built strong alliances with key partners in the wireless ecosystem, and is in the best position to capitalize on the growing subscriber base for wireless data services," said Eyal Levy, managing partner, AIG Orion Fund and Chairman of the Board of Directors of Mobilitec. "We are pleased to have been part of its early success and to support its continued growth."

"By offering a powerful proposition to wireless operators to maximize current and future revenue streams, Mobilitec has attracted and grown an extraordinarily strong, loyal customer base that includes the world's largest carriers," said Maha Ibrahim, partner at Canaan Partners. "As a result, the company is in a unique position to leverage these carriers' enormous, fast-growing wireless subscriber bases to further its lead in the red-hot market for wireless content delivery."

"We invested in Mobilitec on the basis of its tremendous market position and potential," said Dan Phelps, partner at Duchossois Technology Partners. "Mobilitec's worldwide customer base demonstrates the Company's excellent progress, and we are excited to be able to play a key role in driving its continued success as the leader in wireless content delivery."

"Mobilitec is clearly the leader in the mobile content delivery space and has the opportunity to be one of the key players in all the mobile data market," said John F. Hanley, managing partner at Lucent Venture Partners. "Mobilitec's market-leading technology, seasoned management team and strong customer relationships provide the strong foundation needed to take it to the next level and expand further. We are thrilled to be partnering with such a strong leader for the long-term."

"The market for mobile content services is one of the fastest growing market segments in the world's economy today and the demand for a solution that enables the delivery of mobile content is growing exponentially. That demand coupled with Mobilitec's leading position in mobile content delivery puts us in the forefront to be the premier provider to wireless carriers around the world, delivering software products that work across all networks, handsets, protocols and media types," said Margaret Norton, president and CEO of Mobilitec. "The support shown by our outstanding investors and our strong financial backing will enable us to scale and take advantage of our global opportunities."

About Mobilitec

Mobilitec is a leading global software company that offers an integrated software suite of products that enable mobile service delivery. The mPower suite offers flexible and secure service creation, management, billing and delivery of mobile media such as applications, video and audio for wireless operators and partners to generate and maximize revenue opportunities. Mobilitec is a privately held company headquartered in CA. For more information visit http://www.mobilitec.com/.

About AIG Orion

AIG Orion Venture Capital is a venture capital fund whose focus is primarily on investments in Internet Technology, and specifically within Mobility, Network Convergence and Content Management. Investors include AIG Capital Partners, Microsoft, 3Com Corporation, Comcast, Global Crossing and PMC Sierra.

About Canaan Partners

Canaan Partners (http://www.canaan.com/) is a national venture capital investment firm formed in 1987. Canaan specializes in startup and emerging-growth companies in information technology and services, as well as life sciences and medical technology. Canaan Partners was an early backer in Acme Packet, AdvancePCS (ADVP), Capstone Turbine (CPST), CommerceOne (CMRC), Concord Communications (CCRD), Copper Mountain Networks (CMTN), Esperion (ESPR), Genaissance Pharmaceuticals (GNSC), International Network Services (INSS), IntraWare (ITRA), Interact Commerce (IACT), Network Engines (NENG), ONI Systems (ONIS), Orapharma (OPHM), Pozen (POZN) and Praecis Pharmaceuticals Inc. (PRCS), Qovia Inc., along with dozens of other market-leading companies.

About Duchossois Technology Partners

Duchossois Technology Partners (DTEC) is a leading Midwest venture capital firm based in Chicago. DTEC is dedicated to helping entrepreneurs build successful enterprises and takes a value-added approach to investing. DTEC invests in early-stage companies and focuses on networking, semiconductors and software.

About Lucent Venture Partners

Lucent Venture Partners is the wholly owned venture capital subsidiary of Lucent Technologies, with headquarters in Murray Hill, N.J. Formed in 1998, the group invests in early-stage technology companies in high-growth communications areas such as optical, data, and wireless networking, semiconductors, communications software, professional services and e-commerce.

About Rutberg & Company

Established in 2001, Rutberg & Company is a research-centric investment bank focused on providing financial advisory and private capital raising services primarily to public and private companies in the wireless technologies and services sectors.

Media contact:

Joni Hanson

DrivePoint Communications for Mobilitec

Tel: +1-206-972-6823

joni@drivepointcomm.com

Mobilitec Inc

CONTACT: Joni Hanson, DrivePoint Communications for Mobilitec, Tel:+1-206-972-6823, joni@drivepointcomm.com

Source: PRNewswire

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