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WirelessDevNet.com Press Release
MFORMA Closes Second Institutional Round of Financing
KIRKLAND, Wash.--Aug. 17, 2004--MFORMA Group Inc., a leading global provider of wireless entertainment media, announced today a new round of institutional financing on the heels of closing a $44 million round in June. The new round will total up to $40 million based on the company's needs in pending acquisitions being reviewed. The company announced a first close on $19 million in the new round, led by Draper Fisher Jurvetson and including participation by existing investors General Catalyst Partners and Bessemer Venture Partners.
"The market for interactive mobile media is accelerating," said Daniel Kranzler, MFORMA CEO. "At the same time a land grab of consolidation is underway with companies jockeying for market position. With MFORMA now reaching over 500 million mobile users through more than 100 wireless operators, we are perfectly positioned to be the leader in market consolidation. This round plus our previous funding gives us as much capital as if we had gone public, yet we still have the flexibility of a private company to innovate in our business. We were approached by one of the strongest and most experienced venture teams in the world, Draper Fisher Jurvetson, and their managing director, John Fisher, is now joining our board, giving us over 20 years of experience and insight in rapidly growing a business on a global scale."
"We are seeing massive growth in mobile entertainment worldwide and MFORMA is the clear leader," said John Fisher, managing director of Draper Fisher Jurvetson. "They have a respected presence in every territory where they are established and they have the distribution network and the diverse catalog of mobile entertainment applications necessary to reach into all parts of the world."
Noted Ron Elwell, partner at Bessemer Venture Partners, "We invested in MFORMA on the basis of its tremendous market position and potential, and we have been delighted to work with the company to achieve that. MFORMA has made great progress and has shown great discipline in evaluating expansion opportunities. Bessemer is even more convinced that MFORMA is poised to become the leader in the field of wireless content and we are pleased to be able to support its continued growth."
MFORMA will use its capital to continue its global expansion and will add new geographic territories, channels of distribution, and infrastructure in the high growth areas of Asia as well as Europe. MFORMA already provides distribution technology, managed services, and a comprehensive catalog of entertainment content to more than 100 of the world's leading wireless operators.
MFORMA was founded in 2001 and established itself first in the U.S., then Europe, and more recently, Asia, through a process of mergers and acquisitions. MFORMA recently announced the establishment of MFORMA China with offices in Beijing and Shanghai, and the establishment of MFORMA Korea through its acquisition of MobileGame Korea, a leading mobile games developer and partner with whom it has been collaborating for two years. MFORMA Group, Inc. today includes MFORMA Americas, MFORMA Europe, MFORMA China, and MFORMA Korea.
According to industry analysts, investment activity in mobile entertainment will continue to rise as the number of wireless entertainment subscribers grows with the penetration of new color smart mobile handsets increasing rapidly around the world.
""MFORMA has grown both organically as well as through acquisition to be a dominant provider of games and other mobile entertainment applications," said John Simon, managing director, General Catalyst Partners. "MFORMA simply has made excellent progress and its ability to raise two significant rounds of financing within one month of each other is further evidence of its excellent performance. These two financings provide the company the runway to continue its pattern of high growth, operational development and innovation."
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is a premier early stage venture capital firm. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. For more information, visit www.dfj.com.
About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. Please visit http://www.generalcatalyst.com
About Bessemer Venture Partners
Bessemer Venture Partners carries on one of the longest-standing private venture capital operations in the country. With more than a billion dollars under management, BVP has almost a century's experience of investing in and helping to build innovative, high-growth companies. Many leading innovators, including Parametric Technology, Ciena, VeriSign, Staples, Sonus Networks and Gartner, selected BVP as their early-stage venture partner. BVP has offices in the nation's top technology markets -- California, Massachusetts, and New York. For more information, visit www.bvp.com
About MFORMA Group, Inc.
MFORMA is a leading global provider of wireless entertainment content. MFORMA provides wireless operators and their customers with the world's best content and brands, and provides developers and brand owners with the shortest route to market. MFORMA's customers include more than 100 of the world's leading wireless carriers. In addition to the industry's most comprehensive catalog of Java, BREW, SMS, MMS, and WAP games, MFORMA also provides sports, lifestyle, and information services subscription products to serve every mobile audience. MFORMA's carrier-grade platform manages the delivery of downloadable games and applications for some of the world's largest carriers. With MFORMA, wireless operators can choose to utilize any or all of the MFORMA resources -- tools, platforms and/or content. MFORMA is headquartered in Kirkland, Washington, USA with facilities in Los Angeles, San Diego, Cambridge, England, and Seoul, Korea. (www.mforma.com)
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