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WirelessDevNet.com Press Release
Nexit Ventures Exits Hybrid Graphics; Shares Acquired by US-based Nvidia
Helsinki, Finland - March 23, 2006 - Nexit Ventures, a venture capital
firm focused on mobile technologies and services, has agreed to sell its
share of Finland-based graphics technology provider Hybrid Graphics to
US-based 3D technology company Nvidia Corporation (Nasdaq: NVDA).
Nvidia is acquiring all outstanding shares of Hybrid from current
shareholders, including Nexit, Hybrid founders and individual
shareholders. Terms of the acquisition were not disclosed.
"Hybrid is a prime example of how a Finnish high technology company
has developed from a combination of strong elements into a successful
international company in its niche. Hybrid's acquisition by a US-based
listed company and the worldwide market leader in 3D graphics technology
is a significant testimony to Finnish industry expertise, while bringing
a new level of resources and opportunities to Hybrid," said Pekka
Salonoja, Nexit General Partner and Chairman of Hybrid.
The exit from a Finnish investment through an acquisition by a leading
US-based company is consistent with Nexit's investment strategy. Nexit
Ventures invested in Hybrid in 2002. On top of a solid technical
foundation, the company implemented new, more efficient processes and
built a sales organization that successfully commercialized the
company's expertise for international markets.
Hybrid has grown profitably and currently employs 37 graphics technology
and software professionals. Hybrid software enables high-quality 2D and
3D graphics in devices such as mobile phones. Hybrid customers include
Nokia, Ericsson, Philips, Samsung and Symbian, and the company's
technology is used in hundreds of millions of devices.
"Nexit has had a key role in the development and commercialization of
Hybrid's business. Their strong first-hand entrepreneurial experience
and close international contacts have provided us with strong practical
support, and their investment has strengthened our credibility and
capacity to operate in international markets. The acquisition is a
natural next step for us, and it opens up exciting new vistas," said
Mikael Honkavaara, CEO, Hybrid.
Nexit's other portfolio companies include the Finland-based Ekahau,
Fathammer, Futuremark and Hantro, as well as the US-based Bitfone, Ecrio
and Mobile365. The Finnish Software Entrepreneurs Association recently
nominated Mikael Honkavaara as Software Entrepreneur of the Year.
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