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WirelessDevNet.com Press Release
Mobile Cohesion Closes Second Funding Round of $4.8m
Belfast - UK, September 25th 2006 - Mobile Cohesion, the UK based telecommunications software firm, has announced that it has closed its second major funding round of $4.8m - one of the largest venture investments this year for any Northern Ireland based technology firm.
According to Per Lindblad, Mobile Cohesion's CEO, this is further endorsement of the company's market defining position in partner relationship management solutions for mobile operators worldwide.
"Our customers, some of the best known brand leaders in mobile telephony, have endorsed the concept of partner and performance focused partner relationship management based on our HYDRA product.
"With this funding round we can now further develop our presence in a vast market - one in which we have massive competitive advantage. We are very proud that our achievements have been recognised by our existing backers Cross Atlantic Partners and Accel Partners. But now Belfast-based Enterprise Equity (NI), Northern Ireland's longest established VC firm, has led our latest funding round supported by existing investors as well as Viridian Growth Fund - a Northern Ireland based fund managed by Clarendon Fund Managers.
"The funds will be used to leverage our existing customer relationships in other geographies and to attract new customers who are wrestling with partner management challenges. In addition, we'll be developing our customer operations organisation and further enhancing our product offerings through more R&D."
According to Brian Cummings of Enterprise Equity, "We were very impressed with the energy and talent exhibited by the Mobile Cohesion team and its track record of building successful telecommunication software companies. We believe that HYDRA offers a compelling proposition to operators that want to exploit the real business opportunity of mobile content, applications and data services. The challenge for the company is to build on its installed customer base and to further spread the word about the huge revenue and profit opportunities represented by HYDRA."
About Mobile Cohesion
Mobile Cohesion has set the standard for partner relationship management solutions for the mobile industry. We help operators build more effective partnerships with content and application providers, thereby improving profit and business performance. We enable them to partner, profit and perform - the 3 Ps of relationship management. We like to call it 3PRM(tm).
Mobile Cohesion's HYDRA is a 3PRM(tm) system that allows operators, MVNOs and Aggregators to achieve optimised partner relationships - defined by their own particular needs. It allows application developers and service providers to develop, deploy and execute convergent services, easing the delivery of relationship enhancing content and applications to mobile subscribers. HYDRA is the only solution for managing partner relationships that allows mobile operators full, real-time control of 3rd party content and applications. This transforms how operators view the data services opportunity as it empowers them to optimise revenue generation through more effectively managed partner relationships.
With headquarters in Belfast, Northern Ireland and offices in the USA and Singapore, the Mobile Cohesion team has considerable industry experience in the mobile software and services arena. Mobile Cohesion's capability is further enhanced by an experienced team of senior people from mobile success stories including Aldiscon, Apion, Ericsson, LogicaCMG, Nokia and Openwave. Investors include Enterprise Equity, Accel Partners, Cross Atlantic Capital Partners, Clarendon Fund Managers and the management team. More information is available at www.mobilecohesion.com
About Enterprise Equity
Enterprise Equity (NI) LLP is Northern Ireland's longest established and top performing venture capital company. It is part of the Enterprise Equity Venture Capital Group with offices in Belfast, Dundalk, Cork and Galway and manages a £40m fund. It was established in 1987 by the International Fund for Ireland. More information is available at www.eeni.com
About Accel Partners
Founded in 1983, Accel Partners has a long legacy of excellence and innovation in the venture capital business. The firm is dedicated to partnering with outstanding entrepreneurs to build world-class Internet, software and networking companies. Accel Partners has more than $4bn under management from its offices in Palo Alto and London, and its portfolio companies have completed IPOs that have created well over $150 billion in market capitalisation. Representative current and former investments include Brightcove, Comscore, Double Fusion, Facebook, Glam, Macromedia, RealNetworks, The Cloud and WeeWorld. For more information visit the Accel Partners web site at www.accel.com
About Cross Atlantic Capital Partners
Cross Atlantic Capital Partners (XACP.com) is a venture capital management firm operating several venture funds to deliver superior returns to its investors. With over $600 million under management, XACP focuses its investments on enterprise applications, services and telecommunications software, and other enabling technologies. We help the management of our portfolio companies transform their vision into substantial, profitable businesses. XACP maintains offices in Radnor, Pennsylvania, Dublin, Ireland and Edinburgh, Scotland; and targets investments in innovative technology companies in these countries. The Funds specialize in linking their portfolio companies with strategic partners, technology alliances, human capital, and capital markets on both sides of the Atlantic.
About Viridian Growth Fund
The Viridian Growth Fund is funded by private sector investors, the Department of Enterprise Trade and Investment, and the European Investment Bank with support under the EU Programme for Peace and Reconciliation to provide investment to SMEs in Northern Ireland.
The fund was established to invest in businesses that are growing and whose development is being restricted by an inability to access the appropriate level of equity finance. It is anticipated that by investment and by working alongside management to help companies develop securely and profitably, the fund will contribute to the strongly growing entrepreneurial activity within the SME sector in Northern Ireland. The initial investments are between £50,000 and £250,000 although follow on finance is subsequently available. The fund is managed by Belfast based venture capital fund managers, Clarendon Fund Managers Ltd.
For more about Viridian and contact details please visit www.clarendon-fm.co.uk
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