Helsinki, Finland (PRWEB) September 8, 2006 -–
Nexit Ventures, a venture capital firm focused on mobile technologies and services, has agreed to sell its share of Mobile 365, the global leader in mobile messaging and content delivery, to Sybase, Inc. (NYSE:SY), a leading provider of enterprise infrastructure and mobile software.
Sybase, Inc. (NYSE:SY) announced on September 5, 2006 that it has signed a definitive agreement to acquire Mobile 365, the global leader in mobile messaging and content delivery, in an all cash transaction. The purchase price set forth in the definitive agreement is $425 million, and the transaction is expected to close in the fourth quarter of 2006, subject to regulatory approvals and other specified closing conditions.
Nexit Ventures made its initial investment in Mobile 365 in the company's first institutional round in September 2000 together with Vertex Technology Fund. In subsequent rounds, Mobile 365 attracted additional funding from leading venture capital firms such as Mayfield, 3i and IVP, as well as from Intel, VISA and Citicorp.
In the spring of 2005, Patrice Peyret, co-founder and long-time CEO of Mobile 365, joined Nexit as Venture Partner. Mr. Peyret continued as part-time Chief Strategy Officer of Mobile 365.
"The acquisition of Mobile 365 comes on the heels of our exit from mobile graphics technology provider Hybrid Graphics in March. This latest acquisition of a Nexit portfolio company by a leading US-based technology player further validates our successful strategy of choosing high-value investment opportunities in the wireless ecosystem," said Michel Wendell, General Partner, Nexit Ventures.
Mobile 365 leads the world in the global delivery and settlement of mobile messaging and data services, including SMS, MMS and WAP. The company delivers 3.5 billion messages per month for nearly 700 mobile operators around the world.
Nexit's other portfolio companies include the Finland-based Ekahau, Futuremark and Hantro, as well as the US-based Bitfone and Ecrio.
Michel Wendell, General Partner, Nexit Ventures
tel. +1 408 406 6995
michel.wendell @ nexitventures.com
Christina Forsgard, Netprofile Finland
tel. +358 9 6812 080
christina @ netprofile.fi
About Nexit Ventures
Nexit Ventures is a venture capital firm focused on mobile technologies and services. Investments are made primarily in Nordic and US-based early-stage companies with products and services for a global market. For Nordic companies, Nexit's network of business contacts in Silicon Valley provides a bridge to markets, partners, experienced management and investors at an early stage. US-based ventures get an opportunity to profit from the market-leading wireless network infrastructure, technology, insight, and advanced user base of the Nordic countries. Nexit has offices in Helsinki, Stockholm and Silicon Valley. For further information, please visit http://www.nexitventures.com.
About Mobile 365
Delivering 3.5 billion messages per month, Mobile 365 leads the world in the global delivery and settlement of mobile messaging and data services, including SMS, MMS, and WAP. With reach to nearly 700 mobile operators around the world, Mobile 365 is at the forefront of mobile interoperability messaging and the distribution of premium content and value-added services. Headquartered outside of Washington, D.C., Mobile 365 has offices in Beijing, Guangzhou, Hamburg, Hong Kong, Johannesburg, Kuala Lumpur, London, Madrid, Mexico City, Milan, New Delhi, Paris, San Francisco, Shanghai, Singapore, Sydney, and Taipei. Major operator customers include Verizon Wireless, Vodafone, Cingular Wireless, T-Mobile, Telcel, Orange, Telefonica, O2, China Mobile, China Unicom, Hutchison, and Amena. Major brand customers include Skype, Volvo, Sony Pictures, MSN, Citibank, Siemens, Ogilvy, Yahoo!, and Dunkin' Donuts. For more information, visit http://www.mobile365.com