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Mformation Secures $20M in FundingEDISON, N.J. --(Business Wire)-- Mformation(R) Technologies Inc., the leading mobile device management company, today announced that it has raised a round of financing of $20 million. The financing was led by expansion and late stage investor QuestMark Partners who participated in the financing along with Wasatch Cross Creek Capital, a private equity affiliate of Wasatch Advisors, Inc. and Mformation's existing investors who invested their full pro-rata share. "We are pleased to welcome QuestMark Partners and Wasatch Cross Creek Capital as Mformation investors, in a round intended to strengthen the balance sheet of the company, and fund new initiatives as our core business continues to accelerate", said Mark Edwards, Mformation's CEO. "The experience of our new investors will add to the base of experience the Mformation management team and Board have to draw upon as the company continues to grow strongly." Mformation customers include leading global operators with more than 700 million subscribers world wide including Sprint-Nextel, Vodafone, T-Mobile, Telefonica, Telus and Cell-C. In February 2007, the GSM Association honored Mformation with the global award for 'Best Service Delivery Platform'. Mformation was also named as one of IDC's 10 Emerging Mobile Players to Watch in 2007. "Mformation is right at the heart of a very attractive market," said Ben Schapiro, QuestMark Partners. "The mobile industry has evolved to the point where data is the primary driving force for growth. Mformation offers a market-leading, proven solution, through their ability to manage services through the lifecycle across any network. With their strong customer relationships and an experienced management team we believe they will cement their leadership further as the mobile industry benefits from accelerated access to data revenues through Mformation's platform. They're well-positioned in the market and they've got tremendous growth potential. We look forward to being part of that growth." About Mformation Mformation Technologies Inc. is the leading global provider of mobile device management (MDM) technology, offering a complete solution that enables mobile operators to rapidly accelerate their data revenues and reduce support costs. Mformation's award-winning MFORMATION SERVICE MANAGER(TM) suite is the most complete, flexible and integrated mobile device management software solution in the industry, providing solutions for OMA DM-based provisioning and configuration, FOTA management, smartphone application management, diagnostics, security management, enterprise management and customer experience management. MFORMATION SERVICE MANAGER(TM) received the 2007 GSM Association's award for "Best Service Delivery Platform" at this year's 3GSM World Congress in Barcelona. Mformation's platform has been licensed to leading operators in Asia, Europe and the US including Sprint Nextel, T-Mobile, Telefonica and Vodafone. Mformation is headquartered in Edison, New Jersey with offices around the globe. Mformation is a privately held company funded by Battery Ventures, Carmel Ventures, Intel Capital (NASDAQ: INTC), North Bridge Venture Partners, QuestMark Partners, Visa International and Wasatch Advisors Inc. Contact Mformation on the Web at www.mformation.com. About QuestMark Partners QuestMark Partners is a venture capital firm focused on expansion and late-stage growth companies in emerging markets. QuestMark's areas of focus includes in growth industries such as software, medical devices, and internet-based businesses, as well as enterprises in broader technology, health care and consumer areas. Founded in 1998, QuestMark has over $450 million under management. About Wasatch Advisors, Inc. & Wasatch Cross Creek Capital Wasatch Advisors, Inc. is a 30-year old investment adviser that is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. As of March 31, 2007, Wasatch Advisors managed approximately $9 billion in assets for pension and profit sharing plans, unions, foundations, endowments, individuals, trusts and investment companies registered under the Investment Company Act of 1940. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis designed to develop a deep understanding of the investment potential of individual companies. Wasatch Advisors' private equity affiliate, Wasatch Cross Creek Capital, is a venture capital fund exempt from SEC registration. Wasatch Cross Creek Capital makes select, late-stage private equity investments in companies that meet its criteria of the best-of-breed public companies of the future. Wasatch Cross Creek Capital is managed by an investment committee that consists of senior portfolio managers of the Wasatch Advisors research team. The investment committee may utilize other members of the Wasatch Advisors research team to evaluate and analyze potential Wasatch Cross Creek Capital investments. Mformation and the Mformation logo are registered trademarks of Mformation Technologies, Inc. All other trademarks, registered trademarks and brand names are the property of their respective owners. |
