[July 27, 2004] Airborne Entertainment Completes $22 Million Financing Round Led by Insight Venture Partners MONTREAL & NEW YORK --(Business Wire)-- July 27, 2004 -- Deal Underscores Airborne's Leadership Position in the Rapidly Growing Market for Diversified Mobile Entertainment Products and Services Airborne Entertainment Inc., today announced a $22 million round of financing led by Insight Venture Partners, with participation from existing and other new investors. This investment will step up expansion of new product lines and services in the mobile entertainment market, support the rollout of international distribution and accelerate strategic acquisitions. "We are unmatched in the breadth of the mobile entertainment products and services that we can publish over virtually all mobile handsets and technology platforms," said Garner Bornstein, CEO of Airborne Entertainment. "This financing underscores our vision and success in addressing the needs of Consumer and Business Brands to create new revenue streams and to reach their customers through the mobile channel. It allows us to further our goal of providing a world-class branded mobile media publishing platform at a time when consumption of mobile content is at a growth inflection point." According to Strategy Analytics, the North American market for mobile content is growing rapidly with revenues of $1.4 billion in 2004 and expected to reach $14 billion by 2008. To meet this demand, Airborne Entertainment has established distribution agreements with all major mobile operators and has partnered with industry-leading brand properties to deliver a diverse array of mobile entertainment products to consumers. Among others, Airborne has launched products in conjunction with such properties as Maxim Magazine, YM Magazine, the National Hockey League, Fox Filmed Entertainment, the Left Behind book series, Dr. Deepak Chopra, Canadian Idol, The Food Network, Wine Spectator Magazine, A&E and the History Channel. "Airborne Entertainment has emerged as the clear leader in mobile entertainment products in a market that is growing rapidly," said Jeff Horing, Managing Director at Insight Venture Partners. "Airborne's expanding list of mobile operators and properties validates the need of the industry to work with a publisher that provides a complete set of products and services. Our decision to invest in Airborne is based on the long-term value we see in the Company's business model, creative people and technology." This funding represents a significant step toward Airborne's objective of expanding its strength and solidifying its leadership position within the mobile entertainment industry. Other key recent accomplishments by the company include the roll-out of its international distribution network, substantial expansion of its brand rights library, the launch of its personalization products division (ringtones and phone graphics), and the shoring up of its senior management team including the hiring of Rory Olson (former EVP of BCE Emergis and CEO of Surefire Commerce) as Chief Operating Officer, and Pierre Bernier (former CFO of Yellow Pages Group) as Chief Financial Officer. About Airborne Entertainment Inc. Airborne Entertainment is a leading publisher of entertainment content for mobile phones. The company creates, packages, and distributes games, lifestyle applications, messaging services, ringtones and graphics in conjunction with the world's most recognizable media and consumer brands. Airborne's distribution network comprises all tier-one North-American mobile operators, reaching nearly 100% of enabled mobile subscribers, as well as a growing number of mobile subscribers in foreign markets. For more information, please visit www.airborne-e.com. About Insight Venture Partners Insight Venture Partners, managing approximately $1 billion in funds, specializes in investing in high-growth software companies. Insight invests in entrepreneurial companies developing technology-based solutions that solve real industry problems. Headquartered in New York, Insight is dedicated to assisting companies achieve their goals where speed, expertise, and the ability to execute are the foundations of success. The firm has an outstanding track record, a strong professional team, and a proven investment strategy. More information on Insight is available at www.insightpartners.com. [ Back To TMCnet.com's Homepage ]