mFormation Raises 9 Million Dollars in Series D Financing21 December 2004
mFormation Technologies Inc. (http://www.mformation.com), a leading provider of wireless device management solutions for the mobile industry, today announced the close of a $9 million Series D round of financing, bringing the total investment in the company to nearly $35 million. The round is being led by Intel Capital with participation by all existing investors including Battery Ventures, Carmel Ventures, Kingdon Capital and North Bridge Venture Partners.
The new funds will enable the company to continue the expansion of its operating activities to better meet the global demand for superior wireless device management solutions.
"Expanding the market for data services is important to the utilization of high bandwidth networks and to the adoption of rich multimedia handsets," said Sam Arditi, vice president of the Intel Communications Group and general manager of Intel's Cellular and Handheld Group. "Solutions like mFormation's wireless device management and service quality management product suite help expand the market for data services by providing tools to the carrier to configure and maintain the user's handset, ultimately resulting in an improved end user data experience."
"We are very pleased that Intel Capital has chosen to lead this round of financing. The strong support of our existing investors represents a significant vote of confidence in mFormation's technology, team and strategy. mFormation has one of the most functional, scalable and secure device and service quality management product suites in the industry," said Mark Edwards, CEO and Chairman of mFormation Technologies Inc. "mFormation's leading position in the wireless device management market combined with Intel's leadership in wireless technologies will enable mobile operators around the globe to accelerate data revenues from their end users and business customers through superior manageability."
mFormation Technologies Inc.
Valerie Breslow, +1 519 585 1700
valbreslow@earthlink.net
Source: Business Wire
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