AvantGo Completes $31 Million Mezzanine Financing.Business Editors/Technology Writers SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--April 17, 2000 Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Ford Motor Company, McKessonHBOC and Research In Motion (RIM) Accelerate Growth of Business-to-Business Mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. Company AvantGo, Inc. today announced that it has secured $31 million in mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the from strategic partners and private equity investors. The Goldman Sachs Group, Inc. led the investment, along with participation from American Express, Ford Motor Company, McKessonHBOC, Research In Motion Ltd. (RIM) and existing AvantGo investors, 21st Century Internet Venture Partners, H&Q Venture Associates, Adobe Ventures and Fayez Sarofim Fayez Sarofim (Arabic: فايز ساروفيم) is a Coptic Egyptian American fund manager for a number of Dreyfus family stock funds. He is divorced with 5 children, and lives in Houston, Texas. & Co. AvantGo offers mobile infrastructure software and services that enable businesses to use handheld devices and Internet-enabled phones to build tighter relationships with their customers and employees. "With this team of world-class strategic investors, we will further expand the distribution and widespread availability of AvantGo on a broad range of mobile devices. As a result, our business partners will be able to connect with their customers more easily and more quickly than ever before," said Richard Owen Sir Richard Owen KCB (July 20 1804–December 18 1892) was an English biologist, comparative anatomist and palaeontologist. He was widely regarded as malicious and dishonest but he was also one of the most brilliant and influential biologists of his time. , AvantGo CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This mezzanine round will allow AvantGo to substantially increase operational infrastructure, broaden marketing and business development efforts, launch new products and expand staffing, positioning the company to better serve our enterprise customers and media partners." AvantGo enables its customers to publish content and deploy interactive applications by extending their web-based applications, personalized content and hosted application services to mobile devices. Delivering the mobile Internet to both wireless users and those interacting with applications and content offline, the company's enterprise customers include large, Global 1000 companies, such as British Gas and Catholic Healthcare West Catholic Healthcare West (CHW) is a California not-for-profit public benefit corporation that operates hospitals in California, Arizona, and Nevada[1]. As such, it is exempt from federal and state income taxes. , and leading media publishers, such as The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times, FOXSports.com, ft.com and Vicinity Corporation. Today, hundreds of thousands of individuals are using AvantGo's free mobile Internet service to access interactive and personalized content from the web and more than 350 optimized channels. Randall Blumenthal, managing director for Goldman Sachs, said: "We believe AvantGo is a leader in one of the markets with the greatest growth opportunities - the wireless Internet. AvantGo has created a leading mobile Internet solution for individuals and enterprises and we believe the company has the strong management team and strategy in place to further extend its reach into the business-to-business marketplace." "RIM is well focused on the wireless Internet market and sees AvantGo as another key contributor in this space," said Jim Balsillie, CEO at Research In Motion Ltd. "We welcome the opportunity to invest in the company and look forward to working with AvantGo to bring their solution to RIM Wireless Handhelds." About AvantGo AvantGo, Inc., the business-to-business mobile Internet company, wirelessly extends Internet-based content and applications to handheld computers and Internet-enabled phones. AvantGo Enterprise(TM) Interactive Server and AvantGo Enterprise Publisher enable global organizations to build valuable relationships with their employees and customers by putting essential content and services at their fingertips "Fingertips" is a 1963 number-one hit single recorded live by "Little" Stevie Wonder for Motown's Tamla label. Wonder's first hit single, "Fingertips" was the first live, non-studio recording to reach number-one on the Billboard Pop Singles chart in the United States. - any time, anywhere. The AvantGo mobile Internet service allows media publishers to easily extend their presence beyond desktop computers to individuals on the go without modifying their existing publishing systems. Using AvantGo, today hundreds of thousands of individuals are accessing free, interactive and personalized content from more than 350 leading media providers and thousands of user-submitted sites. For more information, please visit the company's Web site at www.avantgo.com or call 650-638-3399. AvantGo, AvantGo Enterprise and the AvantGo logo are trademarks of AvantGo, Inc. All other trademarks are the property of their respective owners. |
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