More Magic Software Announces $8 Million Investment From Battery Ventures and Mustang Ventures.Business & High Tech Editors HELSINKI, Finland--(BUSINESS WIRE)--June 21, 2000 More Magic Software, which has created the world's first wireless transaction platform for the dynamic pricing and real-time billing of mobile commerce content and services, announced today an $8 million investment from Battery Ventures and Mustang Ventures, the venture capital group of Siemens Information and Communication Networks. While specific terms of the financing agreement were not disclosed, More Magic Software's Co-founder and 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. Mika P. Nieminen said the funding will give the company the resources to complete its initial commercial trials with a number of leading mobile operators. "More Magic's three years of intensive R&D has positioned us as the first to deliver a fully scalable carrier-class cross-platform transaction solution for mobile commerce," Nieminen stated. "Our previous work with Mustang Ventures has proven our technology in the core of the telecoms, and now joining forces with Battery Ventures will give us a clear advantage as we expand to the U.S. market. Their unmatched track record and strategic insight will help us to further strengthen our position as a market leader." More Magic Software is the creator of the MBrokerTM transaction platform, which enables mobile operators to dynamically price content and services for billing in real time. The system is the world's first scalable, carrier-class platform to allow the charging of content and transactions via a mobile phone. Last month, More Magic Software announced the first commercial trial of its MBrokerTM transaction platform with NetCom of Oslo, Norway. "More Magic Software is positioned at the center of the coming mobile commerce revolution," said Scott Tobin, general partner of Battery Ventures. "They have assembled top-notch technical talent and will be first to market with a tremendously robust product. We look forward to helping them secure their position as the leading provider of scalable mobile commerce technology." About More Magic Software More Magic Software is the market leader in carrier-class cross-platform transaction solutions for mobile commerce. More Magic's product range enables dynamic pricing and payment of all forms of network services and applications. More Magic extends the mobile carriers' offering from access to payment transaction management, allowing mobile carriers to leverage added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
About Battery Ventures Founded in 1983, Battery Ventures is one of the leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] in the information technology industry. Known for its successful investments in over 125 portfolio companies including Allegiance Telecom (ALGX), Akamai Technologies Akamai Technologies, Inc. (NASDAQ: AKAM) is a company that provides a distributed computing platform for global Internet content and application delivery, headquartered in Cambridge, Massachusetts. (AKAM AKAM Akamai Technologies, Inc. (stock abbreviation) AKAM Automated Key Access Machine ), HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. Software (HNCS HNCS Host Naval Computer System HNCS Host Navy Combat Systems ), Infoseek (SEEK), FORE Systems and Qtera, Battery Ventures has an established reputation for identifying companies with significant potential and shaping strategies to grow them into market leaders. The Partnership manages six individual funds with $1.8 billion of committed capital. About Mustang Ventures Mustang Ventures (www.mustangventures.com) is the venture capital group of Siemens Information and Communication Networks, a global leader in communications and information technology. Located in Santa Clara, Calif., and Munich, Germany, the company targets innovative technologies with world-class potential. Mustang Ventures has been a key investor in Sycamore Networks (Nasdaq: SCMR SCMR Supply Chain Management Review SCMR Society for Cardiovascular Magnetic Resonance SCMR Software Configuration Management Record SCMR Symmetrical Compact Microstrip Resonator SCMR Service Control Manager Remote ), Phone.com (Nasdaq: PHCM PHCM Master Chief Photographer's Mate (Naval Rating) ), Efficient Networks (Nasdaq: EFNT), Extreme Networks (Nasdaq: EXTR) and Virata (Nasdaq: VRTA VRTA Vibration Reduction Test Aircraft (CH-47D Helicopter) ). |
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