MobileLogic Secures $25 Million in First-round Funding Led by CMGI @Ventures and the Investcorp Group -- MobileLogic Delivers Full Range of Wireless Data Solutions for the Enterprise
Business Wire - March 27, 2000 08:19
NEW YORK--(BUSINESS WIRE)--March 27, 2000--MobileLogic, a provider of end-to-end wireless data solutions, has secured $25 million in first-round financing, led by top-tier investors CMGI @Ventures, the venture capital affiliate of CMGI, Inc. (Nasdaq: CMGI), and The Investcorp Group. MobileLogic is the third company to receive funding from the $1 billion CMGI @Ventures Technology Fund since it was formed in January. Additional institutional investors in this round include Allen & Company Incorporated, Apollo Management, Hikari Tsushin, Inc. and Odyssey Investment Partners. A number of individuals also made significant investments in the new wireless data solutions provider, including John H. N. Fisher, Managing Director of Draper Fisher Jurvetson, Leo Hindery, CEO of Global Crossing and Henry Kravis of KKR.
MobileLogic, headquartered in New York City, is applying their accumulated knowledge of the wireless data industry to assist companies in developing and implementing their wireless remote access and mobile commerce strategies. The company offers secure wireless data solutions for laptops, smart phones and PDAs, provides wireless system integration services and develops mobile commerce strategies for more than 80 Fortune 1000 customers, including ADP, Alliant Food Services, Atmos Energy and DLJ Securities.
"Enterprises are seeking guidance in developing wireless data solutions that improve employee productivity and interactions with customers," said James Altucher, CEO and founder of MobileLogic. "With our technology- and platform-agnostic approach to designing wireless data applications, MobileLogic is the only true provider of comprehensive m-commerce solutions for business and consumer users."
MobileLogic is focused on helping companies improve the out-of-office productivity of their mobile workers by providing them with wireless access to their corporate enterprise. In addition, the company helps convert traditional approaches to e-business into mobile commerce strategies.
"To develop an enterprise's wireless data strategy, MobileLogic examines each corporate business process and makes strategic recommendations to wirelessly extend back-office data outward to any wireless device," said Rob Balgley, President of MobileLogic. "For example, we have deployed the MobileLogic Wireless Virtual Private Network(TM) (WVPN) technology at over 50 corporations, enabling mobile workers to access critical data secured behind a firewall."
"MobileLogic's proven leadership team is targeting one of the fastest growing sectors of the Internet economy - the mobile commerce arena," said Lior Yahalomi, Managing Partner of the CMGI @Ventures Technology Fund. "The company will enable the rapid growth of m-commerce in both the B2C and B2B markets and offer flexible wireless communications platforms to the enterprise market. The opportunity for rapid growth and continued innovation is immense, and we also look forward to the deployment of MobileLogic's wireless data solutions throughout the CMGI and CMGI @Ventures network."
The management team of MobileLogic includes Chairman Ed Bennett, CEO James Altucher and President Rob Balgley. Bennett served as president and CEO of Prodigy, president of VH-1 and executive vice president and chief operating officer of Viacom Cable. He also sits on the Board of Directors of Engage Technologies, RealNames, SoftNet Systems, and WiredPlanet. Altucher was president and CEO of Reset, an interactive agency sold to Xceed in late 1998. Balgley was founder and president of Wireless Telecom, which was acquired by MobileLogic in February.
About MobileLogic
MobileLogic is a provider of complete end-to-end solutions for wireless data. MobileLogic advises enterprises on the development and implementation of their wireless strategies, using an entirely platform- and technology-agnostic approach. MobileLogic's solutions can be deployed on PDAs, laptops or WAP-enabled cell phones. Founded in 1999, MobileLogic is privately held and has secured over $25 million in funding from leading investment firms, including Allen & Company Incorporated, Apollo Management, CMGI @Ventures, Hikari Tsushin, Inc., The Investcorp Group and Odyssey Investment Partners.
For more information about MobileLogic, please contact Chaim Haas at Mindstorm Communications, 212-320-2133, or visit the Web site at www.mobilelogic.com
About CMGI and CMGI @Ventures
With more than 65 companies, CMGI, Inc. (Nasdaq: CMGI) represents the largest, most diverse network of Internet companies in the world, including both CMGI operating companies and synergistic investments made through its venture capital affiliate, CMGI @Ventures. CMGI leverages the technologies, content and market reach of its extended family of companies to foster rapid growth and industry leadership across its network and the larger Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage Technologies (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), 1ClickBrands, 1stUp.com, Activate.net, AdForce, Adsmart, AltaVista, CMGI Solutions, Equilibrium, Flycast, iCAST, MyWay.com, NaviNet, SalesLink, Tribal Voice and yesmail.com. CMGI @Ventures has ownership interests in 49 companies, including Lycos, Inc. (Nasdaq: LCOS), Critical Path (Nasdaq: CPTH), Silknet (Nasdaq: SILK), Chemdex (Nasdaq: CMDX), MotherNature.com (Nasdaq: MTHR) and Vicinity (Nasdaq: VCNT).
CMGI's corporate headquarters is at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures has offices there as well as at 3000 Alpine Road, Menlo Park, CA 94028. For additional information, see cmgi.com and ventures.com
About The Investcorp Group
The Investcorp Group is a global investment group with offices in Bahrain, London and New York. It focuses on three lines of business: corporate investment, real estate investment and asset management. The Firm has completed over 50 corporate investments with an aggregate value of approximately $14.5 billion.
CONTACT: Chaim Haas
Mindstorm Communications
212.320.2133
chaas@mindstormcomm.com
OR
Krista Thomas
CMGI @Ventures
650.233.0333 x225
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