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HiddenMind Technology Receives $50 Million In Financing Commitments From Warburg, Pincus And BEA Systems, Inc.
CARY, N.C.--(BUSINESS WIRE)--June 13, 2000--HiddenMind Technology, Inc., a leading mobile applications service provider (m-ASP), today announced that it has closed on an initial $25 million equity financing round provided by Warburg, Pincus & Co., the New York-based private equity firm and BEA Systems, Inc., (Nasdaq: BEAS - news), The E-Commerce Transactions Company(TM), headquartered in San Jose, California. Warburg, Pincus has also committed to provide HiddenMind with another $25 million in additional equity financing as HiddenMind achieves anticipated goals.
The Warburg, Pincus investment in HiddenMind follows Warburg's other blue-chip technology infrastructure investments, such as BEA Systems, Covad Communications and Veritas Software. Dr. Henry Kressel, who is a director of several information technology companies, a partner and 17-year veteran of Warburg, Pincus, and Dr. Nancy Martin, who last year joined Warburg, Pincus as a partner after serving as Vice President for Research and Development at MCI Systemhouse, have joined HiddenMind's Board of Directors.
Dr. Alan Baratz, who recently served as President of Software Products and Platforms for Sun Microsystems, has also joined HiddenMind's Board of Directors.
``HiddenMind's Java-based products and solutions will lead the way for a new approach to mobile ASP services,'' said Dr. Kressel of Warburg, Pincus. ``HiddenMind's solutions provide enterprise customers, integrators and developers with an intuitive environment for creating and deploying complex wireless applications. These solutions allow developers to focus on the design and creation of mobile application logic, while freeing them from the complexity of wired and wireless networks and mobile devices.'' The BEA investment in HiddenMind follows on the heels of recent strategic initiatives by BEA to implement leading wireless technologies with its industry-leading e-commerce platform.
``The BEA E-Commerce Transaction Platform is being used as the foundation for innovative mobile commerce solutions by established industry leaders, such as Nokia, and by the new generation of venture-backed startups such as HiddenMind,'' said Bill Coleman, Chairman and Founder of BEA Systems, Inc. ``Customers using HiddenMind's products gain the benefit of rapid deployment and powerful functionality without sacrificing scalability and quality of service. Since the HiddenMind product suite is based on open, extensible, Enterprise Java based architecture, it integrates easily with other best-of-breed components and legacy applications.''
The new round of funding increases the total venture capital commitments to HiddenMind to $56.7 million, further validating HiddenMind's wireless technology and services strategy.
``The Warburg, Pincus and BEA Systems investments are votes of confidence in our strategic direction,'' said Ken Tyra, President and CEO of HiddenMind. ``Our focus is on the development of wireless products and services for those vertical and horizontal markets that can take advantage of our open architecture and our ability to enable multitasking on wireless devices. These investments also pave the way for HiddenMind to introduce a new class of advanced, wireless capabilities for applications in the mobile ASP market that will be available from all relevant wired and wireless devices.''
About Warburg, Pincus & Co.
Warburg, Pincus & Co. is a major global private equity investment firm that has invested more than $8 billion in over 300 diverse companies since 1971. The firm manages approximately $12 billion in assets invested in 24 countries.
Since establishing its Information Technology Team in 1988, Warburg, Pincus has invested approximately $1 billion in this sector on a global basis. Warburg, Pincus' Silicon Valley portfolio includes BEA Systems, Inc., Chemdex Corporation, Covad Communications and Veritas Software. Based in New York, the firm also has offices in London, Hong Kong, Tokyo, Singapore, and Sao Paulo. Warburg, Pincus & Co. is privately owned by its partners.
About BEA Systems, Inc.
BEA Systems, Inc. (Nasdaq: BEAS - news) is the E-Commerce Transactions Company(TM), powering many of the world's most innovative companies that serve the ``e-generation,'' companies such as Amazon.com, Federal Express, E*TRADE, United Airlines, DIRECTV, Qwest, Nokia, and Kaiser-Permanente. The e-generation relies on the Web to conduct their everyday business, demanding richer, more personalized experiences and the guarantee that your Web site is always available -- every minute of every day.
The award-winning BEA E-Commerce Transaction Platform(TM), coupled with BEA consulting, education, and support services, helps companies launch reliable e-commerce initiatives quickly. BEA solutions help companies of all sizes build e-commerce infrastructures that leverage existing investments and provide the foundation for running a successful integrated e-business for the e-generation. BEA has more than 70 offices in 29 countries, is headquartered in San Jose, Calif., and is on the Web at www.bea.com. |
