5 April 2001, Basingstoke, UK and Newark, CA - iOra (www.iOra.com), supplier of solutions for managing mobile content, today announced that it has completed $15 million equity financing that will enable the company to accelerate its growth in the mobile content management market. European venture capital firm b-business partners and London-based Cazenove Private Equity are providing the equity funding. The funding was arranged by MTI, the UK’s leading early-stage technology investor who also provided an earlier first round of funding which enabled iOra to develop its unique mobile infrastructure technology and products.
iOra’s Mobile Intranet product enables businesses to deliver centralized Intranet content to mobile professionals and supports dialup, wireless, and offline access. iOra’s core technology, which updates information over the Internet at up to 100 times faster than competitive products, enables updated information to be efficiently transmitted – even over low-bandwidth dialup and wireless connections.
The equity will be used to continue to aggressively build market presence via direct, channel, and OEM sales in the booming mobile content management market. iOra will also continue development of its breakthrough products and technology to extend support across dominant laptop and PDA devices. iOra has demonstrated a more than doubling of revenues each quarter averaged over the past 2 years, signing up a wide range of enterprise customers including Shell and GlaxoSmithKline.
Simon Edwards, Managing Director at b-business partners, commented, “iOra’s record is impressive, and potential for growth is significant – we are excited to be part of the team that will grow the company. This is our biggest investment in pure technology to date, which reflects our belief in the importance of iOra’s software for the future of mobile content management, and in the company’s potential for growth.”
Tod Bensen, Chief Executive of Cazenove Private Equity, added, “Cazenove Private Equity has known iOra for some time and believes that the management team has the skills and background to deliver products which are relevant to the mobile content management market both today and in the future. The efficient transmission of data will continue to be important to companies and content providers irrespective of future developments, and iOra’s technology in this area is world class.”
Paddy Falls, CEO and co-founder of iOra commented, “At a time when the markets are down and investors are more cautious, this is a significant endorsement of iOra. This investment from b-business partners and Cazenove Private Equity reflects our success to date, the value of our solution, and the significant potential for growth in this market. Based on Gartner estimates, the market opportunity is over $3 billion by 2003, driven by businesses needing to make their remote and mobile business professionals more productive. We have unique, patented technology that underpins our product strategy, strong commercial record to-date, a business plan that targets this growing market, and strong operations in Europe and US. This round of funding will enable us to accelerate growth and strengthen our market position.”
iOra was founded in 1997 with founder and angel investment. In June 1999, iOra received $3m in venture funding from MTI. MTI contributed significantly to the growth and development of the business during its formative years, and continues to have an active role in the development of the business.
NOTES TO EDITORS
iOra develops and markets Mobile Content Management solutions. iOra’s family of products allows businesses to provide up-to-date business-critical information to remote and mobile users, with the benefits of improved management and security of information.
iOra’s Mobile Intranet product enables businesses to deliver centralized Intranet content to mobile professionals and supports dialup, wireless, and offline access – helping businesses to increase revenue, reduce costs, and improve productivity.
iOra’s approach enables immediate access to business critical information by providing offline access, with high-speed synchronization over low bandwidth dialup and wireless connections. Mobile Intranet supports Intranet content hosted on any Intranet server technology, including Microsoft and Lotus Domino servers. Mobile Intranet ensures that the content – including file and document links and attachments – is made available to mobile field workers even when no connection is available.
Benefits to businesses include:
Mobile professionals have instant access to critical information anytime, anywhere – with or without a dialup or wireless connection
Information owners and management can deliver the same information to all users
Productivity and customer service is increased
Reduction in connection and download times
Reduction in dialup and wireless costs
Optimized use of existing dialup and wireless bandwidth
At the heart of iOra’s Mobile Intranet product is its unique, patent-pending, Epsilon Technology, which performs Internet updates at up to 100 times faster than competitive products. Using Epsilon Technology, updated information can be transparently downloaded during normal email or browsing activity – even over low-bandwidth dialup and wireless connections.
iOra was started in 1997 by four internet data replication experts who have worked together since 1989. In 1999 iOra received $3m in Venture funding from MTI Partners.
Over the past 18 months, iOra has won numerous independent awards, including e25-listing and a DTI Smart Award.
For more information visit: www.iora.com
About b-business partners
b-business partners is a $900 million (€1 billion) venture capital company set up in 2000 to invest in innovative business to business technologies. The owners of b-business partners are eleven European corporations including ABB, Investor, SEB and Astra Zeneca.
The company has to date invested in nine companies in Sweden, Germany and the United Kingdom. b-business partners is currently evaluating a number of potential investments in mobile and wireless communications, enabling infrastructures, software and services.
b-business partners has offices in Amsterdam, London, Munich, and Stockholm.
For more information about b-business partners, please visit www.b-bp.com
About Cazenove Private Equity
Cazenove Private Equity (CPE) was established in April 2000. Its first fund, the Cazenove New Europe Access Fund (CNEAF), raised $351 million (£234 million) from a combination of leading European institutional investors and Cazenove itself. CPE operates as a separate division of Cazenove, with the sole objective of producing superior returns for its investors, but has access to the resources of Cazenove as a whole.
CNEAF invests in unquoted companies in the UK and Europe in the technology, media, telecommunications and Internet sectors. CNEAF focuses on second and third round pre-IPO financings although it is able to make earlier stage investments in exceptional circumstances. Its average investment size is $4-6 million (£3-4 million) and CPE will invest on its own or alongside other investors. With its emphasis on second and third round investment and the added value it brings to portfolio companies, CPE seeks to be a partner of choice for both leading European technology companies and their early stage investors.
For more information about Cazenove Private Equity, please visit www.cazenove.com/services/private_equity/Overview.html
MTI, the UK’s leading early stage high technology venture capital fund manager, is an independent firm with a remit to provide risk capital and management resources to British technology companies that are at an early stage of their development or recovery.
MTI is now established as one of Europe's principal venture capital fund managers dedicated to the early-stage high-technology sector, with funds managed aggregating $225 million (£158 million). MTI's fourth fund, MTI4, completed fund raising in January 2001 with commitments of $148 million (£104 million) and heavily oversubscribed.
Founded in 1983, MTI has invested in more than 45 early-stage and start-up technology business throughout the UK, and its stable of funds has demonstrated best-of-breed performance in the sector. For more information on MTI Partners, please visit www.mtifirms.com.
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