Network365 Secures Over €15 Million in Second Round Financing
Dublin Ireland, (30 November 2000): Mobile Commerce Software Developer Network365 has raised 15 million in a second round of private equity funding. The lead investor is London-based Amadeus Capital Partners, which is making its first investment in an Irish technology company together with other venture capital investors including Irish VC Trinity Venture Capital.
Network365, advised by Davy Stockbrokers, concluded this funding round in four weeks supplementing a first round last February which raised a total of 2.5million from private investors and Trinity Venture Capital.
Mr. Richard Anton of Amadeus Capital Partners and Mr Karl Schütte of Trinity Venture Capital will join the board of Network365 which is led by Chairman Dr. Andrew De Mari. De Mari has founded a number of software companies that have floated on the NASDAQ, including Retix and ISOCOR. Network365 was founded by CEO, Mr. Raomal Perera, Mr. Denis Hennessy and Mr. Patrick OCallaghan.
A sizeable amount of the companys equity - 17% - has been used to create an Employee Share Option Scheme. This will enable employees who help to build the company to share in its success, said Perera, who was a co-founder of ISOCOR, which operated a similar scheme where employees benefited from the sale of that company to Critical Path for over $450 million in January 2000.
Network365 is a leading provider of mobile commerce solutions for network operators, service providers, enterprises and wireless application developers. The company develops the systems and architecture which enables companies throughout the world to sell goods and services across a variety of mobile internet devices including phones, palm pilots and the wider range of third generation wireless devices currently under development. Network365 developed mZone, the Worlds first WAP commerce server to go into live use and the product has been licensed to Mobile Network Operators and Wireless Application Service Providers (WASPs) in a number of countries.
The funds raised will be used for R&D, and to expand the companys sales, marketing and technical support operations into the Far East and the USA.
Mr Raomal Perera, describing the companys plans, said: The funding will drive Network365s growth as we take advantage of the opportunities of the wireless marketplace. mZone is a unique product developed in Ireland which is creating a lot of excitement in Europe, the US and the Far East.
Richard Anton, Director, Amadeus Capital Partners said: We have looked throughout Europe to find an outstanding m-commerce software company and believe that Network365 offers great potential to build a substantial world class business.
Karl Schütte, Director of Trinity Venture Capital said: Network365 is one of the most impressive indigenous companies which we have encountered to date. Raomal Perera is one of Irelands foremost software entrepreneurs and his track record speaks for itself. Network365 has a strong management team which will drive the companys growth across world markets.
Perera added: We are delighted that our Board will be further strengthened by Richard and Karl. They bring a wealth of experience and excellent contact networks which will be invaluable to us as we expand our global operations. Offices in Scandinavia and Japan will be opening before Christmas and the United Kingdom early in the New Year. We will be establishing a presence in key markets including France, Singapore and the USA.
Network365 is a leading provider of mobile commerce solutions for network operators, service providers and enterprises. Headquartered in Ireland, Network365 provides customers in Europe, the US, and Asia Pacific with the opportunity to bring mobile commerce services quickly to the market. Founded in 1999, Network365 led the way in enabling the wireless marketplace with the worlds first WAP-based transaction server, and continues to lead with products that address the newest developments in mobile technology. These systems have access modules which enable support for SMS, WAP, i-mode, EZweb, J-SkyWeb, Internet and emerging digital media.
Network365s management team combines extensive experience in the software industry with that of building businesses. Dr Andrew De Mari, Chairman of the Board, has founded a number of software companies that have floated on the NASDAQ, including Retix and ISOCOR. Raomal Perera, co-founder and CEO, is a veteran of the software industry and was previously a founder and Senior Vice President of Engineering at ISOCOR. Denis Hennessy, co-founder and CTO, was previously Senior Architect with ISOCOR specialising in Internet technologies. Patrick OCallaghan, co-founder and VP of Sales and Marketing, was previously general manager with Welch Allyn, responsible for sales in Europe, Middle East and Africa.
For further information see: www.network365com
About Amadeus Capital Partners Ltd.
Amadeus Capital Partners was founded in 1997 to raise and invest institutional private equity funds in early stage technology companies. Amadeus raised its first fund of £50 million in 1998 and built a portfolio of 24 companies in two years. Amadeus II was launched in April 2000 and closed recently, substantially over subscribed, at £235 million. To date, five companies have been financed from Amadeus II, including Amadeus first continental European investment, LeatherXchange, a Barcelona-based e-hub for the worldwide leather industry.
Amadeus invests as sole or lead investor and also as a local partner with early stage technology expertise for a number of large international private equity investors.
Richard Anton MA, MBA will join the Board of Network365. Prior to joining Amadeus in 1998, Richard worked in venture capital at Apax Partner. He has also served as Director of Finance and Business Development of Autonomy Corporation plc from its start-up in 1996 to 1998 when the company went public on EASDAQ.
For further information see: www.amadeuscapital.com