Cash injection for telecoms firm. Check it out:
(Newsletter Via Thomson Dialog NewsEdge) BELFAST-based venture capital firm, Enterprise Equity has pumped pounds 2.6m worth of funds into a Northern Ireland-based telecoms software company.
Mobile Cohension (MoCo), which employs 20 people in Belfast and has offices in the US and Singapore, said it will use the cash injection to "exploit its competitive advantage globally".
MoCo's Hydra product enables mobile phone operators to automatically manage their relationship with the content providers that offer data services (such as ringtones, games and news) on mobile phones.
The investment round was supported by existing investors, Cross Atlantic Capital Partners and Accel Partners, the Mobile Cohesion management team and Viridian Growth Fund.
"In just under five years, MoCo has developed a software suite that sets the standard in partner relationship management solutions for mobile phone operators," said Brian Cummings of Enterprise Equity (NI), who joins the board as Non-Executive Director.
He said the Hydra product takes the pain out of signing-up and managing the numerous content and application providers that offer data services to mobile users.
Mr Cummings added:
"We were very impressed with Mobile Cohesion's management team and their track record in building successful software businesses.
"Having established key reference customers across the world, the challenge for the company is to build on this base.
"With the European mobile data services market projected to grow from pounds 15 billion to pounds 40 billion in the next five years, this represents an exciting opportunity and the quality of the Hydra product puts MoCo in an excellent position to exploit this window."
MoCo's Executive Chairman Denis Murphy, and Chief Operating Officer Richard McConnell were previously involved in the formation of APiON, a telecommunications software company that developed a WAP software solution for mobile phone operators.
APiON was sold to Phone.com (which later became Openwave) in 1999 for $240 million; at that time the largest acquisition in Northern Ireland's history.
Denis Murphy said the financial backing was an endorsement of MoCo's market-defining position in partner relationship management solutions for mobile operators: "We can now further develop our presence in a vast market - one in which we already have big competitive advantage," he added.
Copyright 2006 . Century Newsletters Ltd.
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