Norwood Systems Raises £9.5 Million (€14.8 Million) In Third Round Funding
Norwood Systems Limited, the leader in Bluetooth™ enabled voice and data communications, announces that it has raised an additional £9.5 million (€14.8 million) in venture capital funding led by Deutsche Bank Capital Venture Partners and Cazenove Private Equity.
(PRWEB) July 24, 2002
Richmond-upon-Thames, UK – 22nd July 2002 – Norwood Systems Limited, the leader in Bluetooth™ enabled voice and data communications, announces that it has raised an additional £9.5 million (€14.8 million) in venture capital funding led by Deutsche Bank Capital Venture Partners and Cazenove Private Equity. Other investors who have backed Norwood Systems in this round include Newport Technology Fund and existing investors Argo Global Capital and Innovacom, along with a number of private investors.
This latest round of funding occurs within weeks of Norwood Systems announcing the commercial availability of EnterpriseMobility™, its wireless solution for affordable in-building communication.
The capital raised will be used to focus on Norwood SystemsÂ’ sales and marketing activities and to support and grow its customer base. The funds will also help the company expand into further geographic markets and develop the product further.
Norwood SystemsÂ’ EnterpriseMobility platform enables employees to communicate more effectively within their work environment. It is the first voice and data communications solution that enables total office connectivity for the wireless generation. EnterpriseMobility users are able to make and receive calls and view applications on their PDA or mobile phone from anywhere in the office by connecting over Bluetooth to the fixed line network. This enhanced mobility can dramatically improve employee contactability while lowering communication costs for the organisation.
“It is an excellent endorsement for the company to be able to raise funds in an environment that analysts generally agree has reflected a difficult economic climate,” said Paul Østergaard, co-founder, CEO and Chairman of Norwood Systems. “We are looking forward to the next stage of our development, the success of which will be accelerated by this tranche of funding.
“This year has seen Norwood Systems deliver a successful Beta trial programme, culminating in our recent announcement of the general availability of EnterpriseMobility. With this additional investment in the company, we are confident that we will achieve our ambition of driving further market and product development, thereby providing an increasing number of customers with the flexibility and connectivity that EnterpriseMobility delivers.”
Roy Merritt, Managing Partner of DB Capital Venture Partners, said, “Norwood Systems is at the forefront of developing wireless office voice and data solutions. We believe that the adoption of Bluetooth devices in the office environment holds great potential for productivity enhancements and cost savings.”
Tod Bensen, Chief Executive of Cazenove Private Equity, said, “Norwood’s products enable both cost savings and efficiency for corporate users in one of their core services. To get the benefits of mobility and the economies of a fixed line in one device which can be used in or out of the office is ground breaking.”
NOTES TO EDITORS:
About Norwood Systems
Norwood Systems was founded in January 2000 to become the market leader in system connectivity software for short-range wireless based office networks for voice and data. Its award winning networking platform, EnterpriseMobility™, which became commercially available in June 2002, delivers a wireless communications platform to connect Bluetooth™ enabled mobile devices seamlessly with existing voice and data communication networks.
Norwood SystemsÂ’ customer base includes leading companies in the Telecommunications, Professional Services, Financial industries and the Healthcare and Pharmaceutical Sector, including Plantronics and Damovo. Norwood Systems has its headquarters in Richmond - Upon-Thames in the UK and a research and development facility in Perth, Western Australia. Further information on the company and products can be found at www. norwoodsystems. com
Norwood Systems photography
High Resolution images from Norwood Systems can be downloaded free of charge by the media from the Newscast Website: www. newscast-online. com
EnterpriseMobility and InstantCoverage are registered trademarks of Norwood Systems. All other trademarks or registered trademarks belong to their respective companies.
About DB Capital Venture Partners
DB Capital Venture Partners is the venture capital unit of DB Capital Partners. DB Capital Venture Partners invests in emerging growth companies that are focused on providing information technology solutions and services to address the needs of large potential markets. DB Capital Partners is the private equity arm of Deutsche Bank AG. With a global team of over 100 professionals operating out of offices in the Americas, Europe, Asia and Australia, DB Capital Partners is a leading manager of private equity assets. Drawing upon the substantial resources of Deutsche Bank, DB Capital Partners invests in all manner of financial transactions including growth financings, recapitalizations, leveraged buyouts, mezzanine financings, venture investing and primary and secondary funds. For more information, please visit www. dbcapitalpartners. com.
About Newport Technology Fund
Newport Technology Fund is a A$100 million private equity investment fund with a focus on Technology, media and Telecoms. The fund is run by experienced executives with strong backgrounds, backed by a global network of technology investors with extensive international connections and deep insider knowledge. It comprises a powerful group of world leading industry investors who bring international connections, distribution and partnering channels, OEM opportunities and management leverage to help Australian companies achieve international success. Fund investors include China Development Industrial Bank, Shamrock Capital, Compaq Computer, UBS Capital, C. H. Warman Group, HPI Holdings SA, Newport Capital Group, and the Australian Federal Government.
About Cazenove Private Equity
Cazenove Private Equity (CPE) is a division of Cazenove Group plc, a leading independent investment bank. CPE was established in April 2000 with the objective of producing superior returns for its investors. Its first fund, the Cazenove New Europe Access Fund (CNEAF), raised £234 million from a combination of leading European institutional investors and Cazenove itself. CNEAF invests in unquoted companies in the UK and continental Europe in the technology, media, telecommunications and Internet sectors. The focus is on second and third round pre-IPO financings and the fund seeks to be a partner of choice for both leading European technology companies and their early stage investors.
Cazenove is regulated in the UK by the Financial Services Authority and is a member of the London Stock Exchange. For more information please visit www. cazenove. com
About Argo Global Capital
Argo Global Capital is a leading venture capital firm focused on investing in companies that are enabling the convergence of wireless communications and the Internet. It is dedicated to helping entrepreneurial ventures achieve enduring success. Its unique relationship with telecommunications operators (“Operator Partners”) on four continents provides it with relationships and knowledge that add real value and dramatically increase the odds of its portfolio companies achieving their goals. For more information please visit www. argoglobal. com
About Innovacom
Innovacom was established in 1988 as France Telecom's venture capital subsidiary. Innovacom provides seed money and early round equity financing to innovative companies in the fields of components, hardware, software and services dedicated to telecommunications. Innovacom invests internationally, through offices in Paris, San Francisco and Stockholm. through offices in Paris, San Francisco and Stockholm. For more e visit www. innovacom. com
About Bluetooth
The Bluetooth™ wireless technology is set to revolutionize the personal connectivity market by providing freedom from wired connections. It is a specification for a small-form factor, low-cost radio solution providing links between mobile computers, mobile phones and other portable handheld devices, and connectivity to the internet. The Bluetooth Special Interest Group (SIG), comprised of leaders in the telecommunications, computing, and network industries, is driving development of the technology and bringing it to market.
The Bluetooth SIG includes promoter companies 3Com, Ericsson, IBM, Lucent, Microsoft, Motorola, Nokia and Toshiba and more than 2000 Adopter/Associate member companies.
For further information:
For Norwood Systems
Karen Worrall
Tel: +44 20 8334 8065
E-mail: karen. worrall@norwoodsystems. com
For Financial Dynamics
Edward Taylor
Tel: +44 20 7269 7295
E-mail: edward. taylor@fd. com
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