InnovationsKapital invests in Mgage Systems - a mobile Internet product Company
InnovationsKapital invests in Mgage Systems - - a mobile Internet product Company As the mobile Internet market explodes, significant opportunities arise for those companies that have the capacity and talent to take the lead and properly combine and exploit the latest technologies in mobile devices and infrastructure, to deliver innovative mobile Internet applications and software solutions. Mgage Systems AB will be a leader in this space. The Swedish venture capital firm InnovationsKapital, together with the US venture capital firm Trident and the Icelandic investment bank Kaupthing, are taking a stake as active owners in the business enterprise Mgage Systems AB. InnovationsKapital, with Trident and Kaupthing, will invest SEK 15 million. Mgage Systems AB is a next generation mobile Internet product company that develops, markets and sells cutting-edge applications for mobile Internet service providers based on the demands of the end-users and the latest technologies in networks and devices. 'We see Mgage Systems as one of the most interesting newcomers in the mobile Internet space. Mgage brings a unique combination of skills from the wireless and the Internet sectors, under a strong management team' says Robert Göthner, General Partner at InnovationsKapital. 'We believe Mgage will succeed very rapidly in this segment'. 'Our vision is to be the world-leading provider of mobile Internet messaging says Styrbjörn Horn, CEO of Mgage Systems. 'As the mobile Internet market explodes reaching 1 billion end-users in 2005 (The Strategis Group Inc.), completely new and revolutionary services will see the light of day. Instant access to advanced mobile Internet messaging, entertainment and personalized information services in the device will be on everyone's lips. We are very pleased to have InnovationsKapital on board as a partner to us', concludes Styrbjörn Horn. InnovationsKapital was founded in 1994 and is one the largest early stage venture capital firms in Sweden today. The business is focused on investments within the Information & Communications Technology and Healthcare & Life Sciences Sectors. InnovationsKapital's portfolio currently consists of 22 investments, of which a number are due for an IPO within the next year. InnovationsKapital manages a total of SEK 550 million in two funds that include reputable Nordic and international investors. Stockholm, October 9, 2000 For further information, please contact Robert Göthner, General Partner, InnovationsKapital Phone: + 46 (0) 705 - 65 13 01, e-mail: robert.gothner@innkap.se Styrbjörn Horn, CEO, Mgage Systems AB Phone: +46 (0) 70 26 11 000 e-mail: styrbjorn.horn@mgage.com Further information can be found from the following web pages Mgage Systems AB www.mgage.com InnovationsKapital www.innkap.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/09/20001009BIT00370/bit0001.doc http://www.bit.se/bitonline/2000/10/09/20001009BIT00370/bit0002.pdf