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MobileAware secures EUR7m in new funds
Friday, June 21 2002
by Ciaran Buckley


Dublin-based mobile software company MobileAware has announced that it has
secured EUR7 million in funding from new and existing shareholders. 



The new funding is expected to support the company past the break-even point and
into profitability. The existing shareholders, who include Intel Capital and
Cross Atlantic Capital Partners, will reinvest in MobileAware. The new funding
round also includes Bank of America Capital Partners and AIB Equity, and IBI
Corporate Finance advised MobileAware on the funding process.



MobileAware develops middleware for mobile telecom operators, which allows them
to distribute Web applications and content across various media and across
different networks. 



The Company's flagship product is Everix, an open-standards platform for
developing and delivering multi-channel Web applications. It provides an
integrated development environment for creating Web, wireless, iTV and voice
services, eliminating the need to replicate services for different delivery
channels, the company said. 



"Very soon, people will stop talking about the mobile Internet because the
Internet will be multi-channel," said Gerry McCrory, managing director of Cross
Atlantic Capital Partners. "Our decision to increase Cross Atlantic's stake in
MobileAware highlights the confidence we have in the company becoming a leading
international player in this very dynamic market."



MobileAware's customers include 3G operators OniWay in Portugal, Xfera Moviles in
Spain and international network infrastructure giant Nortel Networks. 



MobileAware was established in April, 2000. The company is based in Dublin and
has offices in Paris, London, Madrid and Munich.