23rd Feb 2006 07:01
Avanti Capital PLC23 February 2006 Avanti Capital PLC ("Avanti" or "the Company") mBlox raises $25m in funding Further Investment by Avanti in mBlox Carrying value in mBlox trebled to 61p per Avanti share Avanti Capital PLC, the private equity company, announces that it has made afurther investment in mBlox Inc, the world's largest mobile transaction network. mBlox provides message delivery and mobile billing services to businessesworldwide The $25m fund-raising by mBlox was led by new investor Trident Capital, the$1.5bn Silicon Valley fund, which focuses on businesses providing informationconnectivity. The fund-raising was also strongly supported by existing mBloxinvestors, including Bank of America Venture Partners, Norwest Venture Partnersand Novus Ventures. The funds were raised by mBlox to support further product roll-out andgeographical expansion. In the fund-raising, Avanti invested a further £1.73m to bring its totalinvestment to £3.56m. As a consequence of this investment, the carrying value ofAvanti's shareholding in mBlox has risen from £1.83m (or 19.6p per Avantiordinary share) to £5.68m (or 61p per Avanti ordinary share) based on thecurrent subscription price. The Company's holding in mBlox has increased to7.9%. As the only company to focus exclusively on providing a global mobiletransaction network, mBlox has secured leadership in major markets, includingthe United States and Europe. In 2005, mBlox processed approximately 1bn transactions, with a total billingvalue of about $400m. mBlox also extended its direct billing reach to 15countries, launching new services in Australia, Canada, France, Ireland andGermany and now reaches 1.5bn mobile phone subscribers worldwide. Julian Fellerman, Joint Chief Executive of Avanti, commented: "We have been very pleased with the performance of mBlox to date and aredelighted to support this new fund-raising which will enable mBlox toconsolidate its market leading position. We were particularly encouraged by thestrong investment appetite shown by our new co-shareholder Trident Capital, wholed this funding round." mBlox CEO, Jeff Clark said: "mBlox captured the leadership position in the US and Europe for mobiletransaction network services in 2005. In 2006, we will expand into new marketsand introduce new products for our clients based on our understanding of ourcustomers' needs. We are happy to announce this additional financing which willenable us to accelerate our growth plans, and we are proud to have TridentCapital invest in us and bring to us its substantial expertise in billing andpayment transaction services." Contact:Avanti Capital plc 020 7070 7070Julian Fellerman , Joint CEORichard Kleiner, Joint CEO Notes to Editors About mBlox Inc.:mBlox is the world's largest mobile transaction network. Specializing in thecommercial and technical complexities of mobile payment and messagetransmission, mBlox is in the business of connecting companies with customers.The result of this dedicated attention to messaging services is that mBloxdelivers comprehensive and dependable SMS transport and financial settlementservices. With an international network of offices, mature operatorrelationships and carrier-grade infrastructure, mBlox powers mobile business.mBlox is headquartered in Sunnyvale, California with EMEA headquarters in Londonand offices around the world. For further information visit www.mblox.com About Avanti Capital Plc:Avanti Capital is a private equity company. Unlike conventional close endedprivate equity funds, Avanti has no set investment timetable and focuses on thequality of individual investments rather than a portfolio strategy-led highquantity investment ethic. Avanti has an executive team with extensive experience of investing in andrunning companies across a wide range of sectors. The professional backgroundsand business experience of the executive team enable Avanti to see value insituations, which may be unattractive to the other investors. The presence ofstructural issues within business is seen as an opportunity to create more valuefrom any particular investment. Avanti's approach to investments is both rigorous and discerning and reflectsthe fact that it is seeking exceptional opportunities to invest in businesseswith high quality management teams and where Avanti's own management can feeltruly passionate about the business's prospects. Avanti's investment criteria are as follows: - • European businesses.• Strong management with a proven track record.• Wide ranging businesses, which show the potential for material growth in the short to medium term, including consumer brands, leisure, retail and specialist support services.• Undervalued businesses or assets in both the public and private arena.• Where appropriate, the company will seek to raise debt finance to part fund any investment. Avanti Capital is listed on the Alternative Investment Market of the LondonStock Exchange and therefore offers shareholders participation in private equitydeals through a quoted vehicle. For further information visit www.avanticap.com - ends - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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