Synchronica Raises US $7 Million in Funding through Placement of Shares
Released on = May 9, 2007, 5:47 am
Press Release Author = Synchronica
Industry = Financial
Press Release Summary = Synchronica plc (AIM: SYNC), an international provider of mobile synchronization and device management solutions, has raised US $7.0 (£3.5) million in funds through a placing of new ordinary shares which will be used to accelerate growth in Synchronica\'s core business. The move strengthens Synchronica\'s hand at a time when the market for mobile email is set to explode.
Press Release Body = Synchronica will use the funds primarily to strengthen its position in the burgeoning mass market mobile email and synchronization sector. Synchronica estimates that the number of consumers and prosumers using mobile email will outnumber business users by 2008 and enjoy exceptional growth thereafter.
Carsten Brinkschulte, CEO of Synchronica, comments: \"This funding will enable us to capitalize on the traction we have gained in the international marketplace and to further improve our competitive position - particularly in the mobile email space. Mobile email is expanding into the mass market, where consumers and prosumers require industry standard based solutions, such as the ones we provide, rather than the proprietary solutions developed for example by RIM and Visto for the high-end business market\".
As well as providing working capital for the business, Synchronica will use the additional funds to: strengthen the balance sheet; expand Synchronica\'s sales function to better handle the strong pipeline of potential customers; invest in product development; increase the numbers of support and pre-sales staff; and continue with its targeted marketing activities.
Synchronica\'s Mobile Gateway product offers push email and synchronization for the mass market while its Mobile Manager Suite of products provides mobile device management tools. Mobile Gateway is based entirely on open industry standards (OMA DS / SyncML as well as LEMONADE / IMAP) and can deliver push email and synchronization services to mass market devices without requiring additional client software installation on the device or behind the corporate firewall.
About Synchronica
Synchronica plc develops and markets synchronization and device management solutions for mobile operators, device manufacturers and enterprises. Its product portfolio ranges from data synchronization (OMA DS / LEMONADE) to device management (OMA DM) and firmware update over the air (FOTA). The company has deployed the world\'s first live installation of a device management suite in a carrier-grade environment. Products include the mobile device management suite Mobile Manager and the push email and synchronization solution Mobile Gateway. Headquartered in the UK with a development center in Berlin, Synchronica plc is a public company listed on the London Stock Exchange (SYNC.LN). More information is available at http://www.synchronica.com
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