|WapIT receives funding from Durlacher|
Posted: 11-Feb-2000 [Source: Bloomberg]
[Durlacher buys 6.6 percent of WapIT Ltd for US$2 million cash. WapIT is the founder of the "Kannel" open source WAP gateway project.]
London -- "Durlacher Corp. Plc, the best-performing stock last year on the U.K. FT-SE 350 Index, said it
will buy 6.6 percent of WapIT Ltd., a Finnish company that develops mobile phone technology, for $2 million in cash. ``Finland and Sweden make up the wireless rally in Europe,'' Durlacher's European research manager Falk Muller-Veerse said.
''We're looking for more acquisitions.''
"WapIT's technology enables mobile phone users in Finland to receive content, such as stock quotes, on their phone, Durlacher said. It is the first Northern Europe investment for Durlacher, a media and finance services company that makes early-stage investments in private technology companies.
"Durlacher said in a report it expected the European mobile commerce market to grow to 23 billion euros ($22.7 billion) by 2003 from 323 million in 1998.
"The transaction valued WapIT at $30 million. The company specializes in wireless application protocol, a technology that allows users to surf the Internet with a mobile phone. WapIT has
partnerships with Nokia Oyj, the largest cell phone maker, and Hewlett-Packard Co., the world's No. 2 computer maker.
"Durlacher recently took stakes in such startups as TalkCast Corp. Plc, Wise Monkey Ltd. and Global Communications Group Plc. Durlacher helped manage the share sale of 365 Corp., a U.K.
operator of Web sites and telephone services, in which it owns a 10 percent stake.
See also: Kannel Project
See also: Durlacher Corporation Plc.
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