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Open Mobile receives funding from Wellington Partners
Posted: 03-Jul-2000 [Source: PRNewswire]

[The Open Mobile CEO is the former head of Wapit Ltd.]

Helsinki, Finland -- "Open Mobile Corp, a new US-registered company with its roots in Scandinavia, has closed funding agreements for USD 11 million. The funding is provided by German-based Wellington Partners, recently voted Germany's number one venture capital company in the areas of wireless, communication and IT, and Shamrock Inc, the investment company of the Roy E. Disney family.

"Open Mobile is building a global network for a much more efficient distribution of wireless services, which will offer wireless content developers and wireless operators exciting new possibilities. In addition to its European operations, the company expects to open operations and offices also in Asia and America during this year.

"Open Mobile is majority-owned by Mobile FutureWorks Inc, founded and controlled by the former head of Nokia's Asia-Pacific operations and its global corporate communications, Thomas Zilliacus. The Advisory Board of Mobile FutureWorks includes e.g. the former CEO of Ericsson, Sven-Christer Nilsson, the former Secretary General of ITU, Dr. Pekka Tarjanne, who also is the former CEO of Telecom Finland (now Sonera) and the country's former Minister of Communications, and the Chairman of Singapore Telecom, Koh Boon Hwee.

"We aim to enable a total global distribution of wireless services to all wireless subscribers," says Thomas Zilliacus, Chairman of Open Mobile. "We have a strong and highly experienced management team, backed by Mobile FutureWorks worldclass Advisory Board. We invite all developers of wireless content to join us in this exciting project," says Zilliacus.

"The CEO of Open Mobile is Pekka Palin, co-founder and former head of Finnish operations of Wapit Ltd, Europe's leading developer of mobile services (SMS and WAP). The management team includes several high-profile telecoms experts with substantial experience and background.

"The investors are very excited about their investment in Open Mobile," says Joerg Ueberla from Wellington Partners. "It has an excellent management team, with a tremendous vision and is targeting a rapidly exploding market. It is this combination of factors that makes it such and attractive opportunity."

"Shamrock's President and Chief Executive, Stanley Gold, stated that "Open Mobile fits nicely with our early stage investment strategy for Europe. We are focused on backing real technologies alongside quality management teams and investment partners. Our concept is to leverage Shamrock's global expertise and relationships to improve our portfolio companies' opportunities for success."

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