MobileLogic, a provider of end-to-end wireless data solutions, has secured $25 million in first-round financing, led by top-tier investors CMGI @Ventures, the venture capital affiliate of CMGI, Inc. (Nasdaq: CMGI), and The Investcorp Group. MobileLogic is the third company to receive funding from the $1 billion CMGI @Ventures Technology Fund since it was formed in January. Additional institutional investors in this round include Allen & Company Incorporated, Apollo Management, Hikari Tsushin, Inc. and Odyssey Investment Partners. A number of individuals also made significant investments in the new wireless data solutions provider, including John H. N. Fisher, Managing Director of Draper Fisher Jurvetson, Leo Hindery, CEO of Global Crossing and Henry Kravis of KKR.
MobileLogic, headquartered in New York City, is applying their accumulated knowledge of the wireless data industry to assist companies in developing and implementing their wireless remote access and mobile commerce strategies. The company offers secure wireless data solutions for laptops, smart phones and PDAs, provides wireless system integration services and develops mobile commerce strategies for more than 80 Fortune 1000 customers, including ADP, Alliant Food Services, Atmos Energy and DLJ Securities.
"Enterprises are seeking guidance in developing wireless data solutions that improve employee productivity and interactions with customers," said James Altucher, CEO and founder of MobileLogic. "With our technology- and platform-agnostic approach to designing wireless data applications, MobileLogic is the only true provider of comprehensive m-commerce solutions for business and consumer users."
MobileLogic is focused on helping companies improve the out-of-office productivity of their mobile workers by providing them with wireless access to their corporate enterprise. In addition, the company helps convert traditional approaches to e-business into mobile commerce strategies.
"To develop an enterprise's wireless data strategy, MobileLogic examines each corporate business process and makes strategic recommendations to wirelessly extend back-office data outward to any wireless device," said Rob Balgley, President of MobileLogic. "For example, we have deployed the MobileLogic Wireless Virtual Private Network(TM) (WVPN) technology at over 50 corporations, enabling mobile workers to access critical data secured behind a firewall."
"MobileLogic's proven leadership team is targeting one of the fastest growing sectors of the Internet economy - the mobile commerce arena," said Lior Yahalomi, Managing Partner of the CMGI @Ventures Technology Fund. "The company will enable the rapid growth of m-commerce in both the B2C and B2B markets and offer flexible wireless communications platforms to the enterprise market. The opportunity for rapid growth and continued innovation is immense, and we also look forward to the deployment of MobileLogic's wireless data solutions throughout the CMGI and CMGI @Ventures network."
The management team of MobileLogic includes Chairman Ed Bennett, CEO James Altucher and President Rob Balgley. Bennett served as president and CEO of Prodigy, president of VH-1 and executive vice president and chief operating officer of Viacom Cable. He also sits on the Board of Directors of Engage Technologies, RealNames, SoftNet Systems, and WiredPlanet. Altucher was president and CEO of Reset, an interactive agency sold to Xceed in late 1998. Balgley was founder and president of Wireless Telecom, which was acquired by MobileLogic in February.
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