Synchrologic, the leader in synchronizing Business Data Anywhere, announced today it completed a $22 million equity financing that will enable the Company to continue its rapid growth and further strengthen its leadership position in the enterprise mobile and wireless infrastructure software market. Synchrologic provides the essential synchronization platform required by enterprises for managing mobile devices and enabling anywhere access to vital business data and applications.
The equity proceeds will be used to continue to aggressively build sales channels and marketing presence in the booming enterprise mobile and wireless market. The Company will also pursue ongoing enhancements and new product development relating to its synchronization platform that currently supports wireless devices, handheld PDAs and laptops. Synchrologic has doubled in size since 1999, and plans to continue this accelerated growth. Some of the Company's recent customers include Federal Express, Pitney Bowes, Citicorp Mortgage, Bristol-Myers Squibb, and Phillip Morris.
Chicago-based JK&B Capital led the equity funding and is joined by Financial Technology Ventures of San Francisco. Existing investors making additional investments in the equity round include Maryland-based Grotech Capital, Noro-Moseley Partners and Alliance Technology Ventures, both of Atlanta, and Boston University's Community Technology Fund.
"Synchrologic provides enterprises a significant competitive advantage through its essential synchronization platform that enables mobile workers to be connected to important business data anywhere, anytime through numerous mobile and wireless devices," said Richard Finkelstein, Executive Member, Chief Technology Officer - Software, of JK&B Capital. "With the rapid acceleration in the demand for mobile applications, Synchrologic's strategy of providing the most comprehensive synchronization platform sets it apart from its competitors and positions the Company for accelerated growth," continued Mr. Finkelstein.
Patrick Kerins, General Partner of Grotech Capital said, "Additional investment by existing investors demonstrates our confidence in Synchrologic as a leader in the mobile and wireless market. With an unparalleled depth in mobile infrastructure technology, the Company is well positioned for outstanding growth."
According to Said Mohammadioun, Synchrologic CEO and Chairman, "This latest round of funding from such high-caliber investors reflects our success in the mobile and wireless market to date, and gives us the capital we need to further broaden our stake in this growing marketplace. The round was heavily oversubscribed, demonstrating the demand by investors to participate in our business and the expanding mobile and wireless space."
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