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PRODUCT
PRESS RELEASE Synchrologic
Completes $22 Million Equity Financing to Accelerate Growth in Red-Hot
Mobile and Wireless Market
ATLANTA
(September 5, 2000) – 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.” About
Synchrologic Synchrologic, the leader in
synchronizing Business Data Anywhere, offers the most comprehensive mobile
and wireless enterprise infrastructure software, thus providing the
essential synchronization platform required for managing mobile devices and
enabling anywhere access to vital business data and applications. Synchrologic's iMobile
Suite provides a secure, Internet-based infrastructure solution for
supporting mobile and wireless devices used by employees, customers,
partners and suppliers. Smart phones, Pocket PCs, Palm devices, PCs, e-mail
pagers and laptops all connect to the iMobile Suite server via wireline or
wireless Internet, dial-up or Local Area Network. iMobile Suite manages the
devices, keeping them updated with the latest application data, e-mail,
files and software. Synchrologic's mobile and wireless technologies are licensed by corporate and OEM customers including Cisco, Hertz, Citicorp, 3M, JD Edwards, Nintendo and Vantive. For additional information, call 888-345-SYNC or (1) 770-754-5600, send e-mail to info@synchrologic.com, or visit http://www.synchrologic.com. About
the Investors Alliance
Technology Ventures (www.atv.com) is
an early-stage venture capital firm investing in communications technology,
Internet infrastructure, e-commerce and life science startups. It
currently has approximately $240 million under management from major
corporate, pension, and institutional investors. The fund began
operations in 1994, and is focusing primarily on opportunities along the
“Eastern Arc” from Boston to Austin, with a special emphasis on Atlanta.
Alliance
Technology Ventures holds or has held equity investments in the following
companies: Digital Furnace Corporation, Astracom, Eprise Corporation, Helios
Health, Home Wireless Networks, MindLever.Com, RF Micro Devices, SecureWorks,
Care Centric Solutions, SportsLine.com, Telaxis Communications, Novera
Software, ValuBond.com, Verifiber Technologies, Video Networks,
XtremeSpectrum, Atherogenics, Discovery Therapeutics, EnSurg and Inhibitex. Boston
University's Community Technology Fund (CTF) (www.bu.edu/ctf/)
provides venture capital and access to Boston University's scientific and
technical resources for growing businesses. Boston University, through CTF,
was one of the first universities to develop a focused venture capital and
technology transfer program. CTF began investing in 1975 and has held equity
positions in over 125 companies in the United States, through direct
investments in venture deals and as a limited partner in Venture Funds.
Recent venture capital investments include Coriolis Networks, Digital
Broadband Communications, Emperative, SilverBack Technologies and Quantum
Bridge Communications. CTF also manages the Technology Transfer
Program at Boston University and assists the University's faculty in
identifying, protecting, and commercializing the University's intellectual
property. Financial
Technology Ventures (www.ftventures.com)
Based in San Francisco, Financial Technology Ventures is a $200 million fund
that invests in companies that develop technologies that are transforming
the financial services industry. Founded in 1998, it was the first
venture capital fund in the U.S. to focus on this niche. It remains
the primary “go to” firm for technology companies that develop products
and services applicable to financial services. FTVenture’s
institutional limited partners are 21 of the largest market capitalized
financial institutions in the world, who use technology innovatively for
their companies and their customers. FTVentures’ limited partners
include: U.S. Bancorp, BankAmerica Corp., Banque Nationale de Paris,
National City Corp., Wells Fargo & Co., Deutsche Bank, Credit Suisse
Group, AIG, BANK ONE Corp., Charles Schwab, Chicago Title & Trust Corp.,
CIBC, Fifth Third Bankcorp, Fleet Financial, Key Corp, PNC Bank Corporation,
Republic New York Corp., Royal Bank of Canada, Sallie Mae, Wachovia Corp.
and Washington Mutual. Grotech
Capital Group (www.grotech.com) is
a private equity firm providing financing for early, expansion and
later-stage companies and is actively investing in its targeted industries.
The majority of its partnerships are located in the Mid-Atlantic and
southeastern regions of the United States. Grotech Partners V LP
closed in May 1999, adding $300 million to Grotech Capital Group’s capital
under management. Grotech
investments include: Advertising.com, Career Rewards, DIGEX,
eSkye.com, FullTilt Solutions, Fusient Media Ventures, HealthScribe,
Homebytes.com, iFLEET, Home Wireless Networks, MEDecision, Multicity.com,
Nationtax Online, Network Construction Services, Pathnet, Phoenix Services,
Quality Software Products Holdings, RewardsPlus, Secure Computing
Corporation, SALIX Technologies, SimonDelivers.com, Spectrum Holobyte,
USinternetworking, WebOS.com and Verity Inc. JK&B
Capital (www.jkbcapital.com) is
a venture capital firm with $600 million under management. Founded in
1995, the fund offers in-depth technical and industry expertise capable of
adding true value and insight to the entrepreneur. JK&B Capital is
an active investor that usually assumes a lead investor role and works
closely with the company’s management. Its primary investment focus
is in telecommunications, software and information technologies. Successful
public portfolio companies of JK&B include: Exodus Communications,
MPower Communications (MGC Communications), Phone.com, Commerce One,
Interwoven, Selectica, Silverstream, Viador, Daleen, Macromedia (Andromedia),
SCC Communications and RCN Corp. (21st Century Telecom Group). Noro-Moseley
Partners (www.noro-moseley.com),
finds, acquires and manages investments in a limited number of private,
diversified small and medium-size growth companies located primarily in the
southeast. Since 1983, NMP has created five limited partnership funds
totaling $580 million. This includes its latest, with $320 million
under management and is the southeast’s largest venture capital fund in
history. Noro-Moseley
has invested in more than 120 private companies including: Abaco,
amplified.com, Broadcom Corp., eGulliver.com, Employease, Healtheon/WebMD,
hsupply.com, MicroCoating Technologies, Novient, Video Networks, Witness
Systems and SecureWorks. #
# # Copyright
- Synchrologic and iMobile Suite are trademarks of Synchrologic, Inc. Palm,
Palm Computing and Palm OS are trademarks of Palm, Inc. or its subsidiaries.
All other trademarks are the property of their respective owners. Press Contacts:
Copyright 2000 Synchrologic, Inc. Synchrologic and iMobile Suite are trademarks of Synchrologic, Inc. Palm OS and Palm are registered trademarks of Palm Computing, Inc. Windows is registered trademark of Microsoft. All other trademarks are the property of their respective owners. (Dedicated to providing comprehensive information to mobile computing community of IT professionals, user organizations, and vendors) |
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