FOR IMMEDIATE 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 , 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, iMobile Data Synchronization and iMobile Suite are trademarks of Synchrologic, Inc. HotSync and Palm OS are registered trademarks and Palm is a trademark of Palm, Inc. or its subsidiaries. All other trademarks are the property of their respective owners.
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