"We're very excited to have HarbourVest invest in our business as they have a reputation for investing in companies that demonstrate technical expertise and market leadership," said Jeffrey Glass, CEO, m-Qube. "m-Qube has experienced tremendous growth and momentum over the past year, and we intend to tap into these funds to support our continued development while also evaluating strategic acquisitions that will further our leadership position in this fast growing market."
“When identifying company investments, HarbourVest focuses on leading companies in rapidly growing sectors”
"When identifying company investments, HarbourVest focuses on leading companies in rapidly growing sectors," said Ofer Nemirovsky, a managing director with HarbourVest Partners. "The mobile channel has realized torrid growth, and m-Qube is a market leader with mature technology, superior leadership and a customer roster of household names. We're confident that they are positioned for continued growth and leadership in this space."
This funding caps a number of significant milestones for m-Qube during the past year, including:
-- Launched cross-carrier, mobile content, storefronts and messaging programs for hundreds of clients and their agencies/service providers in North America, including NESTLE, Major League Baseball Advanced Media, gURL.com, PlanetOut and SHOWTIME
-- Achieved over 1,700% revenue growth in the first half of 2005, compared to revenue in the first half of 2004.
-- Expanded management team with strategic new hires, including a new SVP of Marketing, SVP of Operations and an SVP of Corporate and Strategic Partnerships.
-- Added staff in Los Angeles, Chicago, Boston, Toronto, Miami, DC, and NY to further meet customer demand and enhance client service.
-- Added additional carriers to its expanding footprint of wireless content, messaging and applications distribution and billing.
About HarbourVest Partners, LLC
HarbourVest Partners, LLC is a global private equity investment firm focusing on investing both into operating companies as well as venture and buyout funds (Fund-of-Funds).
HarbourVest Partners, LLC is an independent global private equity investment firm and registered investment advisor, providing vehicles for institutional investors to invest in the venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have 137 employees, including 54 investment professionals, deployed in Boston, London, and Hong Kong. In 25 years of investing in private equity, the team has committed more than $10.8 billion to newly formed funds, representing relationships with 200 private equity managers. The team has also completed over $3.4 billion in purchases of 460 secondary partnership interests, and invested $2.2 billion directly in operating companies. The firm's clients consist of 240 institutional investors, including pension funds, endowments, foundations, and financial institutions, throughout the U.S., Canada, Europe, Australia, and Japan.
In the last two years, HarbourVest has invested in over 40 growth stage enterprises around the globe. Previous investments include AVID Technology, Axent Technologies, Centra Software, Ceragon Networks, Esprit Telecom, Manugistics, NETCOM On-Line, Progress Software, Radware, and UUNET Technologies. To learn more about HarbourVest visit www.harbourvest.com.
About m-Qube
m-Qube is headquartered in Boston, Massachusetts with offices in Redmond, Washington, Toronto, Ontario and development offices across other major US cities. m-Qube enables world-class companies to build a mobile channel by providing the most comprehensive technology and services available. The company provides a single interface for connectivity, extensive content management expertise, application development, monitoring, billing and cross carrier transport to enable consumer facing companies of all types to offer their customers a wide variety of mobile products including music, images, messaging, games and other mobile applications. m-Qube has the ability to distribute interactive content to more than 160 million wireless subscribers. The company's strategic wireless partners include Verizon Wireless, Cingular Wireless, Sprint PCS, AT&T Wireless, T-Mobile USA, Nextel, US Cellular, Cincinnati Bell Wireless, Dobson Communications, MTS, Bell Mobility, Rogers Wireless, Telus Mobility, Microcell Solutions, SaskTel and Aliant Mobility. For more information, please visit us at www.m-Qube.com
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