April 20, 2006
mFormation Extends Series D Financing to $24.5 Million

mFormation® Technologies Inc., the market leader of mobile device management solutions for the mobile industry, announced the close of a $15.3M financing to extend the Series D round to $24.5M. This brings the total investment in the company to about $50 million. Existing investors Alex Brown Venture Partners, Battery Ventures, Carmel Ventures, Intel Capital and North Bridge Venture Partners participated in the financing.

The release of the new funds will enable mFormation to continue its drive to expand its operating activities and therefore solve the growing global demand for complete mobile device management solutions. The additional monies will be used to expand operations reflecting the buoyant demand for it’s products, further its geographical expansion including the Asian market, and to raise the company profile in line with the customer successes that have been secured.

"We are pleased that mFormation's existing investors led by North Bridge Venture Partners have re-affirmed their commitment to the company through this round of financing and chosen to invest the round internally despite external offers and following the significant commercial progress of the company," said Mark Edwards, CEO of mFormation Technologies Inc. "mFormation has been the forerunner of a complete mobile device management solution that has been evolved over seven years and underpins the ability of mobile operators to execute on their data strategy and secure incremental revenues. This vision combined with a strong focus on execution has enabled mFormation to secure major customer wins and leadership in the global mobile device management market."