3i backed Bitfone acquired by HP

20 Dec 2006

HP today announced that it has signed a definitive agreement to purchase Bitfone Corp., a privately held global software and services company that develops software solutions for mobile device management for the wireless industry.

The acquisition is part of HP's strategy to grow its mobile enterprise business. Acquiring Bitfone will strengthen HP's ability to provide customers with a flexible, modular approach to building a mobile infrastructure by allowing them to choose what they need to meet their business needs.

"Mobile device management is a key component to driving widespread mobile IT deployments," said Dave Rothschild, vice president, Handheld Business Unit, Personal Systems Group, HP. "With the acquisition of Bitfone, HP adds mobile device management to a comprehensive management suite that already includes servers, desktops and notebooks."

The acquisition adds a strategic component to HP's device management software portfolio that is designed to accelerate customers' ability to manage their mobility infrastructure in a reliable, secure and cost-effective way.

Mobile devices are increasingly becoming part of the core IT infrastructure and there is a growing requirement that they need to fit into existing management systems and frameworks. This acquisition provides HP the software tools to help business customers reduce device support costs and smooth device deployments, migration and replacement.

"As a leading technology innovator in the mobile device management and wireless space, Bitfone has built a world-class software platform over the past six years," said Gene Wang, chairman and chief executive officer, Bitfone Corp. "We are proud to be joining HP, where we can continue to innovate and provide software solutions that deliver a more compelling mobile experience."

Financial terms of the transaction were not disclosed. The transaction is subject to certain closing conditions and is expected to be completed by February 2007.

Following completion, Bitfone will be integrated into the Handheld Business Unit of HP's Personal Systems Group.

About Bitfone Corporation 
Bitfone Corporation is an innovative global software and services company focused on maximizing the mobile experience for subscribers, enterprises, operators and OEMs. Bitfone's innovative solutions provide the essential mobile foundation enabling valuable real-time access to the mobile device to enhance wireless services and promote widespread adoption. Bitfone is a private company headquartered in Laguna Niguel, Calif., with offices in Canada, China, Korea and the U.K. and approximately 134 employees. For more information, visit http://www.Bitfone.com

About 3i

3i is a world leader in private equity and venture capital.  We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia.  Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.  These underpin the value that we deliver to our portfolio and to our shareholders.

3i’s Venture Capital partners focus on investing in scaleable seed and start-up and early-stage technology and healthcare businesses on a global basis. The business currently manages investments across Europe, US, Asia and Israel, valued at over $1bn. 3i VC plans to invest $1.5bn funds over the next five years in exciting and ambitious companies in three main areas: healthcare (medtech and biotech), consumerisation of IT (telecommunications, Internet, media and electronics/semiconductors) and the clean technology sector.  For more information, go to http://www.3i.com