$3m Stake Taken in Wireless Commerce Limited
NewMedia SPARK PLC
14 February 2000
NewMedia SPARK invests $3m in Wireless Commerce Limited
alongside Conventum
NewMedia Spark plc ('SPARK') announces that it has
agreed to invest $3 million for a minority stake in
Wireless Commerce Limited ('WCL') (www.wcl.fi). WCL is
a Finnish based company that has developed wireless
commerce enabling technologies. Conventum Oyj, a
leading Finnish investment bank will also invest a
further $1 million.
WCL was founded in January 1999 and has focused on
developing software for wireless commerce. Working
with Radiolinja, Microsoft and Alma Media it developed
and launched www.etori.fi in September 1999. Etori is
the first internet based auction site that enables
customers to participate in auctions using their GSM
telephones. The company's mobile commerce platform
includes a variety of components including a dynamic
pricing engine, personalised database agents and
traffic management modules. The company has also
developed platforms for electronic commerce using WAP
and interactive television.
WCL currently has 25 employees based in Helsinki, Oulu
and London . The experienced management team have a
strong background in IT and wireless communications and
have previously held positions at ICL, Electrobit,
Oracle, Nokia and TietoEnator. In addition the Board
includes Professor Dr Erkko Autio of Helsinki
University of Technology and London Business School, a
specialist in technology based venturing.
Commenting on the investment Michael Whitaker, CEO of
SPARK, said:
'WCL is SPARK's first investment in Scandinavia and the
wireless sector. We believe the company is at the
forefront of developing mobile commerce enabling
technologies and our investment will allow the company
to scale its development plans and start the roll out
of its platform. We expect the wireless commerce
sector to grow exponentially over the next few years
and with global agreements on standards and protocols
we expect the impact of wireless commerce to hit
virtually all areas of economy. WCL has a highly
credible management and development team and its
location on the Helsinki University of Technology
campus and Oulu gives it access to some of the world's
most talented wireless developers. SPARK firmly
believes that pervasive computing and mobile commerce
will be exciting areas of growth and we will seek to be
at the leading edge of these developments'
Commenting on the investment Nalle Kivimaki, CEO of WCL
said;
' We welcome NewMedia SPARK as an investor in our
vision to be a leading provider of enabling
technologies for the wireless marketplace. We have an
operational platform that can be used with current GSM
technologies and are continually developing
technologies for the future. We expect NewMedia SPARK
to contribute significant strategic and commercial
value to our plans and hope to develop further
commercial and financial relationships in the near
future. '
Notes to editors:
WCL is the fifteenth investment by SPARK since its
shares began trading on the Alternative Investment
Market on 28th October 1999. Its other investments have
been in Digital Animations Group plc, Bridge4u,
Linkguard, Easier!, Skillvest, Hotbox, Crocus,
WatchMyPrice, Synaptic Systems, Purple Voice, Merger
Market, Travelstore, Rainbow Network and Clipserver.
SPARK firmly believes in working closely with its
investee companies and hopes to leverage synergies
between each investment and with SPARK's networks to
rapidly develop these businesses.
For further information:
Mike Whitaker / Jay Patel : NewMedia SPARK Tel No:
+ 44 171 851 7777
Nalle Kivamaki : Wireless Commerce Limited Tel No:
+ 358 50 1469
Jyri Merivirta : Conventum Tel No: + 358 9 54 993632
Lisa Baderoon / Tim Anderson : Buchanan Communications
Tel No: + 44 171 466 5000
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