BOSTON—March 15, 2005—Tira Wireless, the premier provider of porting technology for the mobile content market, today announced that it is strengthening its leadership position in the mobile porting marketplace and accelerating its growth through the appointment of a new CFO, opening a U.S.-based headquarters and securing additional capital.
“Market demand for Tira’s porting technology and services is increasing at an amazing pace,” said Paul Schaut, president and CEO of Tira Wireless. “We expect this to be a billion dollar market by 2010 and are making a number of changes to strengthen our market leading position. Our continued revenue growth along with venture and debt financing provides us with the capital infusion required to comfortably execute on our business plan and achieve our financial goals.”
Tira supplemented its coffers with US$2.5 million in equity funding from current investors, including Brightspark Ventures, Flagship Ventures, and Export Development Canada (EDC). Tira also received US$2.5 million from MMV Financial in a venture debt placement.
“Innovation in the mobile device market shows no signs of slowing down, creating even greater opportunities for Tira Wireless to solve the challenges of fragmentation with its automated porting technology,” said Jim Matheson, general partner at Flagship Ventures. “Tira has amassed an impressive roster of market leading customers. With the cost and time-to-market advantages its solution delivers, we anticipate that Tira will continue to achieve exceptional growth in the years to come.”
With the funds in place, Tira is accelerating its growth in product development, broadening its focus to cover the growing consumer applications market, and preparing for expansion across Asia and Europe. The company is also establishing U.S. headquarters in Wakefield, Massachusetts. The company’s engineering teams will continue to drive product development from Toronto, while expanded sales operations in the U.S. and U.K. will support the company’s growing customer roster.
“Tira is an innovative company that is leading the way in the mobile porting market, and we are pleased to be participating in its financing,” said Brian Hendry, senior vice president of MMV Financial.
Tira also announced that Gary J. Kraemer has been appointed as its Chief Financial Officer.
Kraemer has 25 years of domestic and international financial experience in established and early stage companies. During his career, Kraemer raised in excess of $175 million in venture capital funding for two companies. As CFO at Tira Wireless, he will be responsible for finance and administration activities.
Kraemer was most recently CFO of Sandburst Corporation, a fabless semiconductor company; and prior to that CFO of Bowstreet, Inc. During his career, Kraemer has held senior finance and corporate accounting positions with companies such as Exenia! Inc., Bay Networks/Wellfleet Communications (acquired by Nortel Networks), and Data General Corp. He began his career at Price Waterhouse.
About Tira Wireless
Tira Wireless is the premier provider of porting technology for the mobile content market. Tira’s proprietary technology – the Tira Jump Product Suite – enables mobile publishers, operators and developers to quickly and cost effectively bring quality mobile content to market. Tira Jump automatically ports mobile Java applications across a broad range of handsets, languages and mobile operator requirements. Tira's customers and partners include Disney Mobile, Sony Pictures Mobile, THQ Wireless, T-Mobile, TELUS Mobility, Sony Ericsson, and Nokia. Tira has been recognized as one of "10 Emerging Wireless Players to Watch" by IDC; named one of the "Fierce 15 Top Wireless Startups" by Fierce Wireless; and awarded the 2004 CDMA Industry Achievement Award for Innovative Entertainment Technology Development. For more information visit http://www.tirawireless.com/.
Brightspark is a leading early-stage software venture fund. Brightspark works closely with entrepreneurs to develop and build market-leading software companies. Brightspark's innovative investment approach focuses on working closely with early-stage companies through their development and growth phase. Brightspark's team brings years of investment and technology expertise in creating and operating software companies in the areas of application and infrastructure software, enterprise software and communications software. Brightspark's investments range from “concept” stage companies, led by domain experts looking to commercialize an idea or technology, to working with experienced entrepreneurs looking to scale their existing businesses. With offices in Toronto and Montreal, Brightspark is backed by leading institutional investors who share its approach to early-stage software investing.
About Export Development Canada (EDC)
EDC is a Canadian financial institution devoted exclusively to providing trade finance services to support Canadian exporters and investors in some 200 markets, 130 of which are in developing markets.
About Flagship Ventures
Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building companies in the Life Science and High Technology sectors. Flagship's team of professionals is among the most experienced in the industry and represents a balance of venture capital, corporate executive, and entrepreneurship expertise. Its principals were involved as founders or investors in over 100 firms including: AltaVista, Anesta, Antigenics, Aspect Medical Systems, Astral Point Communications, Celera Genomics, Color Kinetics, Chantry Networks, Cytyc, DataSage, Exact Sciences, IDEXX, PerSeptive Biosystems, Telecorp PCS and TripAdvisor. Headquartered in Cambridge, MA, Flagship Ventures was founded in 1999 and manages $700 million in capital. For more information, visit www.flagshipventures.com.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to early and mid-stage technology and life sciences companies. The firm is backed by top U.S. and Canadian institutions including Conning Capital Partners of Hartford, Connecticut, Caisse de depot et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit http://www.mmvf.com
NOTE: Tira Wireless is a registered trademark. Sun, Sun Microsystems, Java and J2ME are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All other company and product names may be trademarks of their respective owners. All Rights Reserved.