Investment to Fuel the Mobile Email Company's Rapid Growth and Market
Leadership
REDWOOD CITY, Calif., Feb. 16 /PRNewswire/ -- Visto Corporation, the
leading independent provider of mobile email, today announced the
completion of its last round of financing with an additional $35 million
investment from Altitude Capital Partners, LLC ("Altitude"). The funds will
be used to accelerate Visto's continued worldwide growth, extend its
product portfolio, and protect its foundational intellectual property. This
investment is in addition to the $51 million announced in September, and
completes the financing at $86 million.
"With this total of $86 million, Visto has a balance sheet that is
stronger than any private company in this market. We have seen rapid growth
with our customers over the last year and are exceeding BlackBerry volumes
within key operator markets for the first time," said Brian Bogosian,
Chairman, President and CEO of Visto. "In addition to this growth, over the
course of the next few months, we will announce new strategic partnerships
and mobile operator agreements. As the industry's only viable independent
provider of mobile email, we are fully funded to support our worldwide
partners and vigorously safeguard our intellectual property."
This investment comes on the heels of a new research study conducted by
Global Market Insite that forecasts a surge of uptake in the mobile email
market this year. This study reveals that 45% of those surveyed not
currently using mobile email expect to do so in the next 3-12 months. In
addition, 94% of respondents believed there would be widespread adoption in
the next few years. The results indicate that the convenience and
affordability of mobile email is driving worldwide demand, with Visto well
positioned to open up the market by offering ease of use and supporting the
broadest array of devices.
"Our investment in Visto provides Altitude with a unique opportunity to
benefit from what we believe is an inflection point in the mobile email
market, supported by the proven value of Visto's patented technology," said
Robert Kramer, Managing Partner of Altitude Capital Partners. "We are
focused on building lasting value for our investors and are excited about
working with Visto's strong management team. We are confident Visto will
play a meaningful role in capturing market share and benefiting from the
market growth in the years ahead."
About Visto
Visto delivers the leading global platform for mobile operators to
provide easy-to-use mobile email to the broadest set of devices. Visto's
open solution enables email for the mass market, targeting enterprises,
small businesses mobile professionals and consumers. The company's patented
Visto Mobile(TM) platform with ConstantSync(TM) technology works in real
time with POP3, IMAP, Microsoft Exchange and Lotus Domino email solutions
for personal to business use, providing maximum control and flexibility for
the operator and choice for the customer. Visto's customized, brandable
solutions are available through mobile operators worldwide including
Cingular, Elisa, Rogers Wireless, SmarTone, SFR, Softbank Mobile,
Sprint-NEXTEL, TELUS, Turkcell and the Vodafone Group.
Established in 1996 and headquartered in Redwood Shores, California,
with offices in Seattle, Toronto, London, Milan, Paris, Madrid, Munich,
Tokyo, and Tianjin, China, Visto is backed by Oak Investment Partners,
Draper Fisher Jurvetson, Meritech Capital Partners, DFJ ePlanet Ventures,
DFJ Growth Fund, Rustic Canyon Ventures, GKM and Blueprint Ventures. For
more information, visit http://www.visto.com or email info@visto.com.
(C)Copyright 2006. Visto Corporation, Visto, the Visto logo, Visto
Mobile, ConstantSync, Constant Synchronization and worklife.freedom are
either trademarks or registered trademarks of Visto Corporation. All
third-party trademarks, trade names, or service marks are the property of
their respective owners and are used only to refer to the goods or services
identified by those third-party marks. Visto's technology is protected by
U.S. Patents 6,085,192; 5,968,131; 6,023,708; 5,961,590; 6,131,116;
6,151,606; 6,233,341; 6,131,096, 6,708,221 and 6,766,454 and the following
NTP U.S. Patents: 5,436,960, 5,438,611, 5,479,472, 5,625,670, 5,631,946,
5,819,172, 6,067,451, 6,317,592 and various other foreign patents. Other
patents pending.
SOURCE Visto Corporation
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Related links:
http://www.visto.com/
CONTACT:
Melissa Arnoff of Levick Strategic
Communications, +1-202-973-1336, Melissa.Arnoff@levick.com, for
Visto Corporation
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