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Visto Corporation Increases Funding Round to $65 Million
Additional $15 Million Capitalization Helps Continue Visto's Command of Wireless Messaging Market
(Redwood Shores, CA - April 15, 2004)– Visto Corporation (www.visto.com), the leading provider of personal and corporate mobile messaging solutions to wireless operators for the broadest set of mobile device platforms, today announced that it has extended its round of private equity financing with an additional $15 million. This brings the total amount raised for this round to $65.4 million.
This latest closing was driven by a new investor, Meritech Capital Partners, which has invested in a number of companies in the telecommunications, semiconductor, component, software and services markets. Existing investor Oak Investment Partners, a co-lead in the previous closings, also contributed.
"Visto has shown exceptional leadership in this fast-growing market," said Paul Madera, managing director of Meritech Capital Partners. "Visto continues to produce significant customer growth, as well as building partner relationships, all of which position Visto to lead in the global market for wireless messaging."
Visto continues to use its funding resources to accelerate new product development, expand its sales and marketing infrastructure, and acquire companies that complement the company's business and technology strategy. Earlier this year, Visto announced that it had purchased Psion Software, and announced a deal with Microsoft to promote Visto's mobile email solution to wireless operators.
"Visto is the best financed participant in the wireless operator driven mobile messaging market. Our core technology, strategy, team, operator traction, paid subscriber growth and, of course, balance sheet, differentiate us from anyone in the world and better position us to compete with RIM for leadership in the worldwide market for mobile messaging technology," said Brian Bogosian, chairman, president and CEO of Visto. "We plan to deliver world-class returns to our investors by gaining market share and leading the industry with best of breed, secure wireless email to wireless operators and device manufacturers for corporate IT and business professionals."
About Visto Corporation
Established in 1996, Visto is the leading provider of mobile messaging solutions to mobile operators for the broadest set of mobile device platforms. Visto Mobile Access Solution, Server Edition, provides departmental and enterprise access to corporate email. Visto Mobile Personal Edition is a flexible set of custom-branded applications and services that let mobile operators provide subscribers with real-time, secure, remote access to their corporate and personal email, PIM and other files directly from their mobile devices. Both solutions include message push for immediate email notification, and are well-suited to the "converged" mobile PDAs/phones using Palm OS, Windows Mobile (Pocket PC and Smartphone), J2ME and Symbian platforms as well as enhanced mobile WAP/Web browser-enabled mobile devices. Visto's solutions are available from Visto and through mobile operators worldwide, including AT&T Wireless, Bell Mobility, KPN, Manitoba Telecom Services, Nextel Communications, Inc., Rogers, SaskTel Mobility, SmarTone and TELUS Mobility. For more information, visit www.visto.com.
Visto is backed by Oak Investment Partners, VantagePoint Venture Partners, Meritech Capital Partners, Draper Fisher Jurvetson, Rustic Canyon Ventures, Allegis Capital and Blueprint Ventures.
About Oak Investment Partners
Oak Investment Partners was founded in 1978 and has raised nine venture capital
partnerships with a total of $4.0 billion in committed capital. Oak has sponsored
over 300 companies with aggregate annual revenues in excess of $60 billion.
For more information, visit www.oakvc.com.
About Meritech Capital Partners
Meritech Capital ( www.meritechcapital.com )
is a late-stage venture capital fund that was co-founded and sponsored by five
leading venture firms: Accel Partners, Brentwood Venture Capital, Oak Investment
Partners, Redpoint Ventures and Worldview Technology Partners. Meritech is capitalized
at $1.8 billion