STOCKHOLM, Sweden, May 16, 2002 (PRIMEZONE) -- InnovationsKapital has signed an agreement to invest in the Swedish IT company Visual Wireless. This investment makes InnovationsKapital one of the three largest owners of Visual Wireless. In addition to the financial resources, InnovationsKapital brings to Visual Wireless a breadth of experience that will be very significant in Visual Wireless's continued international expansion.
"We have been following Visual Wireless for a while now, and we are very pleased today to become one of the company's largest owners. The company possesses leading-edge competence and has great international potential. This will make it very exciting for us to contribute our experience of active board involvement in fast-growing companies," said Robert Gothner, Investment Director at InnovationsKapital.
Since 1991, Visual Wireless has developed products and services, primarily for the telecom industry in the areas of fraud detection, interconnect billing and, in recent years, technical and administrative leakage, in the area known as Revenue Assurance. A recently published international study by Chorleywood Consulting Ltd. shows that telecom operators worldwide lose an estimated USD 100-200 billion per year to various kinds of leakage and fraud. Visual Wireless offers tools that help telecom operators strategically attack and fight these kinds of problems. Until now, Visual Wireless has grown organically through reinvestment of profits. The company has customers in Sweden, Europe, Africa and the U.S.
"We are quite pleased to have InnovationsKapital join Visual Wireless as a strategic investor. Visual Wireless is in a very expansive phase right now, in which InnovationsKapital's experience and knowledge, particularly of expansion in the international arena, will be very useful to us," said Tomas Julin, CEO of Visual Wireless.
For more information, please contact:
Tomas Julin, CEO, Visual Wireless 08-720 83 00, 0702-41 00 00, tomas.julin@visualwireless.com Robert Gothner, Investment Director, InnovationsKapital 08-54 50 14 91 eller 070-565 13 01, robert.gothner@innkap.se www.visualwireless.com, www.innkap.se
Visual Wireless
Visual Wireless has 70 employees and 2001 revenues of ca. SEK 70 million. Its headquarters is in Sodra Hammarbyhamnen in Stockholm. The company was founded in 1991, and has grown organically since then. The current product portfolio consists of a Revenue Assurance portion, including the Visual CDR analysis tool and the Visual Fraud tool, and an Interconnect portion that includes the Visual Settlement tool.
InnovationsKapital
InnovationsKapital was founded in 1994 and is today one of Sweden's leading early stage venture capital firms for innovative growth companies. The business, carried out from offices in Gothenburg and Stockholm, is focused on Nordic investments within ICT and Healthcare & Life Sciences - dynamic sectors that are rapidly expanding and where Nordic research plays a leading role. The capital (EUR193 million) is managed in three funds and is provided by highly reputable Swedish and international institutional investors.rapid growth in which Nordic companies are in the lead. Total capital is SEK 1.7 billion, maintained in three funds with renowned Swedish and international institutions as investors.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2002/05/16/20020515BIT01300/wkr0001.doc www.waymaker.net/bitonline/2002/05/16/20020515BIT01300/wkr0002.pdf