Funambol and Mahindra Comviva Partner to Accelerate the Growth of Personal Clouds

FOSTER CITY, CA, and NEW DELHI, INDIA--(Marketwire - Feb 25, 2013) - Funambol, the leader of white-label personal clouds, and Mahindra Comviva, the global leader in providing mobile financial and VAS solutions, today announced a partnership to help mobile service providers get to market quickly with personal cloud services. Through this association, Funambol will provide its award winning solution that enables service providers to deploy a self-branded digital lifestyle personal cloud. Mahindra Comviva will leverage its wide product portfolio and extensive geographic presence to create and deliver personal cloud solutions, leveraging Funambol technology that meets the unique needs of customers in its markets. It has been estimated that the global personal cloud market will grow from $6.6 billion in 2013 to $43.5 billion in 2018, representing a compound annual growth rate (CAGR) of 45.61% from 2013 to 2018.

"The increase in Mobile Internet users in the emerging markets and consumption of digital content, but without a similar growth in PC and computer infrastructure, has accelerated the need for personal cloud solutions. Mahindra Comviva is extending its award winning WebAxn solution to include personal cloud services with this partnership," said Arun Tanksali, Chief Technology Officer, Mahindra Comviva. "We are pleased to partner with Funambol and continue our commitment to bring innovative solutions to service providers worldwide."

The Funambol-Mahindra Comviva partnership is another indication that the market for service provider personal clouds is red hot, as many providers have recently decided to offer their own branded personal cloud. A recent Gartner report recommended that service providers go to market quickly because the cost of getting users to switch personal clouds is very high. This partnership further accelerates time to market by leveraging the extensive cloud domain expertise of both companies to eliminate barriers. This partnership has already seen success with Mahindra Comviva signing up to provide a leading mobile operator with its own branded service.

"The market for self-branded personal clouds has reached a tipping point globally," said Amit Chawla, Funambol CEO. "We look forward to working with Mahindra Comviva to help mobile service providers get to market quickly with their own branded personal cloud service."

About Funambol
Funambol is the leader of white-label digital lifestyle personal cloud solutions. Funambol solutions have been deployed by leading mobile providers, including operators, device manufacturers (OEMs), internet firms, content companies and system integrators. Visit http://www.funambol.com for more information.

About Mahindra Comviva
Mahindra Comviva is the global leader in providing mobile financial and VAS solutions. It's a subsidiary of Tech Mahindra and part of the $15.9B Mahindra Group. With an extensive portfolio of solutions spanning mobile finance, content, infotainment, messaging, mobile data and managed VAS services, Mahindra Comviva enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Its solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries and enrich the lives of over a billion people globally. For more information, please visit www.mahindracomviva.com.