Amadeus Capital Partners has led an investment of 15 million euros in Network365, a leading provider of mobile commerce software products, founded in 1999 and based near Dublin. Other investors include Trinity Venture Capital, Dublin.
Network365 products address the problems arising on the one hand from the proliferation of devices, protocols and networks in this area and on the other hand from the increased range of uses for m-commerce, from basic purchases to publishing information.
The company develops the systems and architecture that enable businesses throughout the world to sell goods and services across a variety of mobile internet devices including phones, palm devices and the wider range of third generation wireless devices currently under development. Network365 developed mZone, the world’s first WAP commerce server to go into live use, which has been licensed to mobile network operators and wireless application service providers (WASPs) in a number of countries.
With wireless connectivity, mobile devices can be transformed into personalised, location-based, interactive marketing and sales channels. The unique features of the m-commerce platform makes it ideal for promoting certain type of goods and services such as CDs, books, flowers, gifts and tickets. Several security elements for m-commerce have been developed and are embedded in Network365 applications.
The new funding will be used for R&D, and to expand the company’s sales, marketing and technical support operations into Asia and the US.
The Network365 management team combines extensive experience in the software industry with that of building businesses. Dr Andy de Mari, Chairman of the Board, has founded a number of software companies that have floated on the NASDAQ, including Retix and ISOCOR. Raomal Perera, Co-founder and CEO, is a veteran of the software industry and was previously a founder and Senior Vice President of Engineering at ISOCOR. Denis Hennessy, Co-founder and CTO, was previously Senior Architect with ISOCOR specialising in internet technologies. Patrick O’Callaghan, Co-founder and VP of Sales and Marketing, was previously General Manager with Welch Allyn, responsible for Sales in Europe, the Middle East and Africa.
Raomal Perera, describing the company’s plans, said: “The funding will drive the growth of Network365 as we take advantage of the opportunities of the wireless marketplace. mZone is a unique product, developed in Ireland, which is creating much excitement in Europe, the US and Asia. With mobile commerce estimated by Durlacher Research to be worth USD 424 billion by 2004, operators with the greatest reach will have a clear advantage over their competitors. Network365 is strongly positioned to be a leading player in this space”.
Commenting on the investment, Amadeus Director Richard Anton, who joins the Network365 board, says: “Network365 is Amadeus’ first investment in Ireland. We have looked throughout Europe to find an outstanding m-commerce software company and believe that Network365 offers great potential to build a substantial world class business.”
Karl Schütte, Director of Trinity Venture Capital, says: “Network365 is one of the most impressive indigenous companies we have encountered to date. Raomal Perera is one of Ireland’s foremost software entrepreneurs whose track record speaks for itself. Network365 has a strong management team that will drive the company’s growth across world markets”.