2000
UK wireless telecoms technology leader UbiNetics to invest over £100 million ($142m) in 2G and 3G wireless technologies over the next two years. £50 million Private Placement completed today expected to lead to Stock Exchange listing in 2001
-
13 November 2000
UbiNetics, one of the UK's leading developers and manufacturers of next generation wireless telecoms technology and equipment, and the global leader in test-mobile and test-cell equipment, has completed today a £50 million (US$71 million) Private Placing as a precursor to a Stock Exchange listing during 2001. The Company intends to invest more than £100 million (US$ 142 million) in further product development, manufacture and distribution over the next two years.
UbiNetics is at the forefront of 2G (GSM/GPRS) and 3G Universal Mobile Telecommunication System (UMTS) wireless telecoms innovation. Its UMTS 3G mobile and cell testing equipment, which allows handset manufacturers and application providers to test their products in a fully functional simulated environment, are believed to be the only commercially available devices of their kind in the world.
The Company's portfolio includes off-the-shelf PC cards and other products that use the very latest in mobile telecoms technology and platforms to enable currently available personal digital assistants (PDAs) to access full mobile internet and m-commerce network services. Recent high profile products include the world's first dual band Type II GSM PC card, which fits flush into existing PC slots and enables laptop users to surf the web on the move. Another product clips to the back of a Palm™ V enabling users to combine mobile voice and data telephony with their indispensable electronic companion. UbiNetics' commercial partners and customers include the world leaders in voice and data wireless technology.
The Private Placing has been undertaken in conjunction with Investec Henderson Crosthwaite, which has been appointed as the Company's financial advisor. As part of the Private Placing, PA Consulting Group, from which UbiNetics was founded in January 1999, will invest £15 million with the remaining £35 million raised from primarily UK institutions. Following the Placing PA will hold 66% of the equity, the remainder will be held by institutional investors and staff.
The Company's revenue for the ten months to 31 October 2000 was £11.5 million. UbiNetics currently employs more than 250 staff at its Cambridge and Swindon locations, with staff numbers anticipated to rise to over 400 within the next twelve months as a result of the significant development programme. The Company will use the £50 million funding partly to realise its plans for new product development and for geographical expansion in the key markets of Europe, the Far East and the US.
Commenting on the Private Placement, a UbiNetics spokesman said: "UbiNetics has the technology and deliverable know-how to meet the challenge of the much reduced timescales for second and third generation mobile platforms and devices. Network operators have paid significant premiums for 3G operating licences and are seeking early returns on their investment. At the same time, infrastructure manufacturers recognise that UbiNetics' cell and handset testing equipment significantly improves time-to-market of the many applications waiting in the wings.
"The world of second and third generation mobiles is currently disparate. UbiNetics is not reliant on any particular service becoming predominant as its technologies and products span the various global and regional standards and formats."
Jon Moynihan, Chairman of UbiNetics and also Executive Chairman of PA Consulting Group, said:
"There's real substance behind UbiNetics. The Company's innovations are world class and their impact and value is proven. Mobile communications, particularly the data side, has huge potential. We've built a multi-million dollar business by nurturing know-how and talent and I have every confidence that UbiNetics will continue to go from strength to strength."
For more information, please contact:
|
| Jon Moynihan |
| PA Consulting Group |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
|
|
Tel: +44 20 7376 6767 |
|
Fax: +44 20 7333 5611 |
|
E-mail:
jon.moynihan@paconsulting.com |
|
|
|
Notes to editors
UbiNetics
UbiNetics develops leading edge 2G, 2.5G and 3G wireless communications technology. The company develops off-the shelf solutions based on GSM and GPRS, such as PC cards and accessories that enable laptop computers and PDAs to access the Internet, perform videoconferencing and conduct mobile commerce. In addition, UbiNetics develops 3G test and measurement equipment and its UMTS test mobile is currently the only commercial product of its kind available today.
UbiNetics began as a PA new venture business within PA Consulting Group's wireless technology consulting practice. UbiNetics has generated tremendous interest with a growing portfolio of innovative products, an extensive order book and a customer base of leading global telecoms companies.
Revenue for the ten months to 31 October 2000 was £11.5 million, well on target to meet the 2000 revenue budget, with the outstanding order book currently standing at £19 million. As at 24 October 2000, UbiNetics had filed 17 UK patent applications, and had an additional 48 potentially patentable ideas covering 2G/2.5G, 3G and general technology.
UbiNetics employs some 250 staff at its Cambridge Technology Centre in the UK, working closely with an impressive list of blue-chip accounts, intent on delivering to its customers a range of advanced wireless data solutions. UbiNetics' specific market leadership includes the design and manufacture of 2G and 3G data modules, PC cards, and test and measurement.
The Company's products are used, among others, by cellular network infrastructure, handset terminal and PC/PDA manufacturers. Its technologies also enable manufacturers to embed GSM connectivity into products serving a broad range of industries, including utilities, pharmaceuticals, automotive, chemicals, financial services, manufacturing and oil/gas. For more information, visit the web site at www.ubinetics.com.
PA Consulting Group
PA Consulting Group is a leading management, systems and technology consulting firm, with a unique combination of these capabilities. Established almost 60 years ago, and operating worldwide from over 40 offices in more than 20 countries, PA draws on the knowledge and experience of some 3,400 people, whose skills span the initial generation of ideas and insights all the way through to detailed implementation. PA builds strategies for the creation and capture of shareholder and customer value, and helps clients accelerate business growth through innovation and the application of technology.
PA works with clients to improve performance, mobilize human resources and deliver change effectively, including managing major projects, and designing and implementing enterprise-wide systems and full e-business solutions. PA focuses on creating benefits for clients rather than merely proposing them, and this focus is supported by an outstanding implementation track record in every major industry and for governments around the world. PA also develops leading-edge technology both for its clients and within its own portfolio of venture companies in areas ranging from software to wireless technology to life sciences.
PA distinguishes itself from its competitors through the range and quality of its people, the depth of its industry insight, its development and use of technology, and also its independence and culture of respect, collaboration and flexibility in working with clients.
|
