2004
3i backs UbiNetics in Europe’s biggest technology deal since 2002
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23 February 2004
UbiNetics, one of the world’s leading suppliers of 3G mobile communications technology, today announced the completion of a $26 million investment led by 3i, Europe’s leading venture capital company. This is the biggest technology financing deal since 2002.
UbiNetics was formed in 1999 as a spin-out venture from PA Consulting Group – the management, systems and technology consulting firm - which also participated in this round of funding and remains the largest shareholder in the company. The money raised from the funding will go towards completing the company’s 3G development programme and bringing its innovative 3G technology to market.
Since its spinout in 1999 UbiNetics has increased its turnover from £2.3m to £28m per annum. The company is headquartered in Cambridge, UK and has significant presence in Asia Pacific and India. The company is a leading provider of Test and Intellectual Property (IP) solutions for 3G and has extended its product offerings so that it now offers a wide range of test solutions for 3G. The Test and Measurement business of the company has been dominating the supply of Test Mobiles for 3G to the industry for the last three years.
UbiNetics’ 3G handset IP business provides protocol software, chip level design, and handset reference designs to semiconductor companies and handset makers. It is this part of the business that will see the greatest potential for value creation and realisation – as an independent provider of 3G IP in the handset market. The 3i investment will also see a strengthening of UbiNetics’ board by two new non-executive directors - John Scarisbrick, a veteran of the semiconductor industry, and currently a non-executive director of ARM, Sonim, Bitfone and Cambridge Positioning Systems; and Laurence Garrett, of 3i, who until recently was on the board of Cambridge Silicon Radio.
Bjorn Krylander, the CEO of UbiNetics said “The investment further emphasises the positive change in the wireless industry toward 3G, and it clearly signals a change in mood in the investment community towards this technology. It will provide us with the financial strength to complete a strong robust technology platform for 3G and expand our presence in the key markets where our customers operate. We chose 3i as our financial partner because of its global network, ability to deliver a substantial funding package and its excellent reputation in assisting companies with trade exits and IPOs. We are also delighted that several of our existing investors, including our largest shareholder, PA Consulting Group, are involved in this latest round of funding.”
Laurence Garrett, a Director of 3i Technology said “UbiNetics has real critical mass, a global footprint which includes India, Hong Kong, UK and US, and a superb customer base. We anticipate substantial growth in the 3G market over the next two years with nearly all the major operators planning to launch their networks in that time period. The track record of businesses like UbiNetics being valuable is extensive and we look forward to working on the board to make UbiNetics even more successful.“
Jon Moynihan, Chairman of UbiNetics and Executive Chairman of PA Consulting Group said: “PA is delighted to join 3i, Herald Investment Trust and Fidelity as co-investors in this latest round of funding for UbiNetics. UbiNetics has come on tremendously since we first spun it out of PA Consulting Group in 1999. This investment is a further resounding endorsement of UbiNetics: its innovations and people are world class and it continues to reinforce its position as a global leader in wireless communications and 3G technology.”
For more information, please contact:
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| John O'Neill |
| PA Consulting Group |
| Cambridge Technology Centre |
| Melbourn |
| Royston, HERTS |
| SG8 6DP |
| United Kingdom |
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Tel: +44 1763 267 133 |
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Fax: +44 1763 267135 |
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E-mail:
john.o'neill@paconsulting.com |
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Notes to editors
About 3i Group plc
3i brings capital, knowledge and connections to the creation and development of businesses around the world. It invests in a wide range of opportunities from start-ups to buy-outs and buy-ins, focusing on businesses with high growth potential and strong management.
3i invests in businesses across three continents through local investment teams in Europe, Asia Pacific and the USA. To date, 3i has invested over £15 billion (including co-investment funds).
www.3i.com
About UbiNetics
UbiNetics is a world leader in the supply of innovative 3G, 2.5G and 2G IP solutions for chipset and terminal manufacturers, and 3G Test and Measurement Equipment.
The company’s WCDMA Test Mobiles, in use by 3G Infrastructure Manufacturers and Network Operators worldwide, have positioned UbiNetics at the centre of WCDMA interoperability testing. New products, such as the LG200 Load Generator and the TM500 Test Mobile, now being supplied for early HSDPA trials, are further strengthening this position.
UbiNetics also provides 2G, 2.5G, 3G and HSDPA protocol software and physical layer IP for use by chipset and handset developers and manufacturers. The company supplies a wide range of creative products for UMTS and GPRS/GSM applications, including customized embedded modules and development tools.
Since the company was formed in 1999, UbiNetics has grown to over 400 employees with activities in the UK, Japan, India and China.
Further information about UbiNetics can be found at www.ubinetics.com
PA: delivering value
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills span the initial generation of ideas and insights all the way through to detailed implementation.
PA builds and implements strategies for the creation and capture of shareholder and customer value. We help accelerate business growth by developing innovative products for our clients and by the application of emerging technology. We deliver major transformation programs, mobilize human resources, and manage complex IT and technically-challenging programs.
PA focuses on creating benefits for clients rather than merely proposing them, and our results-focused approach is founded on a unique commitment to excellence, independence and value:
Excellence. We are committed to unremitting excellence and quality in every aspect of our work: in our relationships with our clients, in the client assignments we deliver, and in the people we recruit and develop, who enjoy exciting and rewarding careers at PA.
Independence. PA is totally independent from outsourcing, software, hardware and audit providers. We are the pre-eminent client-side advisor on IT and outsourcing projects, and deliver, in partnership with our clients, business solutions tailored to our clients' needs, rather than solutions pre-determined by commercial alliances. As an employee-owned company, we are answerable to our clients and to ourselves only.
Value. PA's consultants bring an intense focus on delivering value through deep industry insight, the development and application of technology, and our culture of respect, collaboration and flexibility in working with clients.
Further information on PA at www.paconsulting.com
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