OTTAWA, Ontario, Canada - October 11, 2005 – TrueContext Corporation today announced it has secured approximately $8.9 Million (CDN) in its Series B investment financing. Industry leading venture capital fund Jefferson Partners led the financing round, with existing investors Skypoint Capital and Venture Coaches participating. The new funding provides TrueContext with the capital and resources to meet growing customer demand, and expand its marketing and sales channels.
The award winning TrueContext mExperience™ is a service platform that enables the delivery of volume enterprise data services such as mobile forms, and content and device management to companies of all sizes. Available as a hosted service or deployed behind the firewall, mExperience is sold through Mobile Network Operators, Independent Software Vendors and VARs. TrueContext has finalized contracts with multiple Operators and will be announcing details of these wins shortly.
"Traditionally, the deployment of wireless enablement solutions was something that only larger enterprises could consider," said David Folk, Co-Founder and Managing General Partner with Jefferson Partners. "TrueContext has changed that by providing a secure, pilot-friendly, comprehensive solution with flexible back-office integration choices to suit the needs of all types business, whether it’s five, 50, 500 or thousands of users."
“TrueContext has done a tremendous job developing both unique technology and large scale volume channels to dramatically change the way mobile workers operate in the field," said Peter Charbonneau, General Partner with Skypoint Capital. "TrueContext is poised to capitalize on a tremendous market opportunity, especially as small and medium sized businesses look to reduce downtime and paperwork in the field, providing improved customer service, reduced operational expenses and greater productivity."
In conjunction with the funding, TrueContext announced the appointment of three new members to their board, David Folk and Lynda Ting, Associate Partner with Jefferson Partners and Jon Shantz, formerly VP of Business Development from Openwave. Jon also previously held senior management positions with Cisco and British Telecom and is based in California. Jon brings extensive experience in working with mobile network operators and device manufacturers to TrueContext.
"We are excited about the commitment from our existing and new investment partners," said Alvaro Pombo, President and CEO of TrueContext Corporation. "Our Series B funding allows us to aggressively scale the organization to meet the growing needs from our prospective and existing customer base and channel partners."
About Jefferson Partners
Jefferson Partners is a technology venture capital firm focused on three sectors: enterprise software, communications infrastructure and Internet technology. The experience of Jefferson’s principals and strategic partners on both sides of the border enhance the firm’s ability to attract and assess the best new technology ideas and to add value in bringing those ideas to the global market. Jefferson’s founders have been investing together since 1984 and have achieved an investment track record ranking in the top quartile of comparable North American funds. Jefferson currently manages over $200 million. www.jefferson.com
About Skypoint Capital / Venture Coaches
Skypoint Capital (www.skypointcorp.com) forms and manages venture capital funds that stimulate and leverage the ever-changing telecommunications and information technology sector. Its funds provide early-stage equity capital to new or growing businesses with the potential to become major enterprises. The firm, which currently has US $185 million under management, invests primarily in Canada, but also in the US, Israel and the UK. The members of the Skypoint Capital team have participated in more than 75 technology start-ups in the Ottawa and Montreal regions.
About TrueContext Corporation
TrueContext mExperience is a service platform that enables the delivery of volume enterprise data services such as mobile forms, and content and device management to companies of all sizes. Available as a hosted service or deployed behind the firewall, TrueContext solutions are sold through Mobile Network Operators, Independent Software Vendors and VARs, and are suitable for organizations with mobile workers in the areas of Field Services & Support, Inspection & Reporting, and Field Sales & Executives. www.truecontext.com
Contact:
Michael Stephens
Interprose Public Relations
+1 613 831 2878
michael_stephens@interprosepr.com
Kevin McGuire
TrueContext Corporation
+1 613 233 8783 x1112
kmcguire@truecontext.com