NewBay Software, a
PRESS RELEASE
NewBay Software, the global leader in digital lifestyle solutions for operators, today announced it has received EUR 6.5 million in Series B financing led by
Proceeds from this round of financing will enable NewBay to accelerate its global expansion plans, explore acquisition opportunities and increase investment in R & D to ensure continued development of world class, innovative solutions that add value, revenue and loyalty for operators. NewBay has experienced exceptional success working with leading operators worldwide. NewBay LifeCache product suite is powering operator services that are currently available to over 250 million subscribers. Services include T-Mobile USA MyAlbum, Orange Photography, Vodafone MyCommunities, O2 Bebo and T-Mobile MyFaves.
Commenting on the investment, Paddy Holahan, CEO of NewBay Software said, “This funding round led by Fidelity Ventures is testament to NewBay's success, giving us additional resources and momentum to accelerate our expansion. 2007 was a transformation for NewBay where we experienced triple digit growth and increased profitability. Fidelity's unrivalled experience and global network will be of tremendous value as we continue to strengthen our position as the leading, global provider of digital lifestyle solutions for operators.”
“The mobile communities and user generated content market, estimated to be worth $13 billion by 2011, continues to experience strong pull from operators and equipment manufacturers, as social networking and UGC are viewed as the next killer data app for the approximately 3 billion mobile devices in use across the globe,” said Simon Clark, who currently serves on the boards of seven companies, including Neverfail, Curam, Qumas and Asset Control. “NewBay has done an excellent job of building an impressive roster of clients, such as T-Mobile,
About Fidelity Ventures
Fidelity Ventures invests in technology companies ready to enter the market and those poised for the next phase of growth. Its 40-year track record includes hundreds of successful investments in the consumer, communications, systems and software markets. Fidelity Ventures is distinguished by the ability to accelerate market adoption for its portfolio companies' offerings and by a global network of senior technology and business executives. Fidelity Ventures actively manages over $800 million from offices in
About Balderton Capital
Balderton Capital is one of
Since 2000, Balderton has invested in over 70 companies across a wide variety of technology sectors and geographies, including throughout Europe, and in the
About NewBay Software
NewBay Software is the global leader in digital lifestyle solutions for operators, enabling subscribers to create, store, view and share user generated content. NewBay LifeCache product suite empowers operators to deliver an integrated set of converged rich-media services across any internet connected device such as mobile, PC and TV. NewBay's carrier grade product based solutions include photo and video albums/blogs, social networking, handset clients, network address book and messaging services.
NewBay enables operators to increase messaging, data and content revenue, strengthen customer loyalty and build communities and social networks based on user generated content. NewBay is delivering profitable, highly successful commercial services for operators including T-Mobile, Telefonica O2, Alltel Wireless, Orange, Vodafone, Swisscom, Bell Mobility, Maxis and SETAR NV. NewBay is based in Dublin, Ireland; London, UK; Dusseldorf, Germany; and Bellevue, USA. NewBay was founded in 2002 and is privately held. Investors include Balderton Capital and Fidelity Ventures.
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