OpenAir Equity Partners has exited its investment in Zave Networks, selling the company to Google in early September. Terms were not released. OpenAir Equity Partners is a Kansas City-based firm specializing in the wireless, communications and mobile Internet sectors.
OpenAir Equity Partners, a wireless and communications-focused venture capital and private equity firm, has announced the sale of its portfolio company, Zave Networks, to Google on September 2, 2011.
Zave Networks was one of the earliest investment ventures of the OpenAir team and, since its founding in 2006, has delivered a level of innovation and technology that transformed the digital incentive landscape.
The Zave platform was the first to enable shoppers to simply and conveniently get coupons via online or mobile devices, and automatically redeem them in the stores where they shopped. Plus, it offered marketers and retailers an unprecedented way to launch offers digitally, and track results at the point of sale to determine the effectiveness of promotions. It delivered on the concept of “Clicks to bricks” (redeeming online coupons digitally in physical stores).
“This sale represents a major transaction in the wireless, communications and digital incentive space,” said OpenAir managing director, Lance LeMay. “The sale price produced very attractive returns for the owners of Zave and we look forward to the future success of the company as a part of Google.”
The management team of OpenAir Equity Partners is comprised of wireless veterans who combine their industry knowledge with sound financial investment strategic acumen. The company focuses solely on the wireless and communications sectors – areas where the team’s experience, knowledge and contacts, and ability to navigate through the complex wireless and communications landscape can help companies succeed.
OpenAir invests in, and helps build, those companies that demonstrate the promise of making a substantial impact in their respective industries, such as Zave accomplished in the digital incentive space. Among its other investments are GoGo In-flight Internet, which uses technology to turn the commercial airplane into a Wi-Fi hotspot with true inflight Internet access, and eRecyclingCorps, the entity that pioneered the establishment of large-scale wireless phone buy-back programs in a way that is highly scalable yet customizable.
About OpenAir Equity Partners
OpenAir Equity Partners is a Kansas City-based venture capital and private equity firm specializing in capitalizing upon the massive market opportunities within the wireless, communications and mobile Internet sector. Over the past several years, its partners have achieved individual and collective success in private ventures, growth capital and leveraged buyouts, and managing private company investments. The management team is comprised of wireless pioneers and experts who combine deep industry knowledge and expertise with savvy and sound investment strategies.