Visto Corporation Secures $35 Million in Financing
Visto Corporation, the leading independent provider of mobile email, recently announced the completion of its last round of financing with an additional $35 million investment from Altitude Capital Partners, LLC (“Altitude”). The funds will be used to accelerate Visto’s continued worldwide growth, extend its product portfolio, and protect its foundational intellectual property. This investment is in addition to the $51 million announced in September, and completes the financing at $86 million.
“With this total of $86 million, Visto has a balance sheet that is stronger than any private company in this market. We have seen rapid growth with our customers over the last year and are exceeding BlackBerry volumes within key operator markets for the first time,” said Brian Bogosian, Chairman, President and CEO of Visto. “In addition to this growth, over the course of the next few months, we will announce new strategic partnerships and mobile operator agreements. As the industry's only viable independent provider of mobile email, we are fully funded to support our worldwide partners and vigorously safeguard our intellectual property.”
This investment comes on the heels of a new research study conducted by Global Market Insite that forecasts a surge of uptake in the mobile email market this year. This study reveals that 45% of those surveyed not currently using mobile email expect to do so in the next 3-12 months. In addition, 94% of respondents believed there would be widespread adoption in the next few years. The results indicate that the convenience and affordability of mobile email is driving worldwide demand, with Visto well positioned to open up the market by offering ease of use and supporting the broadest array of devices.
“Our investment in Visto provides Altitude with a unique opportunity to benefit from what we believe is an inflection point in the mobile email market, supported by the proven value of Visto’s patented technology,” said Robert Kramer, Managing Partner of Altitude Capital Partners. “We are focused on building lasting value for our investors and are excited about working with Visto’s strong management team. We are confident Visto will play a meaningful role in capturing market share and benefiting from the market growth in the years ahead.”
Visto delivers the leading global platform for mobile operators to provide easy-to-use mobile email to the broadest set of devices. Visto’s open solution enables email for the mass market, targeting enterprises, small businesses mobile professionals and consumers. The company’s patented Visto Mobile™ platform with ConstantSync™ technology works in real time with POP3, IMAP, Microsoft Exchange and Lotus Domino email solutions for personal to business use, providing maximum control and flexibility for the operator and choice for the customer. Visto’s customized, brandable solutions are available through mobile operators worldwide including Cingular, Elisa, Rogers Wireless, SmarTone, SFR, Softbank Mobile, Sprint-NEXTEL, TELUS, Turkcell and the Vodafone Group. Established in 1996 and headquartered in Redwood Shores, California, with offices in Seattle, Toronto, London, Milan, Paris, Madrid, Munich, Tokyo, and Tianjin, China, Visto is backed by Oak Investment Partners, Draper Fisher Jurvetson, Meritech Capital Partners, DFJ ePlanet Ventures, DFJ Growth Fund, Rustic Canyon Ventures, GKM and Blueprint Ventures.
For more information, please visit www.visto.com