Company: Mobile 365
Description: Mobile messaging and content delivery
Location: Chantilly, Virginia
Amount of VC raised : $104 million
VC firms: 3i, CDP Capital, Citigroup, Draper Atlantic, Draper Fisher Jurvetson, IC3S, Intel Capital, Investcorp, Institutional Venture Partners, Mayfield, MMG Ventures, The Grosvenor Funds, Nexit, Vertex, Visa
VC directors: John Backus, Todd Chaffee, Kevin Fong, Robin Murray, Andreas Stavropoulos
Exit type: Trade Sale to Sybase
Exit valuation: $400 million
Absolute return: 384%
Memorable quote: Todd Chaffee, managing director at IVP and a board member of Mobile 365, said at the time the company was formed via a merger in 2004, "As investors in both companies, we saw a great opportunity to help create a true market leader in the wireless data market... We are extremely bullish about the new company's prospects going forward."
Quick take: Triage pays. This deal would not have happened if mobile messaging technology providers InphoMatch of the USA agreed to merge with London-based Mobileway to form Mobile 365 two years ago. It was a shrewd move that created a company that reported $90 million in revenue in the 12 months prior to March 31. With the IPO market so tough now, it makes sense for Mobile 365 to sell out to a strategic buyer such as the suddenly acquisitive Sybase. Early investor DFJ makes out best but later stage investors such as Mayfield and IVP, who reportedly invested at a $68 million post-money valuation in 2004, can boast about this one as well.
For more on Mobile 365's sale, see:
Sybase press release
Infoworld
Tech Startups
Tags: mobile+365, sybase, vc, venture capital
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Nice detail in the analysis above. Here's a tad more from the early days of Inphomatch.
Keep up the great ratings!