COPENHAGEN, Denmark, Oct. 26, 2001 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") today announced that it has invested in the Danish software company, Mobite A/S. The funding has been provided in syndication with Mobite's current venture capital investor InnFond p/s. Olicom and InnFond have each committed DKK 8.2 million ($1 million) and each hold 17.2% of the shares in Mobite.
Mobite's enterprise software platform, TIMEngine(tm), is a service automation solution targeted at larger enterprises within the service industry. TIMEngine(tm) enhances business profitability by automating processes related to scheduling, managing customer relationship and demand, optimizing resource utilization and providing business intelligence to ensure higher levels of customer service. At the same time it gives users 24-7 customer self-service through an easy to use real-time booking system. The customizable TIMEngine(tm) solution is available through the Internet, wireless devices, or via interactive voice recognition (IVR). The platform is built on a modular structure focusing on quick implementation in new enterprises made possible through the use of the open standards Java and XML APIs. The platform is running on a Java application server and on an Oracle database server ensuring reliability, security and scalability.
TIMEngine(tm) has been developed in cooperation with Mobite's American partner Xtime Inc., which is a significant shareholder in Mobite.
Among Mobite's customers is Fiat Targa Services, an international call center within the Fiat Auto Group. Fiat Targa Services has begun the process of automating customer scheduling and back-office processes in 200 European Fiat dealerships and auto-service agencies, and plans to add more than 2,000 in total. Other TIMEngine(tm) customers include Interwoven, VitalLink, Allegiance Telecom and Nextron. Also benefiting from the TIMEngine(tm) platform is the training industry, as well as health care organizations and others within the service industry.
"This investment is another milestone for Mobite," said Tyge Trier, CEO of Mobite. "The capital provided by Olicom and InnFond will greatly help us accelerate the adoption of our enterprise solutions for real-time service automation."
"As a venture company we are aiming to establish a balanced portfolio comprising both early stage companies in the product development phase and companies that have reached the expansion phase. Mobite is an attractive opportunity to invest in a fast growing company that has proven technology, customers and an important and promising partnership with a US company," said Boje Rinhart, CEO of Olicom.
About Olicom
Olicom initiates or participates in the development of new products and services that leverage leading-edge communications technologies, primarily with a focus on mobile data communication. Business opportunities are identified both through Olicom's internal research and through the solicitation of ventures with start-up companies, which are offered seed and venture financing and access to the Company's established business network and infrastructure. More information about Olicom is available from the Company's SEC filings or by contacting the Company directly. Information is also available on the Company's Web site at www.olicom.com. Olicom is a registered trademark.
About Mobite
Mobite A/S is the European market leader in service automation. Working in strategic partnership with Silicon Valley-based Xtime Inc., Mobite is the exclusive European provider of the TIMEngine(TM) platform and the developer of wireless and international applications. Mobite offers real-time booking, scheduling and resource management solutions for the service industry to deliver anywhere, any time access via interconnected points of access: Internet, voice recognition telephony, and wireless devices. Service offerings include consulting, application design, infrastructure implementation, support and service facilities. A dynamically growing, privately held company founded in December 1999, Mobite is headquartered in Copenhagen, Denmark and employs 20. Mobite can be reached at +45 702 040 34 or www.mobite.com.
About Xtime
Founded in May 1999, Xtime is the leading enterprise-class platform for electronic appointments and reservations. Xtime's scheduling engine enables enterprises and service business aggregators to deploy customized e-scheduling solutions, including customer relationship management, yield management and dynamic pricing, to their affiliated service merchants. Privately held, Xtime's investors include Venrock Associates, Draper Fisher Jurvetson, Rosewood Venture Group and France Telecom (Innovacom). Xtime is based in San Mateo, Calif., and can be reached at +1-650-653-4000, or www.xtime.com.
About InnFond
InnFond'S P/S purpose is to invest in innovative companies in Denmark. The capital available for investments amounts to DKK 300 million (USD 36 million), which has been contributed by VaekstFonden and NOVI A/S. InnFond has so far invested DKK 70 million in 8 companies and expects to invest in additional 10 companies a year. For more information visit InnFond's Web-site at www.innfond.dk.
Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements that reflect the Company's current expectations and projections about its future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Among the risks, uncertainties and other factors that could cause results to differ are uncertain market conditions, the successful implementation of the Company's new strategic direction; the Company's need to continue to identify and acquire interests in suitable portfolio companies; intense competition among capital providers to acquire interests in technology companies; the dependence of the Company on the financial and operating success of the enterprises in which it invests or participates; and existing and future regulations affecting the Company's business, the businesses of its portfolio companies or technology generally. Further information may be found in Olicom's periodic filings with the U.S. Securities and Exchange Commission (SEC), including the most recent reports on Form 20-F and 6-K, which identify important risk factors related to the Company's business that could cause actual results, performance, prospects or opportunities to materially differ from those contained in the forward-looking statements.