KARLSKRONA, Sweden, Jan. 16, 2002 (PRIMEZONE) -- Wireless Maingate, the leading Scandinavian player in the machine-to- machine market (M2M), is to receive SEK 80 million from a new share issue to BrainHeart Capital and Catella. Since this past summer a total of SEK 110 million has been invested in Maingate.
Maingate specializes in business-like communication with machines, apparatus and other equipment. The company offers customized communication solutions to customers like Vattenfall, Securitas Direct, the Swedish Post Office and Preem. Today Maingate operates customer applications in the Scandinavian markets.
"The new capital makes it possible for us to fulfill our plans to reinforce Maingate's position as the leading player in the M2M market," says Anders Ericsson, president of Wireless Maingate. "The financing is enough for us to get a positive cash flow, which will be by the end of this year."
The new share issue makes BrainHeart Capital the largest shareholder in Maingate by almost half of the stock. Catella Kapitalforvaltning is a new, additional shareholder. The other shareholders are MVI, Telia and the founders.
"Maingate proved its competitiveness last year in a number of interesting deals. Its product offering combined with solid competence is an extremely good starting point for Maingate to strengthen its position as the dominating supplier in the M2M field," says Sigrun Hjelmquist of BrainHeart Capital.
Facts about Maingate
Maingate has their head office in Karlskrona, Sweden, where also development and operations is placed. The sales offices are in Stockholm and Oslo. Maingate owners are BrainHeart Capital, Telia AB, Catella, MVI (Merchant Venture Investment) and the founders. Maingate has a total of 61 employees in Scandinavia.
Wireless Maingate AB Amiralitetstorget 3, Box 244 371 24 Karlskrona Tel: 0455-36 37 00 www.maingate.se
Facts about BrainHeart Capital
BrainHeart Capital is an industrial venture capital company entirely focused on investments in new wireless IT enterprises in Scandinavia. Its fund is one of the largest in Europe to exclusively invest in the wireless sector. Investments are in all phases from seed level to larger buy-outs and company reconstruction in three main areas: Industrial Wireless Applications, Virtual Wireless Operators and WISP:s (Wireless ISP:s).
BrainHeart Capital AB Skeppsbron 44, P.O Box 1238 111 82 Stockholm Tel: 0733 77 99 00 www.brainheart.com
Facts about Catella Kapitalforvaltning
Catella Kapitalforvaltning runs capital management individually adapted to private persons, single companies, foundations and institutions. They also manage two national funds in Sweden, FOKUS and FOKUS TILLVAXT. Catella Kapitalforvaltning is known for their case oriented capital management. It means that Catella can acquire a large share in a company and thereby via an active ownership create an added value in the placement.
Catella Kapitalforvaltning Birger Jarlsgatan 6, P.O Box 7328 103 90 Stockholm Tel: 08-614 25 00 www.catella.se
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