vox moblili (France) - Oct 2007

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01 October 2007

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A syndicate of venture capital firms led by Iris Capital has sold software solutions provider Vox Mobili to Bangalore-headquartered telecommunications group OnMobile for $35m. Iris generated a money multiple of 2x over its seven-year holding period, surviving the IT bubble of the early 2000s. The other venture capitalist involved were Alven Capital, which bought this portfolio company from Azeo Ventures in 2002, CDC, ABN Amro Capital, Société Générale Capital Partners, Société Générale Asset Management and XAnge Capital. Unsolicited approaches from potential buyers prompted the mandating of corporate finance advisers Sardis and Cannaccord Adams. Vox Mobili had established a commercial partnership with OnMobile in early 2007. Following the success of this partnership, the Indian corporation signalled its interest in bidding in a potential auction. French and European trade buyers were also among the bidders. Vox Mobili employs 45 staff, generated sales of E6m in 2006, and is profitable. Guillaume Meulle led the business for Iris Capital.

Previous funding In early 2000, Iris Capital provided approximately E300,000 in seed funding, while the business was still in incubation at France Telecom. In November of the same year, the business received E6.1m from a syndicate led by Azeo Ventures and including Iris Capital, ABN Amro Capital, Société Générale Capital Partners, Société Générale Asset Management and XAnge Capital. In 2004, the corporate venture arm of France Telecom FT Technologies et Investissements injected an additional E1m.

Advisers

Vendor - Cannaccord Adams, (Corporate Finance)Vendor - Jones Day , (Legal)Vendor - Sardis, (Corporate Finance)