Speakanet AS (Denmark) - Dec 2007

unquote
01 December 2007

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Speakanet, a Danish provider of sophisticated mobile phone switchboard solutions, has secured $10m from new investor Via Venture Partners and existing investors NorthZone Ventures and Eqvitec Partners. NorthZone and Eqvitec have invested in the company since 2004, initially in a €2m venture round in 2004 (July/August 2004, page 9). The new funding will be used to expand internationally and to support strong customer growth in Denmark. The company is planning to enter new markets including the UK and Switzerland. Via Venture Partners was attracted to the deal because of the business’ market potential. The office telephony market is worth an estimated $8bn worldwide and is currently experiencing dramatic changes. The company has established a strong market position with 15,000 users in the Danish home market, 300 business users. The mobile web interface technology is believed to gain further importance going forward, and the company’s timing to the market also acted as an encouragement for the investors.

Company

Speakanet was founded in 2001, is headquartered in Copenhagen and has 15 employees. Its solutions replace conventional telephone systems with a mobile, hardware-free and web based solution where customers use GSM mobile phones that can be transmitted by the Speakanet software switchboards. By using this system, companies avoid setting up a telecom infrastructure in offices, making significant savings in hardware, office cabling, handsets, telecoms rooms and other telecom equipment. Expected revenues for 2007 are DKK 10m and it is not profitable.

People

Jakob Rybak-Andersen, a principal at Via Venture Partners, will join the board of directors. Eqvitec partner Jukka Häyrynen and NorthZone Ventures general partner Arve Johan Andresen, also hold seats on the board. Fancois Mazoudier is the CEO of Speakanet.Via Venture Partners contributed $5m, while the two other investors provided $5m between them.

Advisers

Company - Accura, Jacob Vinther (Legal)Equity - Kromann Reumert, Christina Bruun-Geertsen (Legal)

Sourced from: Nordic unquote" 69 (Jan 2008)