FINLAND - Nexit sells Hybrid Graphics to Nvidia

Guy
23 March 2006

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Nexit Ventures, a venture capital firm focused on mobile technologies and services, has agreed to sell its share of Finland-based graphics technology provider Hybrid Graphics to US-based 3D technology company Nvidia Corporation.

Nvidia is acquiring all outstanding shares of Hybrid from current shareholders, including Nexit, Hybrid founders and individual shareholders. Terms of the acquisition were not disclosed.

'Hybrid is a prime example of how a Finnish high technology company has developed from a combination of strong elements into a successful international company in its niche. Hybrid's acquisition by a US-based listed company and the worldwide market leader in 3D graphics technology is a significant testimony to Finnish industry expertise, while bringing a new level of resources and opportunities to Hybrid,' said Pekka Salonoja, Nexit general partner and chairman of Hybrid.

The exit from a Finnish investment through an acquisition by a leading US-based company is consistent with Nexit's investment strategy. Nexit Ventures invested in Hybrid in 2002. On top of a solid technical foundation, the company implemented new, more efficient processes and built a sales organization that successfully commercialized the company's expertise for international markets.

Hybrid has grown profitably and currently employs 37 graphics technology and software professionals. Hybrid software enables high-quality 2D and 3D graphics in devices such as mobile phones. Hybrid customers include Nokia, Ericsson, Philips, Samsung and Symbian, and the company's technology is used in hundreds of millions of devices.

'Nexit has had a key role in the development and commercialization of Hybrid's business. Their strong first-hand entrepreneurial experience and close international contacts have provided us with strong practical support, and their investment has strengthened our credibility and capacity to operate in international markets. The acquisition is a natural next step for us, and it opens up exciting new vistas,' said Mikael Honkavaara, CEO, Hybrid.

Nexit's other portfolio companies include the Finland-based Ekahau, Fathammer, Futuremark and Hantro, as well as the US-based Bitfone, Ecrio and Mobile365. The Finnish Software Entrepreneurs Association recently nominated Mikael Honkavaara as Software Entrepreneur of the Year.