Wellington Financial Provides US$8 Million Growth Capital to Mformation Technologies
EDISON, NJ and TORONTO, ON, March 29 /PRNewswire-FirstCall/ - Wellington Financial LP, a privately-held specialty finance firm, today announced a US$8 million venture debt financing for Mformation Technologies Inc., of Edison, New Jersey. Mformation is a global provider of mobile device management technology. Mformation software solutions enable mobile operators, managed service providers and enterprises to remotely manage and secure data and applications on all types of mobile devices across the variety of wireless networks.
"Mformation is the leading independent provider of advanced mobile device management," said Craig Netterfield, Senior Vice President of Wellington Financial LP. "Mformation's management team has an extensive understanding of both mobile operator and enterprise mobility needs, helping organizations around the world capitalize on the enormous potential of mobile devices and services. We are delighted to add Mformation to our expanding U.S. portfolio."
"With the accelerating adoption of mobile devices, mobile applications and the associated rapid rate of innovation, there is an urgent need in the enterprise for highly scalable, secure, reliable mobile device management for smart phones, tablets and connected computing devices. Partnering with Wellington Financial allows us to expand our rate of innovation in support of the challenges facing the enterprise," said Todd DeLaughter, President & CEO of Mformation. "Having worked with Wellington in the past, I am pleased to have them as a premier North American debt firm supporting our expansion."
Mformation is backed by some of the leading venture capital and strategic investment firms, including Battery Ventures, Carmel Ventures, North Bridge Venture Partners, Intel Capital and Visa International.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Since 2004, Wellington Financial LP has led or participated in more than $350 million in transactions, making it one of the most active funds of its kind in North America.
Mformation Technologies Inc. is the pioneer and leading independent global provider of mobile device management (MDM) technology, used by 70% of the largest tier-one mobile operators worldwide serving consumers and enterprises. Mformation holds numerous patents in wireless device management, supports over 25,000 types of mobile devices and has over 500 million mobile devices under management today. Mformation offers a complete lifecycle management solution that enables operators to rapidly accelerate their data revenues and reduce support costs while enabling enterprises to secure corporate data and access to information. Mformation's award-winning Mformation Service Manager(TM) suite provides solutions for mobile device provisioning and configuration, firmware upgrades, application management, diagnostics, security management, lock and wipe, and customer experience management for both operators and enterprises and integrated into enterprise service delivery platforms through robust web services APIs. For more information on how Mformation can help your company visit www.mformation.com.
SOURCE Wellington Financial LP
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