Bullant, a Sydney, Australia-based developer of software that allows devices like wireless phones to access online applications in real time, has closed its Series A financing round at $23 million. The transaction was led by Indocean, an investment arm of J.P. Morgan Partners. Other buyers included First Data, GGEP Coinvestment Partners and Intel Capital.
What is perhaps most interesting about the deal, however, is not so much the actual players as the intended purpose of the proceeds. Most of the new capital is being put toward overseas sales force expansion, even though the company plans to lay off 29 Sydney-based salespeople, or approximately 17% of its total employee roster.
“We?re going to bring the company into the world markets,” said Lil Mohan, a partner at Indocean and a Bullant board member. “We are ready to take it from the development phase to the deployment phase. There may have been trimming in the reorganization of the business to lower certain expenses, but that is typical to get a more well-rounded business model.”
For Bullant, the deal with Indocean offers more than just money. Indeed, there are also several synergies between the software developer and Indocean?s portfolio companies. In fact, the investment firm has already introduced Bullant to Trigent spin-off eVector Inc., an India-based technology company that develops mobile technology. Mohan expects to make additional introductions to pave the way for Bullant to pitch to Indocean?s other portfolio companies interested in mobile technology.
Contact Danielle Fugazy.