Investee Company – Digital Bridges Ltd (UK)
Investee Company Business Type – Wireless gaming developer
Type of Financing – Expansion
Equity Providers – Apax Partners Funds and Argo II – The Wireless Internet Fund
Equity Leader (Individual) – Richard Wilson, director of Apax Partners and Alan MacIntosh, vice president of Argo Global Capital
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – $18 million
Total Deal Value – $18 million
Other Advisors – N/A
Comments – Digital Bridges Ltd, the pioneer in wireless gaming, has secured a $18 million second round of financing. Original investors Apax Partners Funds and Argo II – The Wireless Internet Fund, have provided the capital in this latest round of financing.
Established in 1998, Digital Bridges’ goal is to make mobile Internet entertainment services available to the widest possible number of users, avoiding any dependence on proprietary handset technologies. One of the companies products UNITY is a de facto standard platform for wireless entertainment. The system maximises the potential audience for an entertainment service or application by supporting the largest possible range of devices, protocols and languages.
Digital Bridges will use the funds for expansion and to help achieve its aim of becoming the industry’s major player in wireless entertainment services. As part of this expansion process the company has appointed Brian Greasley as the new CEO.
Greasley said: “Wireless Entertainment, which includes ring tones, logos etc. as well as gaming, is undoubtedly one of the most attractive services to wireless subscribers. The strength of the UNITY platform, combined with distribution through approximately 30 mobile networks and existing media assets makes Digital Bridges the natural leader in this marketplace”.
Alan MacIntosh, vice president of Argo Global Capital, said: “Mobile entertainment now accounts for over 70% of revenues generated in both Europe and Japan. Operators are therefore looking to partner with companies who can provide a comprehensive entertainment solution. Digital Bridges is unique in its ability to do so.”