Exits – Wireless group moves Across to Sonera

Schroder Ventures has sold its majority holding in Across Wireless to Sonera Corporation. Sonera issued 16.7 million shares to acquire 100 per cent of

Across Wireless. Before dilution from the management ratchet, Schroder Ventures’ funds held a 75 per cent stake in the company.

Stockholm-based Across Wireless develops wireless delivery systems for the mobile phone and Internet content provider markets. Following the acquisition, Across will become part of Sonera SmartTrust, a wireless e-commerce solutions provider specialising in secure PKI communications.

Schroder Ventures acquired its holding in Across Systems when it took a 75 per cent stake in AU System Group in a SKr1 billion (122 million) deal last April. AU Systems, an IT software solutions business, had two software subsidiaries, Across Wireless and iD2, which were spun out as part of the deal. Funds managed by Schroder Ventures retain majority holdings in both AU Systems and iD2.