Summit Partners has relinquished its 56% stake in Berlin-based wireless content services provider Jamba, making a significant return on its investment. The business was sold for $273m to Verisign. Summit Partners invested $40m in Jamba! in 2003 proving that European technology can deliver good returns.
Scott Collins, a general partner in Summit Partner’s London office, said: “Summit Partners identified Jamba! as an extraordinary company with an exceptional management team and innovative products. This acquisition validates the talents of Jamba!’s founders and managing directors Marc, Oliver and Alexander Samwer.”
Jamba! provides audio and entertainment products and services for handset personalisation – including mobile phone ring tones, graphics and games. The company serves millions of wireless subscribers in nine European countries through distribution and billing relationships with carriers, including Vodafone, T-Mobile and KPN. Jamba! has also worked with leading content publishers to build a downloadable library of over 50,000 individual products including popular music, graphics, games and applications.