Norwood Systems raises euro14.8 million

Investee Company – Norwood Systems Ltd (UK)

Investee Company Business Type – Develops Bluetooth™ enabled voice and data communication technologies

Type of Financing – Development

Equity Providers – Argo Global Capital, Cazenove Private Equity, Deutsche Bank Capital Venture Partners, Innovacom, Newport Technology Fund

Equity Leader (Individual) – Roy Merritt, Deutsche Bank Capital Venture Partners

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro14.8 million

Total Deal Value – euro14.8 million

Other Advisors – N/A

Comments – Norwood Systems Limited has raised euro14.8 million in additional venture capital financing in a deal led by Deutsche Bank Capital Venture Partners and Cazenove Private Equity. Other investors in the round included Newport Technology Fund and existing investors Argo Global Capital and Innovacom, together with a number of private investors.

Norwood Systems will use the capital raised to focus on sales and marketing activities and to support and grow its customer base. The funds will also help the company expand into further geographic markets and continue product development

The announcement of the new funding round comes within weeks of Norwood systems announcing the commercial availability of EnterpriseMobility™, its wireless solution for in-building communication, following a successful Beta trial programme.

The EnterpriseMobility platform enables employees to communicate effectively within their work environment, allowing them to make and receive calls and view applications on their PDA or mobile phone from anywhere in the office by connecting over Bluetooth to the fixed line network.

;It is an excellent endorsement of our company to be able to raise funds in an environment that analysts generally agree has reflected a difficult economic climate”, said Paul Ostergaard, co-founder, CEO and Chairman of Norwood Systems.

Norwood Systems is based in Richmond-Upon-Thames and has a research facility in Perth, Western Australia. Argo Global Capital and Innovacom previously provided £1.6 million in second round funding for the company in January 2001.