Visto Secures $51 Million in New Financing to Accelerate Penetration of the Mobile Email Market

Published September 27th, 2006 - 07:10 GMT

Visto, the leading global provider of secure push email for mobile professionals, today announced that it closed on more than $51M in new financing; and that Barry Schuler, the former Chairman and CEO of America Online, has joined Visto's Board of Directors.   

Barry brings to Visto more than 25 years of experience developing
emerging technologies into successful and broadly adopted products. He was a senior member of the management team that grew America Online from three million to over 30 million subscribers worldwide. His appointment comes as part of the company's announcement of a new $51 million financing round, led by Oak Investment Partners with new investor DFJ Growth Fund and existing investors including Draper Fisher Jurvetson, Meritech Capital Partners, DFJ ePlanet Ventures, Rustic Canyon Ventures,
GKM, and Blueprint Ventures. 

Visto will use the funds to grow its subscriber base within some of the world's largest operators such as Vodafone and Softbank and to fuel continued global expansion while supporting the sustained development of innovative mobile technology.

"The investment community has again spoken and with this additional round of capital, they have validated our market position as we deploy our product through the world's largest mobile operators to serious mobile email users everywhere, " said Brian Bogosian, chairman,president and CEO.  "Barry brings to Visto years of experience scalinglarge subscription-based businesses and establishing global market leadership. The mobile email market is entering the final phase of establishing who will be in the game and Visto has all the necessary elements in place -channel leadership, superior technology, patented intellectual property and a strong balance sheet.

Our products support the broadest set of devices, are easy to use and are highly secure.  I am looking forward to working with Barry and the rest of our board and management team as we enter this next phase of market growth." 

In the past year, Visto has more than tripled its subscriber base and announced almost a dozen new mobile operator customers across North America, Europe and Asia. Visto offers support for over 100 of the most popular email-ready mobile phones, offering an easy-to-use mobile email experience that is embedded and available out of the box.  These handsets come equipped with Visto Mobile 5.5, which is making mobile email easier, more secure and more aligned with how busy people conduct their business and personal lives. 

"This is an exciting time in the mobile email market - especially for Visto," said Barry Schuler, Managing Director, of DFJ Growth Fund. "The company has ably positioned itself to lead this market as it transitions from early adopters to mass market growth.  I am very pleased to join the board at this exciting time in the company's history.  I look forward to working with Brian and his team, who have positioned Visto to succeed and to join a company where I can help apply lessons learned growing a global business." 
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About Visto
Visto delivers the leading global platform for mobile operators to
provide easy-to-use wireless push email to the broadest set of mobile devices. Visto's open solution enables email for the mass market, targeting enterprises, small businesses mobile professionals and consumers.  The company's patented Visto Mobile(tm) platform with ConstantSync(tm) technology works in real time with POP3, IMAP, Microsoft Exchange and Lotus Domino email solutions for personal to business use, providing maximum control and flexibility for the operator and choice for the customer. Visto's customised, brandable solutions are available through mobile operators worldwide including Cingular, Elisa, Rogers Wireless, SmarTone, SFR, Softbank Mobile, Sprint Nextel, TELUS
Mobility, Turkcell and the Vodafone Group.


Established in 1996 and headquartered in Redwood Shores, California, with offices in Seattle, Toronto, London, Milan, Paris, Madrid, Munich, Tokyo, Beijing and Tianjin, China, Visto is backed by Oak Investment Partners, Draper Fisher Jurvetson, Meritech Capital Partners, DFJ ePlanet Ventures, VantagePoint Venture Partners, DFJ Growth Fund, Rustic Canyon Ventures, Allegis Capital, GKM and Blueprint Ventures. For more information, visit www.visto.com or email sales@visto.com.


 

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