Handango announced that they will be re-investing 60 million dollars back into their business to extend their Leadership position in the smartphone content market.
"The company plans to intensify its investment in the consumer experience, building on its position as the world's largest smartphone content retailer, accessible online and directly from the device. Additionally, Handango's growth initiatives include global expansion, support for new types of content and establishment of new distribution channels."
Handango Announces Over $60 Million Financing to Extend Leadership in Rapidly- Growing Smartphone Content Market
Marquee Investors Bring Unparalleled Technology and Wireless Expertise
Los Angeles, Calif. (CTIA Booth #609) -- September 12, 2006 -- Handango, the world's leading provider of smartphone content, today announced a financing in excess of $60 million to aggressively extend its leadership position in the fast-growing smartphone content market. The company plans to intensify its investment in the consumer experience, building on its position as the world's largest smartphone content retailer, accessible online and directly from the device. Additionally, Handango's growth initiatives include global expansion, support for new types of content and establishment of new distribution channels.
The funding was led by Institutional Venture Partners (IVP). Joining IVP in this round are Advanced Technology Ventures (ATV), Centerpoint, Neo Carta, Pharos Capital Group and SSM Partners. As part of the investment, Handango has appointed two new members to its board of directors: technology financier Sandy Miller from IVP, who will become chairman of the board, and the former head of Lucent's Wireless Business, Bill Wiberg from ATV.
By leveraging 16,000 content partners across more than 500 distribution channels -- the largest collection of partners in the mobile content industry -- Handango seamlessly delivers the entire smartphone marketplace into millions of customers' hands, both on the web and on smart devices. Handango is trusted by a portfolio of notable strategic partners that includes Motorola, Nokia, Samsung, RIM, HP, Microsoft, Verizon Wireless, T-Mobile and AOL, all of whom rely on Handango as an essential part of their smartphone content businesses.
Last year, there were 68 million smartphone users, which will grow to more than 350 million users by 2009, according to Strategy Analytics.
Handango is led by a team of mobile and e-commerce industry veterans that helped Handango AMPP, the company's flagship content management and delivery platform, become the most widely deployed smartphone content distribution solution in the world. Mobile operators, handset manufacturers and portals use Handango AMPP and its on-device client, Handango InHand, to differentiate their smart device offerings, drive additional revenue and increase customer loyalty. For content providers, Handango InHand provides an unprecedented opportunity to get their content featured directly on smart devices.
"The stars have truly aligned for Handango to create the category killer in smartphone content," said Randy Eisenman, CEO of Handango. "We have an outstanding team, a vast network of strategic partners and the industry's strongest brand. These valuable assets combined with our strong balance sheet are in place at a time when the smartphone market is experiencing explosive growth. Our employees, partners and investors are ready to execute on this tremendous opportunity."
"Rarely have I seen a company as well positioned as Handango to be a market leader," said Sandy Miller, general partner from IVP. "Handango's position in the smartphone ecosystem allows the company to capitalize on opportunities in ways that no other company can."
"As smartphones move from early adopters to mainstream consumers, expect the market for content and applications to grow rapidly," said Bill Wiberg, general partner from ATV. "With the broadest collection of smartphone content, its vast distribution network and the leading consumer brand, Handango is well-positioned to be the global leader in this growing market."
About Handango
Handango is the leading provider of smartphone content globally. Leveraging its network of more than 16,000 content partners and its vast distribution network, Handango seamlessly delivers the smartphone marketplace to millions of consumers on the web and from the device. Handango's market- leading content delivery platform, Handango AMPP, is the platform of choice for numerous mobile industry leaders including Motorola, Nokia, Samsung, RIM, HP, Verizon Wireless, T-Mobile, Microsoft and AOL. By delivering intuitive and compelling consumer experiences, Handango has become the trusted source for millions of smartphone users around the world. For more information, visit http://corp.handango.com.
Source: Doug Smith at Mobility Site
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