ECONZ secures $3 million in venture capital
ECONZ secures $3 million in venture capital from iGlobe Treasury following Verizon deal in USA
AUCKLAND, 12 December 2005 – ECONZ, New Zealand’s leading developer of wireless software, has secured a $3 million investment for its associate company, ECONZ Wireless, from venture capital firm iGlobe Treasury Management.
ECONZ Wireless was established earlier this year to pursue significant business opportunities offshore, especially in the burgeoning North American wireless market. In the United States, the company has already begun selling licences of its highly successful mobile business solutions, E-Service™ and Timecard™ through Verizon Wireless, the second largest wireless carrier in that market.
Michael Hartley, CEO of ECONZ, said that after careful consideration of a number of venture capital options both in New Zealand and the Unites States, ECONZ chose Auckland-based iGlobe Treasury due to obvious synergies between the two companies. “It quickly became apparent that iGlobe Treasury is an ideal long term partner for ECONZ Wireless. Although we met with a number of interested US and NZ venture capital funds, we felt that our partner needed both local and international connections. Along with its strong base in New Zealand, iGlobe Treasury brings to ECONZ Wireless an outstanding network within the global wireless industry,” he said.
iGlobe Treasury’s sister fund, Singapore-based iGlobe Partners, has a number of investments in the wireless communications industry. “This proven experience in a highly competitive industry will greatly assist ECONZ Wireless with its expansion into international markets. iGlobe represented the smartest money for ECONZ.”
Mr Hartley added “We established a close personal rapport based on trust with Tony Bishop and his partners at iGlobe. They shared our vision for ECONZ Wireless and we are delighted to have them on board,” he said.
Tony Bishop, Managing Director of iGlobe Treasury, said that the intellectual property now owned by ECONZ Wireless came from a highly successful and respected development company. “ECONZ is an iconic New Zealand technology firm with more than 30 years developing proven software solutions in the wireless space. It boasts an experienced and dynamic management team, as well as an extensive list of stable and strong clients in New Zealand and Australia which provide ECONZ with solid earnings.”
“It’s an outstanding New Zealand company and we’re exciting to be taking its technology to the world,” said Mr Bishop
About ECONZ Wireless: ECONZ Wireless is a leading developer of mobile business solutions for the Small-to-Medium Sized Business (SMB) market in industries including: field service, construction and professional services.
ECONZ Wireless connects mobile workers to their offices using cell-phone based in-field applications that communicate with password protected websites for back-office use. In this way ECONZ Wireless applications are low-cost, accessible, simple to use and easy to set up; in short, ideal for the SMB market. ECONZ Wireless applications have no contracts and are billed monthly providing an immediate return to their customers’ businesses.
More information on ECONZ can be found at www.econz.co.nz while information on ECONZ products can be found at www.eservice.econz.com and www.timecard.econz.com
About iGlobe Treasury: iGlobe Treasury VIF is one of five venture funds selected by the New Zealand Government’s Venture Investment Fund (VIF) scheme. It is also the first fund to be backed by both the governments of Singapore and New Zealand.
The Fund provides an innovative platform to grow young New Zealand companies in the global marketplace by blending the creative strengths of the talent pool in New Zealand with the international management and capital capabilities of the international networks of its associate, iGlobe Partners. The Fund is managed by iGlobe Treasury Management.