Acisions backers give mobile firm $100 mn more

Acision, the mobile-data company whose technology delivers almost a trillion text messages a year, has raised USD 100 million of new funding from its owners, led by Russian born billionaire Len Blavatnik.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney SME Special
moneycontrol.com

Home » News » Business

Oct 05, 2010, 09.33 AM | Source: Reuters

Acision's backers give mobile firm $100 mn more

Acision, the mobile-data company whose technology delivers almost a trillion text messages a year, has raised USD 100 million of new funding from its owners, led by Russian born billionaire Len Blavatnik.

Like this story, share it with millions of investors on M3

Acisions backers give mobile firm $100 mn more

Acision, the mobile-data company whose technology delivers almost a trillion text messages a year, has raised USD 100 million of new funding from its owners, led by Russian born billionaire Len Blavatnik.

Post Your Comments

Share Cancel

Acisions backers give mobile firm $100 mn more
Acision, the mobile-data company whose technology delivers almost a trillion text messages a year, has raised USD 100 million of new funding from its owners, led by Russian born billionaire Len Blavatnik.

The company, whose systems are used by eight of the 10 biggest mobile operators, said the fresh capital will help it invest for growth as devices like Apple Inc's iPad drive a huge increase in mobile-data traffic.

Basil Geoghegan, Acision's newly hired corporate development officer, said the main impetus for fresh funds was not its major lender, the now-nationalised Anglo Irish Bank.

Instead, he said the bulk of the funds would be used to fund acquisitions, partnerships, and capital expenditure agreements.

"We don't know when the economy's going to turn but we want to make sure we're well-placed when it does turn," Geoghegan told Reuters in a telephone interview.

"We are very focused on mobile data, and managing and controlling mobile data. We believe that is the real next step for the operators," to boost profitability, he said.

Blavatnik, who was valued at USD 7.5 billion by Forbes earlier this year, is Acision's largest shareholder via his company Access Industries.

In the United States, he is being sued by creditors of LyondellBasell, who say he knew the USD 12 billion leveraged buyout that created the now-bankrupt petrochemicals company would fail.

The other investors, who are also contributing new funds to Acision, are Irish private equity firm Atlantic Bridge, and the International Investment and Underwriting (IIU) vehicle of Dermot Desmond, the Irish billionaire who once owned London City Airport.

Newspaper reports touted Acision as a possible initial public offering (IPO) candidate earlier this year. But Geoghegan said the plan had never been very advanced and an IPO was not "needed in the short term."

Acision was formed after Atlantic and Access led the 2007 buyout of the telecoms products business of LogicaCMG, now known just as Logica, for 265 million pounds.

Acision's clients include Russia's Vimpelcom. It competes with China's Huawei Technologies Co Ltd and Hong Kong-listed ZTE Corp.

It cites Cisco research that predicts a 39-fold increase in global mobile data traffic from 2009 to 2014.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Acisions backers give mobile firm $100 mn more

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login