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Financing round led by Momentum Management, with contribution from Eurofund, should accelerate Foxcom to profitability
July 18, 2002
VIENNA, Va. -- Foxcom Wireless, the leading industry provider of in-building wireless communication solutions, has completed a financing round of $9 million led by Momentum Management, a venture group specializing in the acceleration to profitability of technology companies. This round of investment includes a significant contribution from Eurofund, which represents limited partners such as T-Ventures of Deutsche Telekom and DaimlerChrysler AG, Discount Capital Markets, Israel Seed Partners, who helped to arrange the financing, Genesis and Apax Partners. "We consider Foxcom Wireless to be the key platform provider for the in-building wireless industry," said Asaf Mohr, Managing Partner of Momentum Management. "With the best-in-breed solution and a multi-million dollar backlog, Foxcom is close to profitability and therefore a financially solid investment for us." Foxcom Wireless will utilize the investment capital to expand its research and development program to continue to meet the growing needs of their customers within this evolving industry. In addition, they will further develop their portfolio of clients, which includes leading wireless service providers and major corporate enterprises. "With our established success in the marketplace and strong position as a technology innovator, we were an extremely attractive opportunity for investment," stated Tom Hinton, CEO of Foxcom Wireless. "This new infusion of funds will enable us to accelerate our response to customer needs in our target markets. With this new investment, all of the dynamics are in place to enable us to achieve sustained profitability within a short period of time." Foxcom Wireless Inc.
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