News: Portfolio 2006

Nexit Ventures Exits Bitfone; Shares Acquired by HP

December 21, 2006: - Helsinki, Finland - Nexit Ventures, a venture capital firm focused on mobile technologies and services, has agreed to sell its share of Bitfone Corporation, a developer of software solutions for mobile device management for the wireless industry, to HP (Hewlett Packard) (NYSE:HPQ) (Nasdaq:HPQ), one of the world's leading technology companies.

 

HP has signed a definitive agreement to purchase Bitfone Corp. as part of HP's strategy to grow its mobile enterprise business. The transaction is expected to close in February 2007. Financial details of the agreement were not disclosed.

 

Nexit has had a strong role in the development and internationalization of Bitfone's business since the company's inception. Michel Wendell, who heads Nexit's US operations, has served as a board member at Bitfone continuously since 2001.