News Archive 2002

22.01.2002
Valimo closes successful round of financing
SpringBank TechVentures from Canada joins in as a new investor.

The participating investors are Menire Oyj, Eqvitec Teknologiarahasto I Ky and Canadian venture fund SpringBank TechVentures. The investors have reserved a possibility for a fourth investor to take part in the round later on.

"Valimo's team has applied a refreshing solution-oriented approach to securing wireless transactions that is establishing a strong place for them in the emerging wireless transaction ecosystem", said Shawn Abbott, director of SpringBank TechVentures.

Valimo also announces the new Board of Directors which includes Mr. Ari Kaaro from Menire, Mr. William Cardwell from Eqvitec, Mr. Shawn Abbott from SpringBank and Mr. Mikko Virtanen and Mr. Juha Mitrunen both from Valimo. Mr. Abbott is also a President at Rainbow Technologies a Nasdaq listed information security solution company.

Barry Poffenroth, a director at SpringBank TechVentures, adds "We have spent the past year investigating the Finnish marketplace and we are pleased to be working with Valimo's bright, young team and leading VC investors. We see this as a first of several investments our fund expects to make in the Nordic region."

"New financing and a new investor in current economical times is an achievement that shows great support for our business and technology. SpringBank’s experience in the North American market as well as industry specific knowledge brings new skills and support for our international expansion." said Jarkko Elonen, CEO of Valimo.

Valimo Wireless Ltd is a software company specializing in the provision of strong user authentication and transaction validation solutions for mobile network operators, financial institutions and other large corporations. Valimo offers its customers safe and secure solutions for new value added services and the generation of new business models.

The start of the current year has been very successful for Valimo. Several new installations have been scheduled and delivered to customers as well as new important co-operation agreements have been successfully signed. More information about Valimo available at www.valimo.com.

More information:

Jarkko Elonen
CEO, Valimo Wireless
Tel: +358 50 541 9373

Ari Kaaro
Investment Director, Menire Oyj
Tel: +358 40 544 2494
ari.kaaro@menire.com

William Cardwell
Partner, Eqvitec Partners Oy
Tel: +358 40 588 8535
william.cardwell@eqvitec.com

Barry Poffenroth
Director, SpringBank TechVentures G.P. Inc.
Tel: +1 403 685 8001
barry@sbtechventures.com