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Press Release: Service2Media gets $10 million funding boost (June 6th 2011)
Investment takes fast-growing app solutions provider Service2Media into the Champions League
Enschede, The Netherlands, June 6th 2011 – Service2Media, the leading provider of advanced app solutions for mobile devices, today announced that it has received $10 million (US) investment from Prime Ventures, with stakes in Layar and eBuddy, and Private Plus Fund.
Service2Media is responsible for producing some of the most popular core and critical apps on the market for the media, finance and utility industries. Working with some of the most innovative companies in the world including TURNER/ CNN, Al Jazeera, Rabobank, Abu Dabi Media Company, Liberty Global/ UPC, De Telegraaf and Reed Elsevier, its apps consistently receive praise.
The investment will strengthen Service2Media’s financial position and help it to expand its partner network. It will be used to grow Service2Media’s organization, seeking out and recruiting R&D talent, and further developing the Service2Media’s App Lifecycle Platform – M2Active.
A recent report by Forrester Research has forecast that the global market for mobile apps services will reach $17 billion for the IT services providers by the turn of 2015*. According to Gartner, “cross-platform mobile application development tools will become more numerous and more capable, driving a slow shift from platform-specific to platform-independent application development technologies”**.
Geert Kolthof, CEO Service2Media explained: “Independent industry analysts have identified us as one of the leading companies that are addressing the growing need for apps designed once – deployed on multiple devices. The investment by Prime Ventures and Newion’s Private Plus Fund will help us focus on areas such as talent recruitment and expanding our partner network whichwill ensure the further growth and development of our business.”
Sake Bosch Managing Partner of Prime Ventures, added: “Service2Media offers a unique proposition in the fast developing app market. It goes beyond just building apps, and helps global corporations and brands with their core and critical app portfolios throughout their lifetime. This includes the overall process of app strategy and design, to distribution and analytics. We strongly believe in the uniqueness and strength of this proposition, and are keen tosupport the company’s further success and growth.”
“Service2Media is an interesting player in an attractive space which is growing very fast.Gartner expects this trend to hold during 2011 through 2015, as the number of smart devices accelerates. As a long-term partner we already had a stake in the company and have been impressed with its great success and continued growth. Our investment will certainly help to maximize Service2Media’s potential,” said Patrick Polak, Managing Partner Newion Investments, fundmanager of Private Plus Fund.