Feeds

mPay Day for Network365

raises €10m

  • alert
  • submit to reddit

Intelligent flash storage arrays

Irish mobile software company Network365 has raised €10 million in new venture capital, as it prepares for expected growth in its sector.

The company, which makes a suite of products under the mzone brand that let users make payments with mobile devices, said the funding would allow it to expand in Asia, Europe and the Americas. Currently, Network365 has about 65 workers, but this number could increase over the coming months, said Vice-President of Marketing John Hurley.

For the round of funding, the firm was advised by Ion Equity, and London-based Advent Venture Partners was the lead investor. Advent joins Amadeus Capital Partners, Trinity Venture Capital, JAFCO and Enterprise Ireland in Network365's list of backers. James McNaught-Davis, a general partner of Advent Venture Partners, will join the board of Network365.

Importantly, the news follows the announcement last week that Japanese mobile giant NTT DoCoMo has chosen Network365 to provide mobile payment and banking services to all of its subscribers in Japan. The importance of the DoCoMo deal is significant, as the company is considered one of the leading mobile network operators in the world, particularly in terms of innovation.

That relationship was forged thanks to a partnership between Network365 and HP in Japan, which is pushing the company's technology to operators looking for payment solutions. The relationship with HP has since become a global agreement, Hurley explained, and should help the company win more deals in the US, Asia and Europe, where Network365 already has some agreements with operators.

"Network365 has a strong balance sheet and this funding will facilitate Network365's global growth as we take advantage of the opportunities in the mobile payments marketplace," said CEO Raomal Perera. "With the global mobile payments market forecast to grow from over €5 billion in 2002 to €55 billion in 2006, Network365 is set to take advantage of this exploding marketplace."

Perera said that the company's focus would be on Asia, where it would consolidate its position. In other markets the firm hopes to beef up its businesses, "enabling us to invest in the emerging US market."

© ENN

Security for virtualized datacentres

More from The Register

next story
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
EE buys 58 Phones 4u stores for £2.5m after picking over carcass
Operator says it will safeguard 359 jobs, plans lick of paint
MOST iPhone strokers SPURN iOS 8: iOS 7 'un-updatening' in 5...4...
Guess they don't like our battery-draining update?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.