Sunday, November 21, 2004

SEVEN Completes Series C Financing, Postpones IPO

SEVEN, a start-up based in Redwood City, California, announced that it completed its Series C round of financing. The company develops software that enables mobile operators to offer their subscribers secure, low-cost, real-time access to business and personal email and applications from their mobile phones. SEVEN is currently available across major international network standards, and is sold by Cingular Wireless, KDDI Corp., NTT DoCoMo, O2, Orange, The SingTel Group and Sprint.

The company said a "Qualified Institutional Buyer," as well as its existing investors, contributed to the new funding round. UBS Securities acted as exclusive placement agent to SEVEN in this transaction. Terms of this investment have not been disclosed. Previously, SEVEN raised approximately $55 million in its Series A and Series B rounds in 2000 and 2001 respectively.

SEVEN also announced today that it has withdrawn its S.E.C. registration statement relating to its intent to offer shares of common stock to the public market, opting to postpone its offering until a later date.


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