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Part'Com (managed by Iris Capital) exits Swapcom

Paris, September 8th 2006 - Sicap, a leading provider of products and solutions for mobile operators, has acquired in August 2006 Swapcom. The acquisition will strengthen Sicap's position in the market as leader in the Mobile Device Management (MDM) space and extend the global offer to include solutions which facilitate business between operators and value-added service providers. Sicap and Swapcom have a total of 190 employees and achieve an annual turnover of about CHF 66 million. Sicap is a subsidiary of Swisscom Mobile, Switzerland's leading mobile communications provider. This deal enables Swisscom to further enhance their activities in a contiguous business area.

The addition of Swapcom technology to the Sicap offer will enable the consolidation of Mobile Device Management, SMS/MMS Hub management and content management. As technologies multiply and mobile devices become increasingly sophisticated, the combined mobile software offering is in line with current trends by operators to converge and consolidate services, and as such it will have a clear competitive advantage in the market.

Sicap was one of the first mobile application providers to emerge. It was founded in 1994 as part of Swiss Telecom PTT and has since independently gained a solid reputation for cost-efficient mobile applications. Hans Theler, CEO of Sicap, said: 'Today's announcement represents a significant step in our aim to become the leading force in the MDM market. MDM enables operators to drive new revenue opportunities, offers lower operating costs and increases customer satisfaction and loyalty. The acquisition of Swapcom will strengthen our product portfolio which already includes our successful Over-the-Air (OTA), USSD and Charging & Rating offering.'

Swapcom, a private French company funded by Spef Venture, Part'Com (managed by Iris Capital) and Banque de Vizille, was founded in 1999. A positive investment for the financial shareholders which are making a multiple of 2 for a 2000 investment. “The dynamic management of the company enabled us to successfully anticipate the current consolidation of the device management sector and look for an industrial partner for Swapcom.' says Guillaume Meulle, partner at Iris Capital, 'Although Swapcom’s growth was impressive, it wouldn’t have been sufficient to reach a critical size quickly enough, and the complementarities offered by Sicap will be much more valuable in the future' states Frédéric Le Brun, partner at Spef Venture.

« Having participated in Swapcom’s development since 2000, we find in this deal a natural exit which will secure company’s future » adds Alain Benisty, CEO at Vizille Capital Innovation. Shareholders were advised in the deal by Cartagena Capital and lawyers Chammas & Marcheteau. The company has achieved a number of World firsts in software design, gaining strong recognition within the telecom industry. According to Swapcom co-CEOs Olivier Gräeff, Jean-Marc Truong and Philippe Vial-Grelier, 'our technology-oriented service offer was a strong plus for Sicap and the acquisition confirms our common ambition to implement high quality, carrier-grade solutions on mobile networks around the world'.

In gaining direct access to markets in Africa and the Middle East through the acquisition, Sicap will build on its strong presence in Europe and Asia Pacific to achieve global footprint status. The combined software offered by Sicap and Swapcom will address a merged portfolio of mobile operators and service providers, including several tier-one operators like Orange, Vodafone, Telenor, Telefonica/o2, Wataniya and T-Mobile.

About Sicap
Sicap is a software company based in Bern, Switzerland that develops and provides mobile applications and network products for GSM operators. Sicap's goal is to continuously improve and innovate by adding value through ingenuity. Since 1995 Sicap has focused on cost-effective products and solutions that minimize infrastructure upgrades, thereby ens

Publisher Contact Information:

Iris Capital
+33 (0)1 45 62 73 64

Company profile of Iris Capital
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