Deal round-up 13/03/02

Newly-merged company secures E2.8m expansion capital; Elisa Ventures takes stake in Mirasys

Newly-merged company secures E2.8m expansion capital

Codeonline, the company created as a result of the merger between Finnish mobile entertainment providers Springtoys and Codeonline, has announced that it has secured E2.8m from its investors.

The newly-merged company hopes to use the funding to become the world’s leading player in the market for mobile entertainment applications. In addition to investment from existing shareholders Wellington Partners, Sonera and Eqvitec of Finland, US-based Shamrock, will be participating in this round of funding.

Headquartered in Munich, Wellington Partners manages venture capital funds totalling E260m, of which more than E100m is available for new investments or for follow-on financing for existing investments.

Elisa Ventures takes stake in Mirasys

Finnish venture capital company Elisa Ventures, a wholly-owned subsidiary of telecom operator Elisa Communications (Elisa), has announced that it is to acquire a minority stake in Finnish video monitoring software provider Mirasys. The financial details of the transaction have not been disclosed.

Mirasys develops digital video recording and transmitting systems, which offer a variety of services for video monitoring based on broadband telecom connections. The company, which was set up in 1997 in Espoo in the Helsinki metropolitan area, employs a staff of about 30. Elisa Ventures was set up in 2001 to invest in promising telecom and IT enterprises.