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Wapit wiped

The Finnish provider of mobile technology, middleware and applications has failed to win a second round of financing and is closing

Wapit Ltd. has announced that it is filing for bankruptcy having been unsuccessful in raising a second round of financing.

Founded in 1998, the company was one of the first to develop technology and software expressly for the mobile telecom sector. In March 2000 the company had received an investment of £1.5m from UK investment group Durlacher who advised the firm as it sought further funding.

In a statement on its website the company said that it had unsuccessfully “pursued several paths of negotiation in order to continue operations.” The statement also commented that the “pessimistic outlook and the uncertainty connected with IT-business in general have significantly lowered the interest in investing in new technology companies.”

Wapit Ltd has offices in Helsinki and Singapore.