São Paulo-based Spring Wireless has completed a USD 66 million growth equity investment co-led by Goldman Sachs and New Enterprise Associates, Inc.
São Paulo-based Spring Wireless has completed a USD 66 million growth equity investment co-led by Goldman Sachs and New Enterprise Associates, Inc. (NEA), with participation from existing investors Ideiasnet and Darby Technology Ventures. Spring Wireless is a leading provider of end-to-end corporate mobile solutions.
In connection with the financing, Raheel Zia, a Vice President of Goldman Sachs Principal Investment Area, and Patrick Kerins, a General Partner at NEA, joined Spring Wireless’ Board of Directors.
Zia says, “We’ve been impressed with Spring Wireless’ expertise in the mobile solutions market and look forward to pursuing additional growth opportunities in partnership with the management team.”
Kerins says, “NEA is very excited about its investment in Spring Wireless
and we expect the company to be a leading global player in the mobile softwareas-a-service (SaaS) market, serving multinational enterprises.”
Marcelo G. Condé, CEO of Spring Wireless, says, “Their participation enhances our push for global expansion and enables us to serve the growing demand for our solutions. We intend to consolidate our global leadership position in the mobile SaaS industry and aggressively pursue international expansion to better serve the needs of our multinational customer base.”
Spring Wireless also announced the acquisition of Okto, a leading Latin American mobile applications company, which will add to the breadth of Spring Wireless’ offering and further supplement the talent pool. Terms were not disclosed.
Spring Wireless was founded in Brazil in 2001 and currently has operations across the Americas and Europe. By year-end 2008, Spring Wireless expects to continue its global expansion with new offices in Asia.
