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Funding for Spring Wireless

Article Date:  Sep 02 2008

End-to-end wireless specialist Spring Wireless has received an equity investment of US$66 million (£37 million). The funding round is co-led by investment bank Goldman Sachs and US venture capitalist New Enterprise Associates (NEA), with participation from existing investors.

As part of the deal, Raheel Zia, vice president at Goldman Sachs, and Patrick Kerins, a general partner at NEA, join Spring Wireless’ board.

Spring Wireless also announced the acquisition of Okto, a Latin American mobile applications company. Terms were not disclosed.

The company, which has operations across the Americas and Europe, plans to open new offices in Asia by the end of the calendar year.

Existing shareholders include Brazilian technology investor Ideiasnet and VC firm Darby Technology Ventures, both participants in this latest funding round, as well as large technology companies Intel and Ericsson.

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