(“OZ”) has entered into an agreement to be acquired by
Nokia Corporation (“Nokia”). OZ is a leading mobile messaging provider of
mobile IM and consumer email services. In April 2008, Wellington Financial
provided a $10 million venture debt financing commitment for OZ. The funds
were used for general working capital purposes and to enable the company to
expand product development.
“We are delighted to be a part of the success that OZ’s management team
and venture capital backers have created,” said Craig Netterfield,
Vice-President of Wellington Financial.
Added Mark McQueen, President and CEO of Wellington Financial: “Despite
what you might read in the media about tightening credit, we have capital
available right now for good companies. Just last week, Deloitte LLP announced
that six of the top eleven Deloitte Technology Fast 50 2008 winners were
Wellington Financial portfolio companies, including OZ. The OZ success is just
another example of what our True Growth Capital(TM) can do to propel Canada’s
best growth stories.”
Wellington Financial LP is currently managing a $400 million investment
program via Wellington Financial Fund III. Since Fund III began operation in
September 2006, Wellington Financial LP has led approximately $160 million of
transactions, making it the most active fund of its kind in Canada.