LegiTime Technologies Closes $1.5 Million Series A Funding Round with Inovia Capital and Connecticut Innovations
LegiTime Technologies Closes $1.5 Million Series A Funding Round with Capital and Connecticut Innovations
New Chief Executive and Vertical Product Focus to Drive Growth in 2010
Stamford, Conn. (December 14, 2009) — LegiTime Technologies, Inc., provider of a full-featured message and device management software suite for mobile phones, today announced it has closed a $1.5 million Series A funding round with Inovia Capital and Connecticut Innovations participating. LegiTime will use the financing to invest in product development, marketing and strategic hires as the company packages its technology into specific vertical market solutions.
The company also announced the appointment of Scott Jensen who will serve as chief executive officer and president, while former CEO, Michael Michigami, will continue as the company’s chairman.
“I’m excited to join LegiTime at such an important point in the company’s growth. With a unique set of productivity enhancing applications and a seasoned team, we can now focus on enhancing our vertical market solutions — initially for the healthcare, financial services and higher education sectors — as well as forging relationships with wireless carriers in North America,” said Jensen.
Prior to joining the company, Scott Jensen was CEO and president of mobile publisher Vindigo (formerly Zingy), and he will lead LegiTime with a special focus on business development. He brings a wealth of industry experience and relationships with various companies throughout the mobile ecosystem. In addition to his work at Vindigo, he has led sales and business development efforts at Hands-On Mobile (formerly Mforma), NuvoStudios and The Vendare Group.
“The smartphone revolution is changing the pace of business, and turning the mobile device into a critical component of a company’s business infrastructure,” said John Elton, partner at Inovia Capital. “The demand for integrated device and message management has never been greater, and LegiTime is poised to capitalize on this growing need. LegiTime’s focus will be on high-growth markets and with an experienced mobile industry veteran at the helm, we expect 2010 to represent a significant growth opportunity for the company.”
“Connecticut Innovations’ investment in LegiTime reflects our confidence in their ground-breaking technology,” said Peter Longo, Connecticut Innovations president and executive director. “SMS text messaging is a fast, effective communications resource; LegiTime’s technology will allow businesses to more fully utilize SMS while adhering to new security and archive regulations.”
“LegiTime is an exciting investment in the information technology security arena and further establishes Connecticut Innovations’ commitment in this fast-growing sector,” said Governor M. Jodi Rell. “This investment is the latest example of Connecticut’s commitment to support leading businesses in emerging technologies.”
Product development will remain a primary focus area into the first half of 2010 and LegiTime will release solutions for all major handset operating systems. In addition to its products currently available for Windows Mobile and Blackberry devices, LegiTime will deliver Symbian versions by the end of 2009, and Android and iPhone versions within the first half of 2010.
Matthew Smith, managing director, investments, at CI and John Elton, partner at Inovia Capital, will have representation on LegiTime’s board of directors.
About LegiTime
LegiTime addresses the challenges carriers and enterprises face today related to mobile messaging by providing a full suite of integrated software products supporting multiple operating systems and devices. Headquartered in Stamford, Connecticut, LegiTime offers solutions that enable secure and fully-compliant text archiving, message and device management, and centralized control of all mobile assets to enhance productivity.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Inovia Capital
Inovia provides venture capital to entrepreneurs who transform innovations into successful companies. The team is comprised of sector experts in information technology, life sciences, and clean tech. In addition, Inovia’s extensive network of industry and academic partners provides portfolio companies with unique access to intellectual property. Inovia has $165M under management across two seed and early stage funds. For more information, visit www.inoviacapital.com or follow Inovia on Twitter at http://twitter.com/Inovia.
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Press contacts:
LegiTime Technologies, Inc.
Scott Jensen, CEO & President
Connecticut Innovations
Emily Smith, Managing Director, External Relations
(860) 257–2337
Inovia Capital
Tara Pellegrino
(514) 982–2251 ext. 300
