Morgan Stanley Dean Witter Private Equity and London-based TLcom Partners invested an undisclosed financial amount in privately held Xypoint, a provider of software and network services for wireless location services. XYpoint said the funds will be used to solidify its position in the market for wireless software platform for location and commerce services.
NEC Corp. plans to invest $150 million over the next two years to develop next-generation wireless phone technologies based on Enhanced Data for GSM Evolution technology for the North American market. The company said the products should be in the market by early 2002.
Wireless platform provider MobileSys Inc. closed $36 million in third-round financing, led by Norwest Venture Partners, bringing the company’s total amount of funding to more than $56 million. MobileSys said it plans to use the additional financing to accelerate the global expansion of its wireless data network, broaden its strategic industry partnerships, support regional headquarters in Europe and Asia Pacific and build its sales and marketing resources to support the company’s growth.
The board of directors at Allgon AB reported that LGP Telecom Holding AB has made a bid to Allgon’s shareholders regarding the acquisition of shares. Allgon’s board said it will evaluate the bid and other alternatives with the support of external advisers.
VyTek Wireless Inc. announced its formation, focused on acquiring wireless data companies to combine various wireless solutions under one roof. The company said it will form three business focuses-wireless consulting, wireless applications and wireless infrastructure-and acquire companies meeting each need. It plans to work individually with each company but at the same time offer collaborative sharing of marketing and engineering expertise. VyTek’s first two acquisitions of this strategy are Sonik Technologies Corp. and its namesake, VyTek Consulting Group.
