FirstCapital assists Multimap in $50m acquisition
UK technology investment bank FirstCapital said that it acted as the exclusive financial advisor to Multimap in its acquisition by Microsoft Corporation. The acquisition, which is reported to have cost around $50m, gives Microsoft a location and mapping technology to compete with Google and complement its existing offerings.
Advertisement
Sean Phelan, Multimap's founder, said, “FirstCapital had the commitment and tenacity to manage a broadly based, international sale process for Multimap, dealing with the world's top players in IT. They were thoroughly professional, adding value throughout a complex process, and on hand for support whenever we needed them. We are delighted with the result.”
Sharon Baylay, general manager of the online services group at Microsoft, said, “This acquisition will play a significant role in the future growth of our search business and presents a huge opportunity to expand our platform business beyond the U.K. and globally. We are thrilled to welcome Multimap onboard.”
“Partnering with Microsoft gives us a world of new opportunities to build our mapping services into new technologies and applications,” said Jeff Kelisky, CEO of Multimap.
Multimap will operate as a wholly owned subsidiary of Microsoft, as part of the ‘virtual earth’ and ‘search’ teams in the online services group. The acquisition is the latest in a series of moves as Microsoft seeks to expand its online services to deliver software, services, and premium content and applications to consumers and businesses.
FirstCapital is an investment bank that specialises in fund raising and mergers and acquisitions advice for high growth technology companies. Established in 1999, its clients include entrepreneurs, technology companies and investors in private companies.
Comments on this story? Send an email to the editor: address - editor [@] thechilli.com
 |
|
|
© Chilli Publishing Ltd 2007 |
26 DEC 2007 |
