LegiTime Technologies Closes $1.5 Million Series A Funding Round
Written by LegiTime Technologies
Tuesday, 15 December 2009
LegiTime Technologies Closes $1.5 Million Series A Funding Round with iNovia 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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