BWI: Majitek Completes US$7.5 Million Series B Funding

Press release from Business Wire India
Source: Cisco Systems India Pvt. Ltd.
Monday, February 16, 2009 01:49 PM IST (08:19 AM GMT)
Editors: General: Consumer interest, Economy; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
Release no: 19248
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Majitek Completes US$7.5 Million Series B Funding
Software Innovator Secures Funding from Global Networking Giant and Private Equity Firm to Make 'Intelligent Urbanization' a Reality in Emerging Economies

Bangalore, Karnataka, India, Monday, February 16, 2009 -- (Business Wire India) -- Majitek, the leading provider of software platforms for next generation service providers, has confirmed today that it has completed a US$7.5 million round of equity funding welcoming global networking giant, Cisco Systems, to its share register. Also participating in the round is Majitek's current investor, Pierce & Pierce.

The Majitek Software Platform enables any device or system connected to a network to be accessed on a pay per use basis. Combined with its highly-scalable Cloud Computing architecture, it is positioned to enable all devices and systems within an entire city to be offered as 'utility services'.

The global investment agreement will allow the Company to further enhance its product and solution offering's to meet the needs of the Connected Real Estate market. The funds will also be used to expand Majitek's international operations, including opening a permanent office in Dubai to work more closely with its real estate industry customers and partners in the Middle East and other emerging markets across the world.

Majitek also expects to work with Cisco's Globalisation Centre East based in Bangalore, India to develop a software platform that will enable the creation and delivery of innovative services for the real estate industry and others including transportation, smart grid and safety & security. This platform will serve as an enabler to 'Intelligent Urbanization,' realizing the 'city as a service' vision in emerging markets.

Newly-appointed Majitek CEO, Bernie Devine, said: "We are delighted to have one of the world's leading technology company's joining us as a shareholder and a key partner. We are very confident that Cisco's investment and their increased involvement with Majitek will result in a solution that empowers Real Estate companies to engage their customers in new and innovative ways. Majitek and Cisco share a common view on what can be achieved in Connected Real Estate and we look forward to realizing that vision together'.

About Majitek

Majitek specialises in Cloud Computing technologies and advanced Service Oriented Architecture. The Majitek Service Delivery Platform enables next-generation telecommunications companies, utilities and managed service providers to deliver any digital service to any digital device over any digital network, all managed through a single customer account and paid on a single bill.

Majitek is headquartered in Melbourne, Australia and has offices in Singapore and Dubai. For more information visit www.majitek.com.


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