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Leading venture funds announce their divestment of gate5
Transaction highlights the importance of VC funded technology innovation in Europe


Berlin, September 12, 2006 – On August 31 Nokia announced the acquisition of gate5 AG of Berlin, Germany, for an undisclosed amount. The transaction is expected to close in October 2006. gate5’s main shareholders include Paris-based Innoven Partenaires and the German funds Target Partners, BC Brandenburg Capital, and IBB Beteiligungsgesellschaft.

gate5 is a leading supplier of software and services for mapping, routing and navigation. Since its foundation in 1999, the company has developed products and services for mobile devices and is today Europe’s third largest provider of software for Personal Navigation Devices (PNDs). gate5’s solution enables people to enjoy a highly sophisticated mapping and seamless navigation experience with breathtaking features such as house polygons, earth browsing and dynamic route guidance.

“Innoven Partenaires identified gate5 as an extraordinary company with exceptional management and innovative technologies. This acquisition validates the talents of gate5 managers,” said Thomas Balland, investment manager with Innoven Partenaires, and a gate5 board member since 2003. Thomas Krause, senior investment manager at BC Brandenburg Capital GmbH, added: “The basis of our investment decision was a strong belief in the future market of navigation solutions and location-based services. The general implementation of intelligent mobile devices will further support fast market growth over the next few years.”

“In 2003, gate5 was a start-up business with 30 employees and promising technologies,” said Dr Herbert May, Chairman of gate 5’s supervisory board since 2003. “The business plan was to provide handsets manufacturers, mobile operators and media groups with the next generation of location-based services. We succeeded in attracting a top-shelf investor group to fund the R&D effort and build out the Sales & Marketing team. We worked very closely with the management team to focus the business, bring innovative products to market and expand geographically. This effort has now paid off for all those involved.”

Kurt Mueller, Partner at Munich-based Target Partners remarked: “We’re glad to demonstrate again that world-class technology companies can be found in Germany, can be developed successfully, and can be sold at attractive valuations to world leaders such as Nokia. Ute Eisenkolb, senior investment manager with IBB Beteiligungsgesellschaft added: 'gate5 performed well within the global competitive environment and earned an international name for itself. The transaction opens up great perspectives for gate5 and we are happy that the further expansion will be realised within the capital region Berlin/Brandenburg.'

Christophe F. Maire, Founder & CFO of gate5 said, “Combining mapping with content services and community on mobile devices has been our ambition since inception. Nokia offers us the opportunity to implement this vision on a larger scale; this is very exciting for the whole team”. Dr. Michael Halbherr, gate5 CEO, added “We raised capital when very few VCs were willing to fund tech start-up, the fact that our investors realize an excellent return today is rewarding”.


About gate5 AG
gate5 is a leading supplier of navigation software. The company supplies white label software for personal navigation devices (PNDs) together with extensive additional content and services available as downloads. The company also launched smart2go(TM), a groundbreaking platform for locationbased services, which cleverly combines navigation with access to local content. gate5 was founded in 1999 by a small team of technology innovators and is funded by venture capital funds Innoven Partenaires, Target Partners, BC Brandenburg Capital and IBB Beteiligungsgesellschaft. Headquartered in Berlin, Germany, gate5 has over 70 employees and maintains operations in San Francisco, Hong Kong and Munich. (www.gate5.de)


About Innoven Partenaires
Innoven Partenaires is one of the largest independent technology<


Publisher Contact Information:

Target Partners
+49 (0)89 207 049 0
kurt@targetpartners.de

Company profile of Target Partners
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