Two Nokia-backed start-ups merge
Wireless software makers Bitfone and Digital Transit announced a merger on Monday. The lead investors in both companies were Nokia Venture Partners, a venture capital firm backed by cell phone juggernaut Nokia; investment bank Goldman Sachs; and BMC Software. Digital Transit makes software that upgrades the software on a cell phone through wireless networks. The company raised a $2.5 million first round last June. Bitfone software allows consumers to access, store and send photos, cartoons and images on their cell phones. The company completed its $6 million first round of funding in September. Bitfone's Gene Wang will remain chairman and CEO, while Digital Transit co-founders Patrick Lilley and Patrick O'Neill will become executive vice presidents of the combined company, which will be named Bitfone.
Bitfone's Gene Wang will remain chairman and CEO, while Digital Transit co-founders Patrick Lilley and Patrick O'Neill will become executive vice presidents of the combined company, which will be named Bitfone.