RealTime IT News

MoreMagic Conjurs $9M

MoreMagic Solutions, a Newton, Mass., maker of transaction software for mobile service providers, has raised $9 million in second-round financing.

Vision Capital and Battery Ventures were lead backers. New investors Liberty Mutual and Digital Networks also participated. As a result of Vision Capital's investment, partner Dag Syrrist, joins MoreMagic's board.

"These additional funds will be used to help drive MoreMagic Solutions' continued expansion in Europe and North America," said Jim Walz, MoreMagic's CEO. "As long as the current trends in the market are maintained, we will achieve profitability in 2003."

The company's software offer service providers, network infrastructure companies, billing vendors, content providers, financial institutions and system integrators the ability to create affordable flexible payment platforms for wireless transactions.

MoreMagic's platform is horizontal, modular, and easy to adapt to local environment and legacy infrastructure. The privately held company was founded in January 1997 in Helsinki, Finland, and still has operations there.