MMS Vendor Seeks IPO Financing

Adamind, a provider of media adaptation software products for the MMS (multimedia messaging) market, has announced its intention to float on the AIM of the London Stock Exchange. Adamind develops and sells software to global mobile operators that primarily converts MMS messages sent from one handset or service provider into a size and format that works on the receiving handset.

Adamind's products solve the handset incompatibility problem by real-time, "on the fly" adaptation of the content via a central software solution residing within the operator's MMS server infrastructure. The products are sold through system integrators and strategic global MMS infrastructure vendors such as Openwave, LogicaCMG and other top class vendors to mobile phone operators worldwide. Adamind has already gained commercial deployments for MMS in over 80 tier-1 and tier-2 operator customers across the globe.

The purpose of the flotation is to enable Adamind to raise new funds to accelerate its growth plans and enhance its corporate profile.

Adamind was formed through the combination of the media adaptation businesses of Emblaze and Philips in September 2004. Pre flotation, on a fully diluted basis, Philips holds 25.5% and Emblaze holds 59.5% of the shares in Adamind. 15% has been reserved for employees via the Employee Stock Option Program.

Media adaptation is a key requirement for the success of the rapidly growing MMS market. Furthermore, the market for media adaptation software is anticipated to grow substantially beyond MMS due to increased spending on mobile data infrastructure, rising demand for advanced handsets and the availability of a wide range of content, all aimed at driving up average subscriber revenue."

Posted to the site on 10th January 2005