May 23, 2007SAN DIEGO
Qualcomm products mentioned within this press release are offered by Qualcomm Technologies, Inc. and/or its subsidiaries.
Qualcomm Incorporated (NASDAQ: QCOM), a leading innovator and developer of advanced wireless technologies and mobile data solutions, today announced a commitment to invest €100 million in European companies offering innovative technologies and services that enhance the global wireless communications ecosystem.
Qualcomm Ventures' investment strategy will focus on European small- to medium-sized enterprises and startups that can serve the 3G (WCDMA) business case in Europe through innovation in the following sectors: mobile application/platform software developers, handset components, network infrastructure and core technologies providers. In addition, Qualcomm Ventures will provide these companies with strategic guidance, advice in enhancing and protecting their innovations, support in standardizing their technology, and help getting faster access to global markets.
“Qualcomm is serious about being a partner to the European wireless market,” said Andrew Gilbert, president, Qualcomm Europe. “We are actively seeking opportunities to invest in and support promising European companies. Not only do we recognize Europe's significant market potential, but we believe this kind of investment and know-how support will help to unlock the true potential of these remarkable SMEs. The significant resources we are allocating demonstrate our commitment to fostering this vibrant innovation culture and to continue working within the European market.”
“Qualcomm is committed to providing our European portfolio companies with the financial, marketing, technology and business support to help propel innovative, early-stage companies and their breakthrough technologies forward in the competitive global market,” said Bill Keitel, chief financial officer, Qualcomm. “We have made a number of successful acquisitions in Europe in the recent past, including Tellit UK, Trigenix and Elata. Our commitment to investing €100 million in Europe will strengthen Qualcomm's key role in the success of 3G (WCDMA) services throughout Europe, as well as give us a broader research and development base through our involvement with early-stage companies.”
Qualcomm Ventures' first direct equity investment in Europe is in Streamezzo, a leading provider of rich media solutions, platforms and service for mobile communications. For more information on Streamezzo, please visit: www.streamezzo.com
About Qualcomm Ventures:
Qualcomm Ventures was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures' aim is to support Qualcomm's mission of enabling and fostering 3G (WCDMA) and wireless Internet markets through strategic investments in privately owned startup ventures. These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide.
After successfully expanding its activities in Korea, Japan and China, Qualcomm Ventures is expanding into Europe. Qualcomm Ventures is tasked with recognizing innovation within the wireless community through strategic investment in promising, young, entrepreneurial and innovative companies. Qualcomm has committed €100 million to Qualcomm Ventures in Europe for strategic investments in venture startups. For more information, please visit: www.qualcomm.com/ventures
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2007 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.