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Daily Dutch News in English

Dutch app solutions provider gets $10 million funding boost

Service2Media, the leading provider of advanced app solutions for mobile devices, today announced that it has received $10 million (US) investment from Prime Ventures, with stakes in Layar and eBuddy, and Private Plus Fund.

Service2Media is responsible for producing some of the most popular core and critical apps on the market for the media, finance and utility industries. Working with some of the most innovative companies in the world including TURNER/ CNN, Al Jazeera, Rabobank, Abu Dabi Media Company, Liberty Global/ UPC, De Telegraaf and Reed Elsevier, its apps consistently receive praise.

The investment will strengthen Service2Media’s financial position and help it to expand its partner network. It will be used to grow Service2Media’s organization, seeking out and recruiting R&D talent, and further developing the Service2Media’s App Lifecycle Platform – M2Active.

A recent report by Forrester Research has forecast that the global market for mobile apps services will reach $17 billion for the IT services providers by the turn of 2015*. According to Gartner, “cross-platform mobile application development tools will become more numerous and more capable, driving a slow shift from platform-specific to platform-independent application development technologies”.

“Service2Media is an interesting player in an attractive space which is growing very fast.Gartner expects this trend to hold during 2011 through 2015, as the number of smart devices accelerates. As a long-term partner we already had a stake in the company and have been impressed with its great success and continued growth. Our investment will certainly help to maximize Service2Media’s potential,” said Patrick Polak, Managing Partner Newion Investments, fundmanager of Private Plus Fund.