Sybase's Acquisition of DragonVenture's Portfolio Company Mobile365 Yields Good Performance of Its Managed Fund

San Jose, California, November, 2006

DragonFund I, an early stage venture fund under DragonVenture’s management, achieved another key milestone with its portfolio company Mobile365 acquired by Sybase.

With a timely infusion of capital investment from DragonFund I in year 2000, InphoMatch was built as a global cross-platform, wireless messaging and internet application service provider. DragonFund I was the very first investor of the company. In addition, DragonVenture later advised and helped lead the company to follow on investments. In September 2004, InphoMatch merged with Mobileway to form Mobile 365, the global leader in the delivery, billing, and settlement of mobile messaging services.

In November 2006, Sybase, a leading provider of enterprise infrastructure and mobile software, acquired Mobile 365, Inc. in an all-cash transaction valued at $417 million. Mobile 365 now operates as Sybase 365, a wholly-owned subsidiary of Sybase. This exit event helped push DragonFund I’s IRR into solidly positive grounds. DragonFund I’s performance is now one of the best of vintage 2000 VC funds with potentially a couple more winners to come!
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