Connecticut Innovations Participates in $1.5 Million Series A Investment in LegiTime Technologies Inc.
New Chief Executive and Vertical Product Focus to Drive LegiTime’s Growth in 2010
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has completed an investment of $750,000 in LegiTime Technologies Inc. (LegiTime) of Stamford, Conn. CI’s investment was part of a $1.5 million Series A funding round with iNovia Capital. A provider of a full-featured message and device management software suite for mobile phones, LegiTime will use the financing to invest in product development, marketing and strategic hires as the company packages its technology into specific vertical market solutions.
“LegiTime is an exciting investment in the information technology security arena and further establishes Connecticut Innovations’ commitment in this fast-growing sector,” said Governor M. Jodi Rell. “This investment is the latest example of Connecticut’s commitment to support leading businesses in emerging technologies.”
“Connecticut Innovations’ investment in LegiTime reflects our confidence in their ground-breaking technology,” said Peter Longo, Connecticut Innovations president and executive director. “SMS text messaging is a fast, effective communications resource; LegiTime’s technology will allow businesses to more fully utilize SMS while adhering to new security and archive regulations.”
The company also recently appointed Scott Jensen to the position of chief executive officer and president, naming the former CEO, Michael Michigami, as the company’s chairman.
“I’m excited to join LegiTime at such an important point in the company’s growth. With a unique set of productivity enhancing applications and a seasoned team, we can now focus on enhancing our vertical market solutions – initially for the healthcare, financial services and higher education sectors – as well as forging relationships with wireless carriers in North America,” said Jensen.
Prior to joining the company, Scott Jensen was CEO and president of mobile publisher Vindigo (formerly Zingy), and he will lead LegiTime with a special focus on business development. He brings a wealth of industry experience and relationships with various companies throughout the mobile ecosystem. In addition to his work at Vindigo, he has led sales and business development efforts at Hands-On Mobile (formerly Mforma), NuvoStudios and The Vendare Group.
Product development will remain a primary focus area into the first half of 2010 and LegiTime will release solutions for all major handset operating systems. In addition to its products currently available for Windows Mobile and Blackberry devices, LegiTime will deliver Symbian versions by the end of 2009, and Android and iPhone versions within the first half of 2010.
Matthew Smith, managing director, investments, at CI will have representation on LegiTime’s board of directors
LegiTime addresses the challenges carriers and enterprises face today related to mobile messaging by providing a full suite of integrated software products supporting multiple operating systems and devices. Headquartered in Stamford, Connecticut, LegiTime offers solutions that enable secure and fully-compliant text archiving, message and device management, and centralized control of all mobile assets to enhance productivity.
For more information on CI, please visit www.ctinnovations.com.