Intel and iD Ventures-backed HelloSoft sees exit route open with sale to Imagination Technologies.
Imagination Technologies, a UK-listed communications equipment provider, has agreed to buy US peer HelloSoft for up to $47m.
Imagination is paying $20.2m in cash and the rest in performance fees and provides an exit for HelloSoft’s venture consortium, which includes iD Ventures America, the North American venture services arm of iD SoftCapital Group formerly known as Acer Technology Ventures.
At the start of 2006, HelloSoft closed its series B round at more than $16m from Intel Capital, the corporate venturing unit of semiconductor company Intel; TD Capital Ventures (spun out last year from TD Bank to form Northleaf Capital Partners); Japanese bank Mitsui’s Venture Partners division; and venture capital firms Entrepia Ventures, Venrock Associates, Sofinnova Ventures and Jump Startup, which is not making any new investments.
Its series A round raised $11m in January 2003.
