This excerpt taken from the NOK 6-K filed Mar 1, 2006.
Bitboys to provide Nokia with early access to best-of-breed graphics technology for mass-market mobile devices
Espoo, Finland - Bitboys, a leading provider of graphics hardware solutions for mobile devices, today announced it has received an investment of four million euros from Nokia Growth Partners (NGP), a $100m venture capital fund established by Nokia in December 2004.
The purpose of Nokia Growth Partners is to help Nokia capitalize on external innovation from emerging high-growth companies. The investment will further support Bitboys in designing solutions that enable extremely high-quality 3D and vector graphics acceleration in the power and size-restricted environments of mobile devices.
Dedicated 3D or vector graphics processors stand to dramatically improve the graphics capability of mobile devices. Applications include enhanced user interfaces that are easier and more fun to use; next-generation mobile games; maps and navigation; web browsing; and entertaining graphics content that will drive consumer demand for more sophisticated wireless devices.
Graphics processing is one of the most important growth areas in the mobile industry. As the only vendor that provides graphics solutions specifically for volume-market mobile devices, Bitboys has already achieved a strong position in the market. Nokia Growth Partners made this investment to ensure Bitboys has adequate financial and human resources for continued successful growth. As a key strategic graphics partner, Bitboys provides Nokia with early access to best-of-breed technology in mobile graphics processing, said Markus Salolainen, General Partner, Nokia Growth Partners.
We greatly appreciate the trust Nokia Growth Partners has shown towards our product development and our ability to sustain market momentum. Bitboys is expanding its business rapidly, and the cooperation with Nokia Growth Partners supports our growth at a time when it is essential to secure a leading position in the graphics IP provider market, said Mikko Saari, CEO, Bitboys.
Bitboys has been steadily growing and profitable since 2002, when the company shifted its strategy to developing graphics hardware solutions for volume-market mobile devices. With the new investment, NGP acquires a 14% share of Bitboys, but will not have representation on the board of the company.