Seattle mobile startup Cequint acquired for up to $112.5 million |
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Mass High Tech
Seattle mobile startup Cequint acquired for up to $112.5 million
Cequint, a maker of mobile caller identification technologies, has agreed to be acquired for up to $112.5 million by Transaction Network Services. The deal marks a significant payout for Cequint, which was founded in 2004 and led by Rick Hennessey. TNS Inc., a publicly-traded company based in Reston, Virginia, is paying $50 million in cash and stock for Cequint. The company may pay out an additional $62.5 million if certain milestones are met.
Cequint launched its City ID service with Alltel three years ago. The company's software is now available on more than 30 million handsets, with carrier relationships covering some 230 million Americans. Cequint employs about 70 people, with a spokesman saying that those employees will keep their jobs in Seattle.
"Since Cequint was founded in 2004, we have quietly worked to establish a caller ID market in mobile with an offering designed to put mobile users in control of their personal communications," said Hennessey in a statement. "By joining together with TNS, the combination of best-in-class database and network services together with our operator and OEM position will accelerate our opportunities and improve the offering to our carrier customers, many of which are also customers of TNS."
Cequint raised a $4 million venture round from iSherpa, Benaroya Capital and others in 2007. We are waiting to hear back on total funding raised to date, but a spokesman for the company says it was very positive outcome for Cequint shareholders.
UPDATE: Cequint raised a total of $8.6 million, including $1.5 million in 2006, $4 million in 2007 and $3.1 million in 2008.
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