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GEIF Ventures Matches Business Angels with a £100,000 Co-investment in OnRelay

21 November 2003
Investment in Award Winning Mobile Branch Exchange (MBX™) Technology

November 2003, Cambridge UK. GEIF Ventures, a £2.5 million fund set up within NW Brown Group in April 2003 to co-invest alongside business angels has announced that it has invested £100,000 into OnRelay, alongside Great Eastern Investment Forum (GEIF) business angels.

OnRelay’s MBX is a client-server software system that transforms a software-based mobile phone into a fully functional PBX extension. With a highly scaleable software-only solution, MBX allows seemless integration with a PBX, thereby allowing mobile calls to appear as a desk phone call to any PBX-integrated system. MBX puts controlling the cost of mobile calls back into the corporate governance. With demonstrated potential call savings of up to 40%, MBX enables quick payback and continued Return on Investment (ROI).

“We are very pleased to have GEIF on board as an investor,” stated Marie Wold, President & CFO, OnRelay. “This investment by GEIF Ventures and GEIF angels is yet another demonstration of confidence in our product and management team. The funding will enable us to continue growing our customer base and increase our portfolio of supported PBX platforms, such as Cisco, Avaya and Nortel corporate voice switches.”

Max Bautin, who manages GEIF Ventures, added, “I am delighted that GEIFV is able to add a company with such high growth potential as OnRelay to its portfolio. With the excellent management team, award winning technology and customer need focus, OnRelay is well positioned for continued growth and success in the mobility solutions market.”

ENDS

Further enquiries:

Max Bautin, GEIF Ventures Ltd; max.bautin@geifventures.co.uk

Destanie Clarke, DestaniePR; Tel. 07753 826162, destanie@destaniepr.com

Notes to Editors:

GEIF Ventures www.geifventures.co.uk

GEIF Ventures is a 2.5 million co-investment fund within the NW Brown Group established with the commitment by the Small Business Service to co-invest with GEIF business angels into promising businesses. GEIFV is able to co-invest initially up to £100,000 and, if appropriate, follow up its investment by another £100,000 after 9 months. GEIFV is not a lead investor and can only invest when a company receives an investment from GEIF business angels.

Great Eastern Investment Forum www.geif.co.uk

GEIF is a leading UK business angels network strategically based in Cambridge. It is the fundamental link between early stage companies and business angels seeking quality investment opportunities. GEIF introductions, through regular company presentations and breakfast meetings, provide a secure and confidential business environment. GEIF website brings members all the latest investment opportunities and other relevant news. Since GEIF was launched in 1995, its members have helped over 150 early stage companies to raise in excess of £20 million of investment and to strengthen their teams with invaluable management skills. Membership of GEIF includes private investors, corporate investors, venture capitalists and corporate advisers.

NW Brown Group www.nwbrown.co.uk

NW Brown Group was founded in Cambridge in 1974. It offers a comprehensive range of financial services to private and corporate clients throughout the eastern region and beyond, including Investment Management, Stockbroking, Personal Financial Planning, Corporate Pensions, Employee Benefits, Private and Commercial Insurance, Venture Capital (First Cambridge Gateway Fund) , Corporate Finance and Seed and Early Stage Finance (Great Eastern Investment Forum and GEIF Ventures).