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Press Release

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March 8, 2002, Sweden

connectBlue signs financing deal with Schneider Electric

connectBlue today announced that Schneider Electric Ventures, an investment fund dedicated to providing equity capital for small, innovative organisations, has agreed to an undisclosed financial investment in the Swedish company.  As a result of the deal, Schneider Electric will acquire a 19 percent stake holding in connectBlue. 

Schneider Electric Ventures is a division of Schneider Electric, a leading multi-national power, industrial control and automation specialist.  The venture capital company was founded in 2000 with initial funding of 50 million Euros to grant investment funding to promising start-up companies specialising in technologies close to Schneider Electric activities and critical to the products and services of tomorrow.  connectBlue, which specialises in the integration of the Bluetooth™ technology into industrial environments, clearly fit this profile.

The Schneider Electric investment coincides with an increased injection of funding from original investment backers, Briban Invest, Malmöhus Invest and Midway Holding, placing connectBlue in a strong financial position for future development.

Rolf Nilsson, President at connectBlue said, “this capital investment from Schneider Electric will not only strengthen connectBlue’s operations and reputation but it will also enable us to expand and develop at an even greater rate, particularly in global markets. 

“In addition, I anticipate that our connection with Schneider Electric will create opportunities for connectBlue to build business links into the Schneider Electric group of companies worldwide, along with the possibility of broadening our product distribution throughout the extensive Schneider Electric network.”

Jean Netter, Fund Manager for Schneider Electric Ventures said, “connectBlue’s innovation and expertise with the Bluetooth technology caught our attention and was immediately seen as a good fit for Schneider Electric Ventures. 

“connectBlue was quick to recognise and capitalise on the potential of the Bluetooth technology in different environments, forging a reputation as a Bluetooth pioneer in the industrial market in particular.  In the two years since its inception, the company has already won and been nominated for several product development awards for the world’s first industrial Bluetooth product and the first wireless man to machine industrial Bluetooth product.  We see great potential in this company and will watch its ongoing development with interest.”

connectBlue Chairman, Jan Barchan said, “as a founding investor, it is very pleasing see connectBlue receive this kind of endorsement from such a worldwide player in the industrial market.” 


About conne ctBlue
connectBlue, based in Malmö, Sweden was founded in March 2000.  connectBlue is the leading supplier of complete Bluetooth solutions for industrial and commercial use. connectBlue provides its customers with hardware and software solutions, Bluetooth products and an extensive training and seminar program.

Every connectBlue employee is a carefully selected specialist holding extensive experience with industrial applications and Bluetooth software and hardware development and implementation.
www.connectblue.se

About Schneider Electric
Schneider Electric is the world’s power and control specialist through its world-class brands Merlin Gerin, Modicon, Square D and Telemecanique.  Schneider Electric anticipates and satifies its customers’ requirements in the energy, buildings, industry and infrastructure markets.  Schneider Electric’s 72,900 employees generated sales of EUR 9.8 billion in 2001 via 9,000 sales outlets in 130 countries.
www.schneider-electric.com

FOR FURTHER INFORMATION:
Pelle Svensson, Marketing Director
connectBlue           
Phone:  +46 40 630 71 03                                   
Email:             pelle.svensson@connectblue.se        

Veronique Moine
Schneider Electric SA
Phone:  + 33 (0) 1 41 29 70 76
Email:            veronique_moine@mail.schneider.fr

BLUETOOTH is a trademark owned by Bluetooth SIG Inc., USA and licensed to connectBlue


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Last modified: Wednesday December 03, 2003.

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