SchlumbergerSema invests in Magex
19 July 2002 | 2942 views | 0
SchlumbergerSema has made an undisclosed equity investment in Internet and mobile payment company Magex.
The investment will enable Magex to accelerate its development of payment services for the mobile market, and also gives Magex access to SchlumbergerSema financial and telecommunications customers.
The two companies have worked together for several years developing a comprehensive person-to-person (P2P) and P2M (person-to-merchant) payments platform for use by banks and wireless operators.
Josh Groves, CEO of Magex, says: "This investment is a significant milestone in our relationship."
The investment builds upon the $80 million in private equity funding that Magex has raised over the last two years. Investment has been led by Goldman Sachs funds and Capital Z Financial Services Fund II. Other investors including InterTrust Technologies Corporation, Reuters, GE Capital, LVMH, investment affiliates of Soros Private Equity Partners, Sir Paul McCartney, SLF Ventures, Westpool Investment Trust, Kistler Associates, and founding investor, NatWest, part of The Royal Bank of Scotland Group.