London-based investment bank, ARC Associates, acted as Joint Placement Agent in raising US$ 9m Preferred Series 4 equity financing for Sonim Technologies Inc (“Sonim”), a US leading provider of ruggedized mobile phones. The first round comprising US $7.2m of preferred series equity concluded in December 2009. A second round was concluded in the first quarter of 2010. In conjunction, ARC Associates also advised Sonim on the extension of its $10m revolving credit and mezzanine debt facilities.
Sonim, www.sonimtech.com, is a leading provider of premium-quality submersible, ruggedised mobile phones designed and engineered specifically for people who work and play outdoors or in industrial environments. Sonim’s product suite feature outstanding craftsmanship, extreme resilience and an industry-leading unconditional three year guarantee that has redefined consumers' expectations of rugged technology.
As Joint Placement Agent to Sonim, ARC Associates has supported the Company throughout the placement process from identifying suitable equity investors, transaction structuring, investor due diligence, negotiating key terms of the financing through to transaction completion.
The financing will be used to expand sales and marketing efforts globally while accelerating the development of new phone models.
ARC has also renegotiated an extension of the €7m revolving credit facility provided by Investec Bank plc. The original revolving facility was put in place in 2007 and was due to expire in June 2010. The expiry date of the outstanding mezzanine facilities was also extended.
“ARC Associates continues to demonstrate its fundraising capabilities and execute transactions in a professional and timely manner and in a very challenging environment said Bob Plaschke of Sonim Technologies. ARC Associates has again delivered by completing an extremely important fundraising event that will underpin the business’s growth going forward”.
Contacts:
John Allen
ARC Associates
Ph: +44 20 7614 4007
Pa-jaa@arcassociates.com
Bob Plaschke
Sonim Technologies
Ph: + 1 650-303-0520
Bob.Plaschke@sonimtech.com