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Trolltech Gets Free of Canopy, SCO Ownership
Tuesday, May 24 2005 @ 05:29 PM EDT

I thought you'd be interested to learn that Trolltech is now 100% free of any Canopy or SCO ownership. I've gotten email about this, so I know some of you will be glad to hear this news. Here's the relevant paragraph from the press release:

The completion of this investment round precipitates the departure of Borland, Canopy Group and SCO Group from Trolltech's ownership structure. Trolltech's shares are currently owned by employees, the Trolltech Foundation and investors with the following distribution: Employees 51.84%, Index Ventures 24.82%, Teknoinvest 9.70%, Northzone Ventures 4.83%, Trolltech Foundation 4.5%*, Orkla ASA 3.79%, Previous Employees 0.48%, Others, 0.04%.

Trolltech has taken all steps open to them to get rid of the gestank of SCO, as we humorously call it on Groklaw. So you skeptics can take a deep breath and relax. The celebratory tone shines through the press release. I'm thinking there is some champagne happening in Oslo.

********************************

Trolltech Secures $6.7 Million in Series B Investment Led by Index Ventures

Index's Neil Rimer Joins Trolltech's Board of Directors

OSLO, Norway - May 23 2005

Trolltech®, provider of leading technologies for Linux and cross-platform software development, today announced the completion of a $6.7 million Series B round of financing led by Index Ventures. Existing investors Teknoinvest and Northzone Ventures also participated in this round. The funding will be used to fuel Trolltech's global expansion as it capitalizes on the growing markets for embedded Linux and cross-platform desktop applications.

Trolltech also announced that Neil Rimer, co-founder and general partner of Index Ventures, will be joining Trolltech's Board of Directors.

"We chose Index Ventures because it has become one of the most prominent high technology investment firms, with an excellent track record in identifying innovative European-based technology companies, such as MySQL and Skype, and growing them into strong global businesses," said Haavard Nord, chief executive officer for Trolltech. "The market for Linux is quickly extending beyond the data center into embedded devices and onto the desktop. With industry-leading development software in these areas, we are in an excellent position to build on this momentum. This funding will help us expand quickly while continuing to support the open source community."

The completion of this investment round precipitates the departure of Borland, Canopy Group and SCO Group from Trolltech's ownership structure. Trolltech's shares are currently owned by employees, the Trolltech Foundation and investors with the following distribution: Employees 51.84%, Index Ventures 24.82%, Teknoinvest 9.70%, Northzone Ventures 4.83%, Trolltech Foundation 4.5%*, Orkla ASA 3.79%, Previous Employees 0.48%, Others, 0.04%.

Trolltech makes its software available under a dual-licensing business model for both commercial and open source use. Trolltech's Qt® product is a popular application framework for cross-platform software development on the desktop and is the most widely-used commercial tool for Linux application development. The company's Qtopia® software provides a customizable development environment and user interface for Linux-based mobile phones, personal digital assistants and other devices. Today, over 60 vendors are designing, building or shipping devices based on Qtopia and related Trolltech software for embedded Linux.

"Trolltech is a Linux pioneer and a model 'second-generation' open source company, with a profitable business model and proven technology that targets two of the hottest markets for Linux," commented Neil Rimer. "With 11 years of continuous growth behind it, Trolltech has demonstrated its ability to innovate and delight its customers, and we look forward to helping it attain an even more significant market position."

About Trolltech:

Trolltech® is a world leader in delivering tools, components, and libraries for C++ developers across all major operating systems. Trolltech products constitute a leading open source application development framework and are an integral part of the Linux desktop. Trolltech also develops innovative UI platforms that enable key players to adopt Linux for mobile devices. Trolltech creates two product lines: Qt® and Qtopia®. Qt is a complete C++ application development framework, which includes a class library and tools for cross-platform development and internationalization. Qtopia is the first comprehensive application platform built for embedded Linux, and is used on numerous Linux-based PDAs and mobile phones.

Trolltech is a second generation open source company with a dual licensing business model and provides development software to some of the largest companies in the world including Intel, IBM, Motorola, and Sharp, among thousands more. Trolltech is headquartered in Oslo, Norway, with offices in Brisbane, Australia, and Palo Alto, California. More about Trolltech can be found at http://www.trolltech.com.

About Index Ventures

Index Ventures is a venture capital firm dedicated to helping top entrepreneurial teams build their companies into global leaders. Index proactively seeks out entrepreneurs who are committed to solving real problems with a novel approach and help them develop their company by leveraging the combined experience, networks and resources of the entire partnership. Index recently announced the closing of its fourth fund of EUR300m, which brings its total funds under management to EUR750m. The Index team has been active in technology venture investing since 1996 and has become a major player on the VC world stage with an unrivalled network spanning Europe and the US. The firm has offices in Geneva, London and Jersey and focuses its investment activity primarily on Europe and Israel. IT investments include Betfair, now the world's largest betting exchange; Virata, (acquired by Conexant) a world leader in DSL and other communication chipsets; Skype (global P2P telephony service); MySQL (the world's most popular open source database); and KVS (email archiving firm recently sold to Veritas). www.indexventures.com

About Teknoinvest Teknoinvest was established in 1984 and is the Nordic venture capital investment firm with the longest track record, as well as being one of the most successful according to value created for its investors. Teknoinvest invests in companies in the technology and life sciences sectors in the Nordic countries as well as in selected opportunities in North-America. Teknoinvest advises funds with a total capital of about Euro 110 millions. Among well-known companies that Teknoinvest has invested in and helped develop are Tandberg AS, Tandberg Television AS, Axis-Shield PLC, Photocure ASA, Ciena Corporation and Opera Software ASA. www.teknoinvest.no

About Northzone Ventures

Northzone Ventures is a leading Nordic venture capital firm specialized in innovative early stage investments within software, information technology and telecommunications. The firm has eight investment professionals located in offices in Copenhagen, Oslo, and Stockholm, and has invested in more than 40 companies across Scandinavia since it was founded in 1996. Following the closing of its fourth investment fund, Northzone manages EUR 170 million in capital commitments from eading Nordic and international private equity investors. www.northzone.com


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