Millennial Net is acquired by PHC Holding GmbH
September 5, 2006
For Immediate Release
Millennial Net acquisition sets stage for next phase of growth
Burlington, MA – September 5, 2006 - Millennial Net, Inc. today announced that it has been acquired by PHC Holding, GmbH (PHC) for an undisclosed amount. PHC is a privately held company headquartered in Esslingen, Germany. Millennial Net will continue to operate as an independent company.
Complementing PHC, the Festo Group, a world-leading supplier of automation technology based in Germany, has committed a long-term R&D contract with Millennial Net to extend their knowledge in wireless technology. Hans Gerlach-Erhardt, Director of Technology and Alliances of Festo and member of the supervisory board of Millennial Net commented, “We are pleased to accelerate our wireless roadmap through this new relationship. By extending our R&D through Millennial Net, we can provide wireless solutions to a wide range of Festo’s automation technologies.”
Mathias Klingler, Chairman of the Board for PHC stated, “The Millennial Net acquisition represents a key milestone in the company’s wireless sensor networking strategy for asset management, tracking and control applications. We believe combining Millennial Net’s market leading technology with our channel and industrial alliances provides the resources necessary for volume deployment in both the industrial and medical markets.”
“Being part of PHC creates a unique opportunity for Millennial Net to collaborate in creating industry standards. Our customers can continue to use Millennial Net’s market leading products and work with us to accelerate their next generation products based on wireless sensor networking with our SensorReady™ products.,” remarked Martin Hanssmann, CEO of Millennial Net.
Prior to the acquisition Millennial Net had developed its leading low power mesh networking technology through the VC funding and support of Globespan Capital Partners, General Catalyst Partners, Kodiak Venture Partners and BCE Capital.
About PHC
PHC takes strategic investments with an operative focus in several companies to provide products, technologies and services in the medical, the health care and the wellness industry. PHC was founded with the intention to become a leader in the field of telemedical applications by creating innovative products and services using wireless technologies for the transfer of biomedical data by modern communication media. Via its Network, PHC generates synergies between its partners and can provide Millennial Net the access to industrial alliances and partners for medical use of the wireless technology.
About Millennial Net
Millennial Net develops commercial- and industrial-class wireless networking systems for sensing and control applications that enable OEMs and systems integrators to quickly and cost-effectively implement wireless sensor networks. These networks enable the remote monitoring and management of critical devices while providing data to enable more informed decision-making, better control and increased revenue opportunities. Millennial Net's patented ad hoc, self-organizing wireless sensor networking MeshScape™ system leads the industry in power efficiency, support for dynamic systems and mobile sensors, reliability, and scalability. Millennial Net also leads the industry in real-world deployments with networks installed across commercial building and industrial environments. Millennial Net is headquartered in Burlington, MA. For more information, visit www.millennialnet.com.
About Festo
Festo’s product range for industrial automation comprises roughly 23,000 products, with a basic range that includes drives, valves, valve terminals, handling and assembly technology, service units for compressed air, connection technology, vacuum technology, position and quality checking, sensors, control technology and bus systems. Also part of the Festo range are industry segment solutions for the automotive industry, electronics industry, food and packaging industry, process industry and handling and these comprise a wide spectrum of products from individual pneumatic components and assemblies through to turnkey systems. For more information visit www.festo.com.
Press Contact
Jeannette Vining
Millennial Net
781-222-1030 x254
jvining@millennialnet.com
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