MONTERREY, Mexico--()--Alta Ventures Mexico, a leading provider of venture capital in Mexico, today announced it had sold its stake in Rhomobile to Motorola Solutions, Inc. In April 2011, Alta Ventures Mexico led the Series A financing into Palo Alto-based Rhomobile as part of its cross-border portfolio strategy and successfully exited the investment on July 29, 2011. Motorola Solutions announced the Rhomobile acquisition on October 10, 2011 when it unveiled Motorola RhoElements, a state of the art web-based application framework for Motorola handhelds, mobile computers and tablets.
“The Nail It then Scale It (NISI) methodology allowed the various team members and investors to get on the same page and dramatically accelerated our time to successful launch”
Rhomobile is the result of a successful partnership between the partners at Alta Ventures Mexico and the Rhomobile founders to build the first cross-platform mobile application development framework. “The Nail It then Scale It (NISI) methodology allowed the various team members and investors to get on the same page and dramatically accelerated our time to successful launch,” said Paul Ahlstrom, Partner at Alta Ventures Mexico. “Motorola is the perfect partner to take the technology to the next level.”
Rhomobile CEO Adam Blum said, “We are excited to join Motorola Solutions and by the opportunity to make Rhomobile technology ubiquitous enterprise infrastructure. We are grateful for Alta Ventures Mexico's strong support while building our company, not only for the financial backing but also the mentoring. Their Nail It Then Scale It methodology empowered us to get Rhomobile started on firm ground.”
With the acquisition of Rhomobile, Motorola intends to solve challenges facing the enterprise mobile computing industry. “We are pleased to welcome Rhomobile to Motorola Solutions. At a time when software solutions are becoming an increasingly important part of our business, the acquisition of Rhomobile reinforces our commitment to enable our partner communities to deliver rich, highly tailored applications that will help our customers mobilize and connect across devices today and in the future,” said Girish Rishi, corporate vice president and general manager of mobile computing, Motorola Solutions.
Terms of the transaction were not disclosed.
About Alta Ventures Mexico- Alta Ventures Mexico provides early-stage venture capital to innovative entrepreneurs in high growth sectors including mobile, SaaS, clean tech, healthcare, education, security and consumer. The Fund invests primarily in Mexico and the United States in companies with global potential and a Latin American strategy. The Team has deep operational and investment experience on both sides of the border and an extensive international business network. With proprietary deal flow programs and startup methodologies, Alta Ventures Mexico is accelerating innovation and driving top decile returns. For more information, please visit www.altaventures.com.
About Rhomobile- Rhomobile Inc. offers market leading smartphone infrastructure for business mobility solutions. For more information, please visit www.rhomobile.com.
About Motorola Solutions- Motorola Solutions is a leading provider of mission-critical communication products and services. For more information, please visit www.motorolasolutions.com.