For the second quarter ending March 31, Ubizen posted a reduced net loss of 2.6m euros ($3m), down from a net loss of 8.2m euros ($9.7m), on sales of 10.8m euros ($12.8m), down from 13.4m euros ($15.8m) in the year-ago period.
Since late last year, Ubizen had been at the center of two takeover attempts. One bid came from Ubidco NV, a consortium of venture capitalists comprised of Apax Partners, Kennet Venture Partners and KBC Investco, although the latter subsequently withdrew from the consortium.
The other bid came from the security and identity management provider beTrusted Holdings Inc, a company that acquired the last technology assets of failed internet security software vendor Baltimore Technologies Inc, now reborn as a supplier of clean energy.
At present, beTrusted Holdings holds 44.01% and Ubidco holds 34.70% of Ubizen.
According to David Williamson, director of marketing and sales (UK and Ireland), both parties are working side by side with Ubizen’s management team going forward, and although the relationship between the two is still in its early stages, it is very productive.
Headcount at the Leuven, Belgium-based company is down to 297 people, from 355 people in March 2003. That said, the company received approximately 6.7m euros ($7.9m) of capital from beTrusted Holdings and Ubidco.
