Cisco takes up shareholding in Majitek hot on heels of Middle East expansion

Staff Writers
Tuesday, 10 February 2009 16:12

IT Industry - Market

Majitek, Australian headquartered provider of software platforms for next generation service providers, today confirmed completion of a US$7.5 million round of equity funding with global networking company, Cisco Systems, coming into the company as a shareholder.

Welcoming Cisco to its share register, Majitek said the global investment agreement would allow the company to further enhance its product and solution offerings to meet the needs of the Connected Real Estate market.  Also participating in the equity funding was Majitek’s current investor, Pierce & Pierce.

Majitek, a company founded by Steve Outtrim of Sausage Software fame, said the funds would also be used to expand its international operations, including opening a permanent office in Dubai, UAE to work more closely with its real estate industry customers and partners in the Middle East and other emerging markets across the world.

“The Majitek software platform enables any device or system connected to a network to be accessed on a pay per use basis. Combined with its highly-scalable cloud computing architecture, it is positioned to enable all devices and systems within an entire city to be offered as ‘utility services.”

Newly-appointed Majitek CEO, Bernie Devine said Majitek also expected to work with Cisco's Globalization Center East based in Bangalore, India to develop a software platform that would enable the creation and delivery of innovative services for the real estate industry and others including transportation, smart-grid and safety and security. 

“This platform will serve as an enabler to ‘Intelligent Urbanization,’ realising the ‘city-as-a-service’ vision in emerging markets,” and, we are very confident that Cisco’s investment and its increased involvement with Majitek will result in a solution that empowers real estate companies to engage customers in new and innovative ways.”