Skinit, Inc., a San Diego, CA-based provider of technology and products to customize personal electronic devices (PEDs) including cell phones, PDAs, laptops and game consoles, has received a $60m equity investment.
The financing was led by ABS Capital Partners, a later-stage growth company investor, and Norwest Equity Partners, a middle market private equity firm.
The company will use the funds to invest in new products and sales and marketing as well as to purchase a portion of the shares owned by founding shareholders.
Skinit, which offers its product directly to consumers as well as through partnerships with PED manufacturers, wireless carriers and retailers, has expanded its business model to include licensing technology that enables on-demand personalization.
In conjunction with the financing, the company’s board will add Mark Anderson, General Partner at ABS Capital, Phil Clough, Managing General Partner at ABS Capital, and Tom Schauerman, Principal at Norwest Equity Partners, who will join the board as an observer.
Following the investment, CEO Paul Buss will transition out of his role as CEO. Kevin Roberts, a seasoned executive who has been a consultant to the senior management team, will be the interim CEO whilea search is conducted. He will also join the company’s board of directors following the financing.
FinSMEs
20/07/2010