Cascadia Capital Guides Action Engine to One of the Largest Wireless Software Private Placements of 2003

Challenge

Action Engine, a browserless mobile web services platform provider, engaged Cascadia Capital in late 2002 to help the company identify a large communications-focused investment partner to lead the company's Series C financing round. Action Engine had recently secured its first two carrier relationships and wanted to create competition in the financing process to drive higher valuation.

Solution

Cascadia Capital provided Action Engine with access to a targeted set of investors that possessed deep wireless domain expertise and facilitated road show meetings for the company on both coasts. Cascadia Capital worked with Action Engine to coordinate due diligence issues and assisted in term sheet and closing negotiations.

Results

Cascadia Capital successfully delivered three competing term sheets, driving valuation for existing shareholders. Action Engine was able to raise one of the largest private placements in the wireless software sector in 2003, selecting Baker Capital, a private equity firm, as its lead investor and the Intel Communications Fund as a participant.