Esmertec sells CHF 23.5 million pre-IPO convertible

New York, Oct. 26 - Esmertec said it sold CHF 23.5 million of four-year notes convertible into its stock after it does an initial public offering.

The securities were placed with existing shareholders and new investors via Bank Julius Baer & Co. Ltd.

The notes become convertible six months after an IPO.

Esmertec, a Duebendorf-Zurich, Switzerland-based provider of software and technology for mobile phones, will use proceeds to develop its presence in Asia, extend its product portfolio and for working capital.

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