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OnMobile to acquire US-based Livewire Mobile for $17.8 million

OnMobile to acquire US-based Livewire Mobile for $17.8 million
IT company OnMobile Global on Tuesday said that it has entered into an definitive agreement to acquire the business assets and liabilities of US-based Livewire Mobile, which provides mobile entertainment solutions, for about $17.8 million (about Rs 100 crore).

'The acquisition of Livewire Mobile will help us consolidate our global leadership position in RBT (ring back tone) and Music by firmly establishing our presence in North America for these services,' OnMobile Global's CEO and Co-Founder Mouli Raman said in a statement.
The statement added that 'OnMobile LLC, US will pay $17.8 million as the consideration for purchase of LiveWire's business assets and certain liabilities, subject to certain contingent payments. The purchase will also include purchase of stock of Fonestarz Media Ltd, UK, the managed services arm of Livewire based in UK'.

Boston-headquartered Livewire Mobile, established in 1983, provides IT solutions including full track music, ringback tones, ringtones and infotainment services. It currently provides ringback tone and mobile music solutions for Sprint, MetroPCS, and Public Mobile amongst others.
'Upon evaluation of several strategic alternatives made possible by our recent revenue growth, our Board concluded that this transaction was the best path to maximising value for our shareholders and for our customers,' Livewire Mobile's President and CEO, Matthew Stecker said.
The resultant new US-based entity will be called OnMobile Live Inc, which will be a 100 per cent subsidiary of OnMobile
LLC, US.
Agencies

Agencies

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