OnMobile extends its presence in North America; acquires Livewire Mobile
OnMobile Global has announced that it has entered into a definitive agreement with Livewire Mobile to acquire its business assets and liabilities. This agreement has led to the introduction of the entity called OnMobile Live.
Mouli Raman, CEO & Co-Founder, OnMobile Global, said, “The acquisition of Livewire Mobile, with its reputation for providing cutting-edge music services, will help us consolidate our global leadership position in RBT and Music by firmly establishing our presence in North America for these services. This augments our strong market presence of mobile cloud services that we currently provide to major mobile operators in North America. By successfully integrating OnMobile and Livewire’s products and by extending OnMobile’s proven Managed Services model, we believe we can create a truly compelling value proposition to Telecom operators and Consumers worldwide.”
For the purchase of LiveWire’s business assets and certain liabilities, OnMobile will pay $17.8 million. The acquisition will also include purchase of stock of the managed services arm of Livewire based in UK named “Fonestarz Media”.
Matthew Stecker, President & CEO, Livewire Mobile, said, "We are incredibly excited about coming together with OnMobile to create the world’s leading mobile VAS Company. We are thrilled to bring the power of OnMobile’s scale and infrastructure to boost our existing and planned carrier deployments and services. Upon evaluation of several strategic alternatives made possible by our recent revenue growth, our Board concluded that this transaction was the best path to maximizing value for our shareholders and for our customers."
With the acquisition of Livewire Mobile, OnMobile will now expand its music and ringback tone services to leading operators in North America.
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