OnMobile Global Enters into Definitive Agreement to Acquire Livewire Mobile
Bangalore, India: June 04, 2013: OnMobile Global Limited, a global leader in telecom value-added services (VAS), announced today that it has entered into a definitive agreement to acquire the business assets and liabilities of Livewire Mobile, a leading provider of end-to-end managed mobile entertainment solutions for network operators and consumer device manufacturers. The resultant new U.S.-based entity will be called OnMobile Live Inc, a 100% subsidiary of OnMobile LLC, US.
Boston-headquartered Livewire Mobile, established in 1983, provides an integrated suite of solutions including full track music, ringback tones, ringtones and infotainment services. Livewire Mobile currently powers ringback tone and mobile music solutions for Sprint, MetroPCS, and Public Mobile amongst others.
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 Limited, UK – the managed services arm of Livewire based in UK.
OnMobile is already one of the largest B2B digital music service provider providing path-breaking music services for top Telecom operators in Asia, Latin America, Africa and Europe. With the acquisition of Livewire Mobile, OnMobile will now expand its music and ringback tone services to leading operators in North America.
Mouli Raman, CEO & Co-Founder, OnMobile Global Limited 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.”
Matthew Stecker, President and CEO of Livewire Mobile said, "We’re incredibly excited about coming together with OnMobile to create the world’s leading mobile VAS Company. We’re 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."
OnMobile [NSE India: ONMOBILE], headquartered in Bangalore, India, and with offices in all regions of the world, delivers millions of music plays daily to mobile customers worldwide. Based on current deployments, OnMobile has the potential to reach more than 1.1 billion mobile users across several geographies. For further information, please visit www.onmobile.com