LONDON—Mobile Streams plc said it will spend more than $10 million to acquire Mobilemode Ltd. in an effort to tap the Asia-Pacific market.
Mobile Streams, which provides wireless entertainment content in Europe, the Americas and Australia, said it will pay $1.8 million in cash and issue roughly $8.7 million in stock to complete the purchase. Mobilemode was founded in 1999 and provides entertainment content to carriers in Australia and several Asian markets.
The deal may cost Mobile Streams nearly $10 million more if Mobilemode achieves 2007 financial goals.
“Mobilemode will provide us with an excellent stepping stone into the advanced markets of Australia, New Zealand, Hong Kong and Singapore,” said Simon Buckingham, Mobile Streams’ chief executive officer, “while at the same time providing a platform for growth in the emerging markets of Taiwan, Indonesia and the Philippines.”
