BANGALORE, INDIA -- (Marketwired) -- 06/04/13 -- 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 providers 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."
About Livewire Mobile
Livewire Mobile, Inc. (PINKSHEETS: LVWR) is a Mobile Internet powerhouse with one of the most comprehensive one-stop digital entertainment solutions for network operators, consumer device manufacturers, brands and media companies entering the mobile market. The company's integrated suite of content services includes applications, video, games, ringback tones, ringtones, full-track music, e-books and more as well as application and portal development, mobile advertising solutions, integrated content publishing and merchandising, and turnkey managed VAS operations. For more information, please visit www.livewiremobile.com.
Livewire Mobile is a registered service mark. Other trademarks are properties of their respective owners.
OnMobile (NSE: ONMOBILE), headquartered in Bangalore, India, with services in 59 countries, is the leading Value Added Services [VAS] company for Mobile, Landline and Media Service Providers. OnMobile offers an innovative array of products in Mobile Entertainment, Search and Discovery, Data Services and Mobile Social Networking and is a leader in the VAS Managed Services industry. The products span a range of channels including SMS, Voice, Video, WAP, Web, USSD and On-Device Portals, enabling OnMobile's 92 telecom and media customers to generate high revenues. With over 1800 employees worldwide, OnMobile has offices around the globe, including London, Paris, Madrid, Silicon Valley, Miami and Seattle.
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