MobileWave looks to India for M&A

AIM-listed technology company MobileWave has made an Indian acquisition with a $1.2 million (£768,000) deal for Ariose Software.

Founded in 2006, Ariose supplies software services to the mobile and telecom industries.

According to a statement the purchase allows MobileWave to gain in-house technical expertise and skills. Additionally the two management teams will be brought together to ‘extract significant value’ from the deal.

Rory Stear, executive chairman of London-based MobileWave, comments: ‘Ariose has a strong track record of developing effective and relevant mobile solutions, including India’s largest on-line and e-commerce legal and business policy database, as well as being the first company to develop mobile payment across various platforms.

‘As such, this partnership provides a significant growth opportunity for MobileWave, setting us on the right path to our goal of becoming the leading global mobile relationship management and solutions partner of choice.’

Under the terms of the deal the maximum consideration due is $1.2 million, payable in four tranches. An initial amount of $450,000 is due five days after closing, payable in cash and shares.

The balance of the purchase price is payable over a three year earn out period.

Amit Goenka, co-founder and chief executive officer of Ariose Software, says that Ariose’s management team has a ‘good understanding’ of international markets having spent a number of years working in Silicon Valley.

Goenka adds: ‘MobileWave is enabling us to expand our horizons and our footprint.’

The deal for Ariose comes a year after MobileWave was subject to a reverse takeover by Fieldbury.

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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