Tanla to acquire Openbit for $18.6 million

Tanla to acquire Openbit for $18.6 million

Initially the company will buy 85 per cent stake, before acquiring the remaining in two tranches over two years

Thursday, June 05, 2008

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HYDERABAD, INDIA: Telecom infrastructure provider Tanla Solutions Ltd. today announced to acquire Finland-based Openbit OY through its Singapore unit for $18.6 million, in an all cash deal.

Tanla will initially acquire 85 per cent in the Finnish mobile payment services company from outgoing financial investors. The company plans to buy the remaining stake in two tranches of 5 per cent and 10 per cent over two years.

"The acquisition of Openbit extends Tanla's payments portfolio beyond operator billing products to address the emerging market for rich media and business applications on handsets," said Uday Reddy, chairman and managing director, Tanla Solutions Ltd.

In a press release, Tanla said that it would integrate its global aggregator platforms with Openbit to enable end users to be billed by Premium SMS and also help leverage more than 90 operator relationships to facilitate its objective of global connectivity. Both companies would also integrate their respective R&D and product development capabilities to introduce new products and services.

Openbit provides software vendors and content distributors with efficient and secure means to distribute and process payment of mobile content for end-users globally. Its clients include Nokia, Symantec, F-Secure, Quickoffice, 3D Arts and Gamelion.

For the financial year ended December 31, 2007, Openbit recorded revenue of $15.88 million. Openbit had cash equivalents of $3.04 million as of December 31, 2007.

The financial advisors representing Tanla were KPMG and Grant Thornton, while the legal advisors were AZB & Partners and White & Case.

(Reuters contributed to this story)

©CyberMedia News

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