Synchronica (LON:SYNC, TSX-V:SYN) has completed the iseemedia takeover, as it closed the bid with a 86% stake in the Canadian company. The remaining equity will now be bought via a statutory process, before 31 December 2010.
"By completing our acquisition of iseemedia, Synchronica is now positioned to become the market leader for next generation mobile messaging in high-growth emerging markets,” Synchronica chief executive Carsten Brinkschulte said.
The company highlighted that the iseemedia deal adds contracts with large mobile operators in India. It also extends the contracted addressable market to 853 million subscribers and will enhance Synchronica's products.
To support the enlarged business, Synchronica added a listing on the Canadian TSX Venture Exchange. The enlarged business is also boosted by an additional C$7.13 million, raised via non-core disposals (iseemedia’s RealBiz360 subsidiary) and an equity issue.
“We are encouraged by the success of our fund raising activities, which is an endorsement of Synchronica's strategy,” Brinkschulte said.
"With our additional listing in Toronto, we look forward to welcoming North American investors keen on investing in our innovative growing company."
Synchronica develops industry-standard mobile push email and synchronization products. Its portfolio includes the flagship Mobile Gateway product and the device Backup solution, Mobile Backup.
Mobile operators in emerging and developed markets use Synchronica's white-labelled products to offer their consumer and business subscribers mobile email, PIM synchronization, and backup and restore services.