Vringo, the popular video ringtones and mobile personalization solutions provider, is moving forward with its proposed acquisition of m-Wise, an equally well-respected international provider of enabling technologies for the mobile entertainment and marketing industries.
According to a joint announcement from both parties, Vringo will acquire the assets of m-Wise. In return, Vringo will issue m-Wise 1.9 million shares of its common stock, a management retention package with options to purchase 500,000 shares of common stock, and – among other perks and promises – pay off m-Wise’s expenses and related costs totaling $615,000.
For Vringo, the opportunity to gobble up m-Wise’s platform may have been too tempting to pass up. The platform in question has been utilized in over 300 applications across more than 50 mobile networks by more than 50 international content and media providers.
The pending acquisition, however, remains subject to regulatory approval.
“This business combination makes tremendous sense for Vringo,” said Jon Medved, Vringo’s Chief Executive Officer. “By adding m-Wise’s rich back-end server technology to Vringo’s proven video application ability, we can generate significant product, customer and cost synergies. We intend to use the m-Wise platform to release multiple new video and other mobile consumer services to our growing family of content and carrier partners.”
