Mergers and Acquistions News
Categories: Media & Information Services
February 17th 2009, 17:07PM
Esmertec, a Swiss-based developer of mobile software, has announced the acquisition of Purple Labs in an all stock deal.
French-based Purple Labs supplies Linux operating systems for 3G mobiles - the two combined companies will now trade under the Myriad brand.
In the deal, Esmertec acquires all Purple Labs shares in exchange for 19.7 million of its shares, while the agreement also includes an earn-out clause of a further 4.38 million shares, based on 2009 revenues.
The two firms estimate that Myriad will have revenues in 2009 of approximately $125 million (£87.7 million) with 800 software engineers in three continents.
Last year, Purple Labs made two acquisitions - the mobile browser of Openwave Systems for $32 million plus stock as well as the purchase of the mobile applications portofolio of Sagem Wireless.
Esmertec is headquartered in Zurich, Switzerland and is a provider of Java in-device engines and mobile services platforms.
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