18th Jan 2011. MOKO.mobi Limited (ASX:MKB) has announced that it has reached agreement with UK firm Yospace Technologies Limited for the acquisition of the UK based “EyeVibe” mobile video community service. EyeVibe is one of the leading UK mobile video community services, represented on all the major UK carrier networks.
Financial terms were not disclosed, but are believed to be around A$1m. On January 14th MOKO.mobi announced that it has raised an additional $1 million in equity funding via a strategic share placement “with the proceeds primarily to be used to pursue a strategic acquisition in the UK and the supporting technical integration and marketing”. MOKO.mobi said the deal would be “accretive to its revenue stream” as the EyeVibe service is a profitable business.
This acquisition will result in the EyeVibe user base being migrated to the MOKO.mobi platform with MOKO.mobi replacing EyeVibe on the UK carrier portals. This will enable MOKO.mobi to be available on all the mobile operators in the UK and will provide MOKO.mobi with a significant increase in exposure and access to new users. The EyeVibe service is profitable and will be accretive to MOKO.mobi’s revenue stream. The acquisition is subject to completion of formal documentation and satisfactory due diligence by MOKO.mobi.
“This strategic acquisition further strengthens our UK presence, in particular within the 3UK network, which has historically been our most successful market.” said Ian Rodwell, MOKO.mobi’s CEO. “We are excited about the opportunity the EyeVibe service will provide us in expanding and accelerating our reach in the UK market, which totals approximately 50 million subscribers across all carriers.”
EyeVibe is currently owned and operated by UK’s Yospace Technologies Limited (Yospace). In 2005, Yospace developed “SeeMeTV” community in partnership with 3 UK, followed afterwards with “LookAtMe!” on O2 UK. The services, then combined into a single brand, EyeVibe, which allows UK mobile subscribers to submit video clips captured on their mobile phones into a gallery, where visitors can download the clips on a “pay-per-view” basis.
About MOKO.mobi Ltd
MOKO.mobi is a global platform that enables people to Chat & Share Anywhere. People from around the world use MOKO.mobi on their mobile phone or PC to meet new people, chat in real-time with likeminded people, upload unlimited photos & video, share links, and sample & recommend music from the many MOKO.mobi Music artist profiles. MOKO.mobi is available on multiple wireless carrier portals around the world.