As part of this development, Globo has acquired a 35% equity interest in and full management control of ReachFurther Communications, a Cyprus-based mobile value-added service provider and content aggregator.
Globo Mobile will assume responsibility for the commercial launch and development of CitronGO!, Globo’s mobile communication software system that aims to provide personal and professional users with true computing on a single screen on any mobile phone or laptop – regardless of manufacturer, vendor or network.
Under the terms of the acquisition agreement, Globo has agreed to pay a maximum of E0.65 million for the 35% equity interest. An initial payment of E0.45 million will be paid in cash, with the balance to be satisfied 50% in cash and 50% in cash or new Globo ordinary shares at the discretion of Globo, subject to ReachFurther achieving certain profitability targets in 2009 and 2010.
Costis Papadimitrakopoulos, CEO of Globo, said: We plan to exploit this market by offering Value Added Services to the mobile arena with the establishment of Globo Mobile as a vehicle to deliver our mobile strategy and CitronGO! product offering internationally. The collaboration with ReachFurther provides us with a significant footprint in the mobile arena and helps us build upon a successful clientele which spans from mobile network operators to retail customers.
