UK tech firm Synchronica has completed its acquisition of Nokia’s North American operator branding messaging division for US$25m in cash.
The deal sees Synchronica snap up a substantial customer base in North America by acquiring messaging…
UK tech firm Synchronica has completed its acquisition of Nokia’s North American operator branding messaging division for US$25m in cash.
The deal sees Synchronica snap up a substantial customer base in North America by acquiring messaging infrastructure for ten US operators, including AT&T and Verizon. It also supports Nokia’s stated goal of divesting non-core assets.
Speaking to TelecomFinance on 30 June, Synchronica CEO Carsten Brinkschulte had said that, as well as buying a business that is complementary to his own, the deal includes access to important patents concerning mobile email and instant messaging technologies.
The two companies have also entered into a “long-term relationship” for the continued development of Nokia’s messaging service, said Brinkschulte
Commenting on the completed transaction on 1 August, Brinkschulte said: “The Nokia messaging platform complements our […] Mobile Gateway messaging infrastructure software.”
To finance the deal, Synchronica raised US$15m through a private placing, which represented around 37.6% of its enlarged ordinary share capital.
The group issued 59,054,031 new ordinary shares at 16p per share (C$0.25 per share) and 29,527,015 in warrants to acquire new ordinary common shares in the company at a later date.
AIM-listed Synchronica’s main shareholders are Fidelity International, Den Norske Bank and Lanstead Partners.
