November 3rd, 2008 by Arjan Olsder Posted in Companies & M&A | No Comments »
Mandalay Media, Owner of Twistbox and Waat Media, has completed the acquisition of AMV Holding. AMV is specialized in mobile media and marketing and delivers it's content along several European countries.
The Company paid $10.75 million in a combination of cash and the issuance of a promissory note, as well as delivered an aggregate of 4.5 million shares of the Company based on the value of $2.67 per share.
Concurrent with the closing of the acquisition, the Company secured a $4.5 million equity financing at $2.67 per share, which includes 50% warrant coverage with each warrant having an exercise price of $2.67 per share.
Together, Twistbox and AMV will employ over 200 people, with offices in the Unites States, United Kingdom, Germany, Poland, Russia, Mexico and Brazil. AMV’s UK offices in Marlow will serve as the Company’s European mobile headquarters.
A short quote from Volker's blog about the headquarters; “The new European HQ is to be at AMV's UK location in Marlow, which presumably means a demotion of Twistbox's Charismatix branch.”
“The acquisition of AMV allows us to almost triple our monthly mobile revenue while gaining the scale and profitability to be a worldwide force in the expansive mobile content arena,” said Bruce Stein, CEO of Mandalay Media. “Mobile is the first of several digital media businesses that Mandalay plans to build. The combination of Twistbox and AMV is a great example of what our team and platform is capable of creating in just eight months.”
“The combination of Twistbox’s global on-deck distribution with AMV’s direct-to-consumer expertise uniquely positions Mandalay Media to deliver compelling consumer propositions while maximizing revenues for its wireless operator and content partners,” stated Twistbox CEO Ian Aaron. “AMV’s Founders and Managing Directors Nate MacLeitch and Jack Cresswell have demonstrated over the past four years their ability to drive both growth and profitability in a rapidly developing European mobile market while positioning AMV as a leader and innovator in marketing mobile internet services.”
“This is a great opportunity to take our direct-to-consumer business to the next level,” stated Nate MacLeitch. “We are excited about the opportunity to accelerate our revenue growth by taking our proven products and mobile marketing capabilities into Twistbox territories including the United States, Europe, Latin America and Asia and enhance our offering with Twistbox’s stable of leading consumer branded content and partnerships. We see a great opportunity in these market conditions to leverage the platform created by Mandalay Media to grow our business organically and through other strategic acquisitions.”
