RNS Number : 1103A
Spark Ventures PLC
02 October 2009
IMImobile enters strategic partnership with MTN Group
SPARK Ventures' largest investment to bring mobile and online content to 103 million users
2 October 2009 - SPARK Ventures plc ('SPARK'), the early stage venture capital investor, announces that MTN Group, the leading telecom operator in emerging markets, has entered into a partnership with IMImobile to bring mobile and online content to 103 million users across 21 countries.
IMImobile is a provider of converged mobile and online technology platforms and content services to mobile operators and media companies around the world. SPARK holds a 38% stake in IMImobile, with a book value of £13m, representing SPARK's largest portfolio investment.
The appointment of IMImobile as a strategic managed services and hosting partner follows an extensive review of MTN's mobile content and media services business. As a result, MTN is aligning its mobile content and media services strategy across its 21 markets in Africa and the Middle East in an effort to standardise and enhance its media content offerings to its subscribers. MTN also intends to capitalise on the rapidly converging data content and voice market, with Africa, the Middle East and Latin America poised to witness the highest growth in revenue, as additional mobile data services are being deployed in these regions.
IMImobile was selected from a group of major global telecom software and service providers on account of the scalability of its technology platforms and its proven managed services business model. IMImobile's value proposition and technology solutions will enable MTN to reduce the time-to-market for new services, boost Average Revenue Per User (ARPU) and keep its brand at the forefront of innovative services.
Jay Patel, Director at SPARK and Board member of IMImobile, said: 'We are pleased that a leading telecom operator has entered into a strategic partnership with IMImobile, SPARK's largest portfolio investment. IMImobile has been growing from strength to strength over the past few years, supporting leading operators around the world. To be chosen by MTN ahead of a strong list of competitors is testament to the strength of IMImobile's service based on industry leading technology platforms and unrivalled content management expertise.'
Vishwanath Alluri, Founder and CEO of IMImobile said: 'The new partnership is a major commercial milestone for IMImobile. SPARK has been instrumental in helping establish ourselves as a leading market player in the mobile and technology sectors in Europe, Asia and Latin America. We are now taking a further major step towards international expansion by entering Africa and the Middle East. With a leading telecom operator on our side, we are well placed to introduce new services more cost effectively and support the growth in subscribers and value-added services in emerging markets.'
For further information, please contact:
Jay Patel / Michael Whitaker (SPARK Ventures)
Tel: +44 (0)20 7851 7702
Nick Donaldson / Wendy Svirakova
Capital MS&L (for SPARK)
Tel: +44 (0)20 7255 5177
Mob: 07799 654 188 / 07904 931 202
Hugh Field / Stewart Wallace
Collins Stewart Europe Limited (Nomad)
Tel: +44 (0)20 7523 8350
About SPARK Ventures:
SPARK Ventures is the leading quoted venture capital company in Europe.
As well as capital, SPARK brings a wealth of experience of developing high growth companies from early stage through to IPO or trade sale, adding value to its investments through active support and strategic direction.
During the last five years SPARK has sold several businesses to blue-chip trade buyers in transactions worth over £270m, realising over £50m of cash. These trade buyers have included The Financial Times (Mergermarket), Qualcomm (Elata), Experian (Footfall), Ominiture (Touch Clarity), Ramboll (IMISoft), Valueclick (Pricerunner) and France Telecom (Unanimis).
IMImobile is a leading provider of converged mobile and online technology platforms and content services to mobile operators and media companies around the world. The IMImobile product portfolio includes a core service delivery platform (DaVinci SDP), mobile advertising platform (Ad-Ring™), carrier grade messaging platforms and gateways, applications for data services, full track music download services and voice platforms. Customers include leading operators and media companies such as Airtel, Vodafone, Virgin Mobile, Google, Reuters and Yahoo!. IMImobile is a profitable, fast growing company with operations in 40 countries and offices in Asia, Europe, Latin America and the Middle East. For more information, visit www.imimobile.com
This information is provided by RNS
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