Synchronica Agrees To Buy iseemedia For C$8.3M >SYNC.LN

20th Jul 2010 08:08

LONDON (Dow Jones)--Synchronica PLC (SYNC.LN), a provider of mobile device management and synchronization solutions, said Tuesday it has entered into a definitive agreement with iseemedia Inc. (IEE.V) to acquire 100% of outstanding iseemedia shares in a friendly take-over tender offer to shareholders. MAIN FACTS: -Deal by way of an all share tender offer subject to shareholder and regulatory approvals, the companies expect to complete the transaction no later than Aug. 31. -Synchronica expects to issue 311,305,160 ordinary shares at approximately C$0.027 to existing iseemedia shareholders, a total consideration of approximately C$8.3 million or GBP5.3 million. -For each Common Share of iseemedia, Synchronica will offer 4.03 Synchronica ordinary shares. -Acquisition will extend Synchronica's contracted addressable market of 40 mobile operators (representing 660 million subscribers) by a further 193 million from four contracts with large operators in India and South-East Asia, resulting in a total addressable market of 853 million subscribers. -All iseemedia contracts are based on monthly active user fees, accelerating the transition of Synchronica's revenue profile towards recurring revenue streams. -Synchronica plans to integrate iseemedia's advanced document transcoding engine, iseedocs, into Synchronica Mobile Gateway, providing streaming download of Email attachments. -Synchronica will maintain its listing on AIM and in addition apply for a listing on TSX-V, resulting in a dual listing. -Shares at 0705 GMT up 0.12 pence, or 7.1%, at 1.87 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 20, 2010 03:08 ET (07:08 GMT)