Synchronica taps into the Indian market

14th Oct 2010 16:06

Mobile messaging solutions developer Synchronica has completed the acquisition of Canadian competitor iseemedia.The group received acceptances for 86% of the ordinary shares and will buy out the remaining shares before 2011. The offer price valued the Canadian group in total at C$8.3m (£5.4m).The acquisition of the mobile software company is expected to boost Synchronica's development in India, the second largest mobile market.The group has also obtained additional funding of C$7.13m and has listed on the Toronto Stock Exchange.CEO of Synchronica Carsten Brinkschulte said "by completing our acquisition of iseemedia, Synchronica is now positioned to become the market leader for next generation mobile messaging in high-growth emerging markets."