30th Jun 2014 10:43
LONDON (Alliance News) - Globo PLC said Monday it has acquired the services division of Sourcebits Inc, a developer of mobile applications and proprietary products for enterprise customers.
The enterprise mobility management solutions and software-as-a-service provider said that the bolt-on acquisition is in line with its strategy to build its presence in the enterprise mobility market, and will accelerate its progress as a Mobile Application Development Platform provider.
The Sourcebits services arm, which is based in San Francisco, California, and has a significant development centre in Bangalore, India, will become part of Globo's Mobility Business Services division, providing substantial resources that will allow Globo to expand its offerings faster and to a broader marketplace, particularly the United States, said the company.
Globo expects that the acquisition of Sourcebits will contribute to earnings in the first year as it has secured a significant pipeline of new contracts, providing strong visibility for 2014.
No financial details of the deal were disclosed as a selling condition; the consideration was paid in cash and the transaction is structured on a debt free and cash free basis, said Globo.
Shares in Globo were trading marginally lower Monday morning, down 0.88% at 54.763 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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