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April 16, 2012 12:54 pm GMT

Mobile Messaging Consolidates: Myriad Buys Struggling Synchronica For $38M

Some consolidation afoot in the evolving world of mobile messaging: one messaging provider, Switzerland’s Myriad Group, is buying a UK-based rival, Synchronica, for 23.9 million (around $38 million), in what looks like an all-share deal. Myriad says the deal will make it one of the biggest providers of messaging services in the world. Together they provide messaging services to a huge range of tier-one carriers including ATT, Verizon, Vodafone, Telefnica, Orange, T-Mobile, Amrica Mvil, NTT Docomo, MTS, Softbank, Megafon, Telcel, TIM, Airtel and Claro, covering some 2.5 billion subscribers. The two companies have been in negotiations since last November, and in February 2012, Myriad argued to Synchronica shareholders that they needed to sell in part because Synchronica could not meet its repayment obligations to Nokia. The company last year picked up Nokia’s messaging business for $25 million as the struggling handset maker was offloading less profitable assets. Today’s offer is increased from Myriad’s original terms. As part of the deal, Myriad CEO Simon Wilkinson becomes Synchronica executive chairman. Myriad’s CFO James Bodha is now an executive director at Synchronica. David Mason and Michael Jackson, who had respectively held those roles at Synchronica, have resigned with immediate effect. Release below. More to come. Refresh for updates. Myriad Completes Synchronica Acquisition to Create the Worlds Biggest Mobile Social Messaging Business ZURICH, Switzerland 16th April 2012: Myriad Group AG (MYRN: SIX), the company powering billions of rich mobile social and web experiences on any connected device, today announces it has reached the required shareholder approvals to acquire UK-based Synchronica plc. This deal will create a powerhouse in the rapidly growing sector of mobile-social convergence, said Simon Wilkinson, CEO of Myriad. It will establish a global service organisation serving over 100 Carriers and 25 OEMs around the world. At a stroke, it increases the addressable base for our award-winning product portfolios to over 1.8 billion subscribers with pre-installation of our products in over 100 million new devices each year. Myriad has been in discussions with Synchronica plc since early November – and announced the terms of its offer on January 31st 2012. The two businesses currently serve customers including: ATT, Verizon, Vodafone, Telefnica, Orange, T-Mobile, Amrica Mvil, NTT Docomo, MTS, Softbank, Megafon, Telcel, TIM, Airtel and Claro. Wilkinson concluded, I would like to thank our shareholders for their support and collective efforts of Myriads staff and its advisors during this process. We look

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