Mobile value added services (VAS) company IMImobile has taken complete control over the London-listed mobile applications company WIN Plc by taking a 97.71% stake. Now IMImobile will delist WIN from the London Stock Exchange and register it as a private company.
Last month, IMImobile increased its offer to 150 pence for WIN, an increase of 6.4% from its earlier offer of 141 pence. The new offer valued WIN at £16.95 million or $26.32 million on a post issue basis. The new offer came after buyout firm ECI Partners said it was considering a counter-offer, but eventually dropped out. The deal is being funded through existing cash resources, bank facilities and a loan from Spark Ventures plc.
IMImobile had earlier also appointed Jay Patel, who represent Spark Ventures' investment in IMImobile, to the board of WIN plc.
WIN Plc clocked 9.8% increase in turnover to £41.9 million (about $63.8 million) in 2009 with operating profit of £1.4 million (about $2.1 million). The company that generates almost 80% of revenues from the UK, had net earnings of £1.2 million (about $1.8 million). The zero debt company had cash of £3.1 million (about $4.7 million) at December end 2009.
Founded by Vishwanath Alluri (Chairman & CEO) and Shyam Bhat (CTO) in 2000, IMImobile has around 500 employees globally. The company raised $13-million funding from Sequoia Capital and its existing investor First Mark Capital in November 2009.
The WIN plc deal is IMImobile's fourth acquisition. In July 2009, it acquired Mobytec, a social aggregation and phone book management service provider in UK. Earlier in February 2009, it acquired Music2You, a music download and subscription services platform from Nokia Siemens Networks, and in November 2008, it acquired Dx3, a digital content delivery services provider in UK.