Tanla susidiary to acquire Finnish firm for $18.6 mln

New Delhi, June 5 (UNI) Software firm Tanla Solutions Ltd today said its Singapore unit will acquire Finland-based mobile payment services company Openbit Oy for 18.6 million dollars, in an all-cash deal.

The subsidiary, Tanla Mobile Asia Pacific Pte, will initially acquire 85 per cent of the total shaeholding of Openbit Oy from financial investors, and the balance in two tranches of five per cent and 10 per cent from the management, the company said in a statement.

Openbit, which holds global billing agreements with 90 mobile operators in 30 countries, registered a revenue of 15.88 million dollars in 2007.

Tanla currently provides mobile applications in the UK, and also has tie-ups with operators in Europe, Asia and North America.

It plans to integrate research and development as well as product development capabilities with the Finnish firm.

UNI MP SR AS1507