Newly incorporated Australian technology company, Bravio Gaming Limited (ASX: BGL) has executed a binding commercial agreement to acquire 100% equity in Mobimedia India (MMI).
Bravio has also revealed plans to list on the Toronto Stock Exchange under the merged company Bravio Technologies.(TSX).
Valued at A$12.5 million, Mobimedia India is a subsidiary of Mobimedia International Pte Ltd a Singaporean group which specialises in mobile technology.
Highlights of the acquisition Agreement Include:
- MMI will except shares in Bravio Gaming Limited on post-acquisition combine company valuation of AUD $25,000,000.00.
- BGL to provide additional group capital within the listing process to ensure the group is sufficiently funded to undertake its expansion program and maintain the quorum of existing contracts.
- Minimum capital raising of C$5 million
- Maximum capital raising of C$20 million
Mobimedia India currently has a number of major contracts, including:
- A continuing contract with Idea Cellular, one of India’s largest Telecommunication Groups to develop and deliver a music streaming solution to the existing 200 Million subscribers of Idea. MMI has secured further contracts from Idea, specifically to deliver value added services to Idea’s existing subscribers.
- MMI is contracted by ARI Solutions to deliver various products and services to Vodafone India and Airtel India.
- MMI has an existing contract with NCell Private Limited, a Telecommunication Group in Nepal, to deliver Matchstix a people connecting app, and value added content to existing subscribers of NCell.
- Bravio Gaming Limited Founder and CEO, Paul Carroll, said the transaction to merge with Mobimedia India is the first step toward accomplishing the company’s growth strategy.
“The second step is to secure a position for the merged group on the TSX. This acquisition is just the beginning. The listing on the TSX shows our shareholders we are looking to quickly scale the group capital structure,” Said Bravio Gaming CEO,. Mr Paul Carroll.
The need for mobile gaming and entertainment, especially in emerging and frontier markets is developing rapidly and we are very well positioned to capitalise on this space. Together we are a formidable force in the mobile facing entertainment markets.”
“The combination of the two companies is a first in any market, a mobile facing tech group combining with a content /technology group provides many opportunities for both parties. We have placed ourselves in a strong position. It is exciting times ahead. We look forward to working with the experienced MMI team and developing this fantastic new venture we have created”.
Mobimedia India CEO and Managing Director, David van Herwaarde, said the transaction offers fantastic opportunities for both companies.
“The combined commercial forecasts speak for themselves and the group strategy of pursuing a TSX listing only enhances the group’s vision and marketability.
“We both have the same corporate and commercial commitments, the vision to list on the TSX and scale our technology business very quick is something MMI wanted to be a part of.
The financial and content commitment s from Bravio will allow MMI to expand its portfolio and customer reach exponentially. We have direct access over 200 Million subscribers in India alone, it was a simple step for MMI to join forces with Bravio.”
