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WirelessDevNet.com Press Release
Openwave Completes Acquisition of Magic4
REDWOOD CITY, Calif. –August 2, 2004, Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, today announced the completion of its previously announced acquisition of Magic4, the leading provider of messaging software for mass-market mobile phones. Openwave plans to integrate Magic4 into its client software operation, making the combined entity the number one provider of open-standards-based client software for mass-market mobile phones.
“This acquisition of Magic4 provides our manufacturer and operator customers the benefit of the two companies’ practices, ensuring timely delivery of data handsets with increasingly innovative services,” said Don Listwin, president and CEO, Openwave.
Together Openwave and Magic4 are integrating their industry-leading mobile technology to enable user-friendly messaging on top of Openwave’s core client technologies. The integration of these companies is expected to expand the global reach of Openwave client software through the resulting combined sales channels. The Magic4 acquisition reinforces Openwave’s market presence in Europe and the Americas, and complements Openwave’s established base in Japan and Korea. The acquisition also offers additional reach into China via Hong Kong, extending the relationship with leading manufacturers.
Financial Terms
Openwave has completed its acquisition of all outstanding shares of Magic4 for a total purchase price of approximately $82.6 million, or $75 million net of cash on hand at Magic4. The purchase price paid consisted of approximately $46.4 million (net of cash at Magic4), a $3.8 million loan note, and the issuance of 2,271,446 shares of Openwave common stock.
About Openwave
Openwave Systems Inc. (Nasdaq: OPWV) is the leading independent provider of open software products and services for the communications industry. Openwave's breadth of products, including mobile phone software, multimedia messaging software (MMS), email, location and mobile gateways, along with its worldwide expertise enable its customers to deliver innovative and differentiated data services. Openwave is a global company headquartered in Redwood City, California. For more information please visit www.openwave.com.
Openwave and the Openwave logo are trademarks and or registered trademarks of Openwave Systems Inc. Magic4 is a trademark or registered trademark of Magic4. All other trademarks are the properties of their respective owners
About Magic4
Magic4 is the world leader in seamless mobile messaging technology.
Magic4 was the first software vendor in the world to provide Enhanced Messaging (EMS), Multimedia Messaging (MMS) and Instant Messaging software in mass-market mobile phones, including the top seven global brands. With leading edge expertise in SMS, EMS, MMS, IM, and email applications, Magic4 delivers interoperability that breaks down the barriers between applications and devices – Seamless Mobile Messaging.
Based in the UK, Magic4 was founded in 2000 with backing from 3i and Philips Venture Capital, attracting additional investment from Motorola Ventures in 2004. Today the company has a global presence with more than 130 employees based in the UK, USA, France, Sweden, Asia and India. For more information please visit www.Magic4.com
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