Purple Labs to Acquire Openwave Mobile Phone Software Business
June 30, 2008 11:17 AM | Software | Comments (0)
| Openwave Systems Inc. and Purple Labs, a supplier of Linux for mass-market 3G phones, today announced that Purple Labs has acquired the Openwave mobile phone software business, which develops and markets its browser and messaging client technologies. Under the terms of the definitive agreement, Openwave transferred assets of its client business to Purple Labs on June 27, 2008 in exchange for $30 million in cash, an additional $2 million if certain conditions are met, and warrants to purchase 2% of Purple Labs common stock. Additionally, Openwave will provide transition services to Purple Labs for up to six months, and will bear the first $2 million of such expenses. Based in Chambéry, France, Purple Labs is funded by three European venture capital firms: Sofinnova Partners, Earlybird Venture Capital, and Partners Group. |  |
