Toronto’s Adenyo acquired by Motricity for $100+ Million
Last month two Canadian companies graced OnMedia’s 2011 list of the Top 100 Private Companies – Calgary’s Tynt Multimedia and Toronto’s Adenyo – a mobile marketing, advertising and analytics solutions provider.
Today NASDAQ-traded Motricity announced it has signed an agreement to acquire Adenyo for $100 million.
Adenyo enables enterprises, brands, media companies, advertising agencies and mobile operators such as; McDonald’s, Coca-Cola, Ford Motor Company, Paramount Pictures, Garnier, Omnicom Media Group and Bouygues Telecom, to directly engage consumers through the delivery of highly targeted mobile marketing and advertising campaigns.
According to today’s press release, the addition of Adenyo will significantly enhance Motricity’s ability to deliver a full range of mobile data service solutions to its mobile operator and enterprise customers around the world, all through its cloud computing based managed service platform.
Motricity’s agreement with Adenyo also contains an earn-out provision pursuant to which Motricity would pay between $0 and $50 million, in cash and/or common stock based on Adenyo’s financial performance during the 12 month period following closing of the transaction.
