Motopia closes 2moro Mobile purchase

Mobile content and advertising company Motopia (ASX:MOT) has completed the acquisition of 2moro mobile, an Adelaide-based app developer

Mobile advertising and content company Motopia (ASX:MOT) has revealed it has completed the acquisition of app developer 2moro Mobile.

MOT shares climbed 22.22 per cent to $0.110 following the announcement on Friday.

Adelaide's 2moro mobile develops mobile apps, games and campaigns for corporate clients, and has had customers including Microsoft, Nova and Toyota.

The all-stock deal, announced in November, was estimated to be worth $2.5 million.

Motopia said it will issue the 10 million share payment for the acquisition over the next 10 days. This issue does not require shareholder approval as it falls under the ASX's 15 per cent exemption rule.

The shares will be subject to voluntary escrow periods ranging from 12 months to three years.

Motopia changed its name from MedicVision in December, after arranging to change its operating activities through the acquisition of mobile content company mConnect. The mConnect transaction closed soon after.

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