MOKO.mobi completes EyeVibe purchase

Mobile social networking company MOKO.mobi (ASX:MKB) has closed the acquisition of the UK's EyeVibe, after completing due diligence on the deal

Mobile social networking company MOKO.mobi (ASX:MKB) has completed the acquisition of UK-based mobile video community site EyeVibe.

The acquisition, announced in January, closed following the completion of due diligence on the deal.

MOKO.mobi said the purchase gives it access to over 100,000 unique UK users per month across every major carrier in the nation – which gives the service an addressable user base of over 50 million.

“The acquisition is in line with the company's strategy to [buy] businesses that present immediate opportunities to tap into large pools of potential end users,” MOKO.mobi chief executive, Ian Rodwell, said.

He said the company intended to explore more such acquisition opportunities in the future, and that it considers the UK to be a key global market.

Revenue receipts from EyeVibe will be booked as MOKO.mobi revenue backdated from 1 March, but MOKO.mobi said it didn't expect the unit to start contributing actual revenue until the June quarter.

MOKO.mobi will now begin migrating the EyeVibe user base to the MOKO platform, a process which is expected to take around six months.

The MOKO platform has grown to have around five million registered users, and is available via multiple operator portals worldwide, Rodwell said.

MKB shares stayed flat during Thursday's trading at $0.082.

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Tags EyeVibeMOKO.mobiacquisitionsocial networkingmobile

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