UK mobile services provider iTouch has acquired Finnish based Jippii Mobile Entertainment in a deal worth EU12m, made up of EU5m in cash and EU7m in iTouch ordinary shares.
Jippii, a wholly owned subsidiary of Saunalahti Group, is a pan-European provider of mobile entertainment applications and Internet-based online gaming services with offices in six countries.
Press release: iTouch will gain immediate access to new markets in countries including Russia, Finland, Ukraine, Estonia, Lithuania, Latvia, The Netherlands, Switzerland, Belgium, Austria, Sweden and Norway. Jippii has also established a popular pan-European youth brand via an on-line gaming portal with 2.8 million users playing over 30 million gaming sessions on a monthly basis.
Jippii generated revenue of EU18.2m for the financial year to 31 December 2003, and made an operating profit of EU2.1m, with the number of downloads exceeding 24 million, according to the company.