Buongiorno Vitaminic, the Italian mobile content biggie, has bought out Freever, the French mobile community startup, for about $42 million in stock and cash. Formed in France in 1999, Freever has offices in France, the United Kingdom, and Germany, and clients in major European carriers. The company develops content and quizzes for the mobile environment.
Freever, profitable since 2002, reported Euro 9.6 million in turnover in 2004 and Euro 700,000 in net income. The company reported a net cash position of Euro 2.7 million at end-June and net positive working capital of around Euro 2 million. For the full year 2005, the company forecasts revenues above Euro 12 million and net income of more than Euro 1 million.
Following to the closing of the acquisition, Freever will remain an independent business unit within the Buongiorno Vitaminic Group.
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