Buongiorno Vitaminic, the mobile media company which has been in acqusition mode over the last year or so, has bought out Dutch company Tutch Mobile Media, a value added service provider, for about $6 million in cash and a further earn-out of about $2.46 million based on performance.
Luc Maas, CEO of Tutch since acquring it from VNU in 2001, and the former CCO of KPN Mobile – the largest operator in The Netherlands — will manage the company after the acquisition . Outside of The Netherlands, Tutch works with more than 20 operators in a range of territories including the USA, Spain, Germany, New Zealand and Australia.
Tutch employs 34 people.. it had Euro 2.7 million in revenues in 2004, and Euro 710 thousands in EBT. For 2005 the company is forecasting consolidated revenues for nearly Euro 3.8 million with an EBT in the range between Euro 1.1 and 1.3 million.
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