MILAN, Italy-Content aggregator Buongiorno Vitaminic SpA will spend as much as $42 million to acquire Freever, a European mobile community builder, the companies announced Wednesday.
Buongiorno said it has committed to pay $23 million in cash for the 6-year-old company and will spend as much as $19 million more in cash and stock based on Freever’s performance this year. Freever, which offers subscription-based theme programming, including contests and event information, will remain an independent business unit, the companies said.
“The mobile VAS (value-added services) market continues to offer major opportunities for development and requires increasing size and global scale,” said Jerome Traisnel, who will remain as Freever’s managing director. “We are excited to have the chance to become part of a group that is showing real strength and setting the international standards with a distinctive business model that offers the best opportunity for rapid, sustainable and durable growth.”
Buongiorno is an Italian digital marketing company and content provider doing business in Europe and the Americas. It offers ringtones and other content to North American users under the DirtyHippo brand.
