FORT MYERS, Fla.-NeoMedia Technologies Inc. solidified plans to buy Mobot Inc. in a $10 million cash-and-stock transaction expected to close this month.
The companies in August signed a nonbinding letter of intent detailing the merger plans and this week announced a merger agreement.
NeoMedia’s PaperClick technology delivers Internet-based information to wireless devices. Using the company’s technology, consumers can take pictures of barcodes or enter brand names into their mobile phone and be automatically connected to product-related Web sites.
Lexington, Mass.-based Mobot provides visual search and recognition technology and has partnered with media companies and advertisers such as Warner Music Group, Vibe Magazine, L’Oreal and Saturn for interactive campaigns.
Charles Jensen, NeoMedia’s president and chief executive officer, said the merger is part of NeoMedia’s plans to become a “mobile marketing supercompany” and to stimulate worldwide growth and acceptance of mobile marketing.
