MILPITAS, Ca.-Mobile media adaptation company Adamind Ltd. plans to purchase Hong Kong-based SenseStream Ltd., a messaging and media product vendor.
SenseStream develops, markets and distributes software that supports the deployment and management of multimedia services and applications. Adamind provides automated solutions for messaging and multimedia content.
Adamind said the acquisition could cost up to $2 million in cash and shares. Under the agreement, Adamind will pay $1 million in cash initially, with additional payments made in shares, contingent on the company meeting undisclosed goals.
The deal is expected to close by the end of this month.
The acquisition, Adamind’s first, gives the company a foothold in China, Hong Kong and Taiwan as the area gears up for the 2008 Olympics. Telecommunications companies typically increase spending in the period leading up to such large-scale events.
“The acquisition of SenseStream is a strategic milestone for Adamind and takes us into the world’s most dynamic mobile data market,” said Shailendra Jain, chief executive officer of Adamind. “We will gain access to major customer accounts in China, creating a truly global footprint for Adamind as well as shareholder value in the long term.”
