The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Mobile commerce technology vendor Digby will acquire Movaya Wireless, a mobile technology vendor focused on building m-commerce stores for digital goods. "Its storefront platform and team will significantly extend our current platform,” Digby’s CEO says.
M-commerce technology vendor Digby will acquire Movaya Wireless Inc., a mobile technology vendor focused on building m-commerce stores for digital goods.
As part of the deal, Movaya Chengdu Technology Ltd., Movaya`s Asian operations center, will form the basis for Digby Chengdu Technology Ltd. Digby Chengdu will serve as Digby`s hub for the rapidly expanding mobile commerce market in Asia, Digby says. Movaya co-founder and chief technology officer Stanley Wang has joined Digby as vice president of engineering.
"Movaya is a pioneer in the mobile commerce ecosystem," says David Sikora, founder and CEO of Digby. "Its storefront platform and team will significantly extend our current platform and overall production capacity. In addition, our new offices in Chengdu will allow us to serve the largest and fastest-growing mobile market on the planet. Every month, seven million new mobile subscribers join the existing 650 million mobile users, and we`re only at the front of the smartphone adoption wave. This acquisition positions Digby to aggressively expand our leadership in the worldwide mobile commerce market."
Seattle-based Movaya Wireless was formed in 2006 by Phil Yerkes and Stanley Wang. Their core product, Movaya Platform M, is used by software developers, game developers and content producers to sell digital content to mobile consumers. The product enables content producers to create branded storefronts using a set of self-service technologies.
Platform M is integrated into various carrier-based billing systems, including AT&T;, Verizon, T-Mobile and others, enabling consumers to charge digital purchases to their phone bills.
The acquisition is subject to customary closing conditions and is expected to be finalized by Nov. 15. Catapult Advisors LLC advised Movaya on the transaction.