Tanla Solutions buys Openbit for $18.6 m

Corporate Bureau
Posted: Friday, Jun 06, 2008 at 0008 hrs IST
Updated: Friday, Jun 06, 2008 at 0008 hrs IST

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Hyderabad, June 5 : content with nearly 90 operator networks in over 30 countries and with all major credit cards worldwide.

Openbit’s clients include Nokia and some of the largest independent software vendors like Symantec, F-Secure and Quickoffice and gaming companies like 3D Arts & Gamelion. For the financial year ended December 31, 2007, Openbit recorded revenues of $15.88 million with an EBITDA of $0.79 million and Openbit had cash equivalents of $3.04 million as of December 31, 2007.

Further, Tanla has identified mobile payments as one its core verticals going forward. Juniper Research estimates the market opportunity to be in excess of $11 billion by 2011 a third of which would be on account of retail and ticketing segments. The drivers for this growth can be attributed to convenience and increasing use of feature rich phones.

Industry estimates for feature and Smartphone shipments by 2011 exceed 870 million registering far higher CAGR as compared with Voicephones. More than one billion subscribers would be using their mobiles for the purchase of both physical and digital goods globally over the next three years....

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