Digital media company Mooter Media (ASX:MMZ) has arranged to acquire 80% of Netherlands-based Woophy BV via the formation of a joint venture.
The JV will be established to own Woophy's geo-targeted photo sharing website and approximately 40,000 international members.
It will be registered in the US and operated from the Hot Shot/Mooter development centre in San Francisco.
Mooter will be the 80% owner of the new entity, which will own all the assets of Woophy BV. Its board will consist of two directors from the Hot Shot/Mooter JV and Woophy founder and CEO Joris van Hoytema.
“The acquisition of Woophy is yet another step in the Mooter-Hot Shot joint venture's vision to become a major worldiwde player in the online photo space,” Mooter chairman Peter Jermyn said.