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MedicVision to buy 2moro Mobile for $2.5m

MedicVision to buy 2moro Mobile for $2.5m

MedicVision (ASX:MVH), soon to be renamed Motopia, has arranged to purchase mobile app developer 2moro Mobile for $2.5 million in stock.

MVH shares climbed 5% during Wednesday's trading following the announcement.

Under the agreement, MedicVision will pay 10 million shares - to be placed in a three-year voluntary escrow - for the acquisition in a transaction expected to be complete by January 1.

An Australian mobile app developer, 2moro Mobile has produced content for the iOS, Android, Symbian, BlackBerry and Windows Phone 7 platforms.

It has worked with ad agencies and brands including Microsoft, Nova and Toyota for the development of mobile apps, games and marketing campaigns.

MedicVision executive chairman Jitto Arulampalam said the company was the most experienced iPhone developer in Australia.

“And as the mobile world continues to grow, it will become increasingly important to support all devices,” he said.

MedicVision is in the process of rebranding as a mobile advertising and content developer, and expects to formally change its name at its AGM on 7 December.

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Tags 2moro Mobilemobile applicatioASX:MVHJitto ArulampalarmMedicVisionMergers and acquisitions

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