Vindigo Studios Acquired by For-Side.com Co., Ltd.
Vindigo Studios, one of the best-known publishers of consumer applications for mobile devices, today announced it has been acquired by For-Side.com Co. Ltd., a leading worldwide mobile content provider based in Japan. The Vindigo Studios acquisition was completed earlier this month for $36.5 million. Through the all cash agreement, Vindigo Studios will continue to operate as an independent entity led by existing management and will continue to market itself under the Vindigo Studios brand.
Vindigo Studios is one of the most prolific mobile application publishers in the U.S., with 20 consumer applications for mobile phones in market or in development, including the flagship Vindigo city guide, MapQuest Mobile, NYTimes.com Mobile News, MovieGoer, and most recently, the first fantasy sports application for wireless phones, Sporting News Fantasy Source. Rapid revenue growth spurred by the popularity of Vindigo Studios’ applications for mobile phones led the company to achieve profitability in early 2004.
“For-Side is an established global leader in mobile content and applications, and adding Vindigo Studios’ content and technology to their portfolio of products and providers was highly desirable for both parties,” said Jason Devitt, CEO of Vindigo Studios. “As part of For-Side’s family of companies, we will be able to expand our product offering in the U.S. and abroad, including the valuable Asian market where For-Side has built a broad consumer base and extensive distribution channels, which hold tremendous opportunity for Vindigo Studios.”
Vindigo Studios was founded in 1999 and has been a leader in the consumer mobile application industry since the debut of its popular Vindigo city guide product for Palm devices, which launched in 1999.
About For-Side
For-Side is one of the leading mobile content providers in the world. Its products include ring-tones, wallpapers, movie content and 3G applications. Based in Japan, the company was established in March 2000 and floated on JASDAQ in October 2002. The company currently has a market capitalization of $1.7 billion and has expanded rapidly with EBIT growth of over 105% to $10 million for the year ended 31 October 2003. For-Side has major operations in Japan, Korea, the UK, and the USA and continues to seek international opportunities to broaden its global coverage. Further information about For-Side can be found at www.For-Side.com.
About Vindigo Studios
Vindigo Studios is one of the best-known publishers and developers of consumer information and entertainment applications for mobile devices. Vindigo Studios’ proprietary technology and network of content partners power compelling applications on every major wireless carrier in the U.S. More than two million consumers have downloaded a Vindigo Studios application; Deloitte and Touche recently recognized the company as a “Rising Star” for its rapid revenue growth. More information can be found at www.vindigostudios.com.