Eight-month-old Irish mobile payments company Agile has been snapped up by a bigger US rival, MoreMagic Holdings Inc, owner of MoreMagic Solutions. Financial details of the transaction were not disclosed.
Agile becomes a wholly owned subsidiary of MoreMagic Holdings Inc and will retain its brand name. Agile’s office in Blanchardstown (the former Worldport building) will become MoreMagic Solution’s EMEA headquarters.
Established by CEO Enda Kyne and CTO Lee Travers, Agile develops m-payments and data application systems via hosting or licensing agreements so that customers can avail of m-payments technology without having to buy the necessary infrastructure. The company has also been involved in developing applications that will give football supporters within a stadium or at home the power to interact directly with the TV network broadcasting the football match as well as allowing concert-goers to buy and collect their tickets wirelessly and with minimal human contact.
Enda Kyne becomes executive vice-president of operations reporting into Jim Walz, CEO of MoreMagic, while Lee Travers assumes the role of vice-president of technology. Bryan Hartley, moves from MoreMagic Solutions to Agile and continues in his global role as vice-president of sales.
Prior to the acquisition, the companies already had a technology partnership in place: MoreMagic Solutions worked with Agile to develop the world’s first prepaid mobile data services system for Agile’s client Cable & Wireless Guernsey.
Through the acquisition, MoreMagic Holdings claims to be the only company in the world to provide hosted m-payments infrastructure technology in addition to specialist data applications services and co-location services.
According to a new strategic report, Mobile Content and Applications 2003 published by the ARC Group, mobile services will be worth €105bn worldwide by 2008 and will account for almost 20pc of total mobile operator revenues.
Chairman of MoreMagic Holdings Inc Jim Walz said: “This deal brings a whole new offering to the market. We now not only offer the world’s leading m-payments infrastructure but can also provide specialist data applications and world-class data hosting infrastructure as well, through Agile’s hosting partners, Serve Centric. Acquiring Agile will consolidate our position as market leaders but will also significantly expand the potential client base and target markets of both MoreMagic Solutions and Agile.”
Enda Kyne commented: “The significant financial injection into the company through the acquisition enables Agile to expand and aggressively target potential business while continuing to service existing clients. It also provides us with access to MoreMagic Solution’s software solutions as well as an introduction into MoreMagic Solution’s existing clients and contacts base. We believe that this is a natural fit.”
Privately held MoreMagic Holdings Inc is headquartered in Boston.
By Brian Skelly