Yesterday, MobileBits Holdings Corp. announced that it had signed a merger agreement with Pringo, Inc., with the assistance of advisory from Rodman & Renshaw LLC, and Siemer & Associates.
MobileBits’ services provide targeted advertising on smartphones through the company’s web and smartphone apps. Pringo, based in Los Angeles, produces a suite of software tools designed to deploy and manage websites, with multilingual portals, CMS, user management and social collaboration tools. Pringo’s clients include Comcast, Square Enix and eHarmony.
This merger allows for the creation of new systems to supply relevant, target advertising and content to smartphone users. Under the terms of the agreement, MobileBits and Pringo shareholders will each own 50% of MobileBits outstanding shares of common stock.
Walter Kostiuk, Chief Executive Officer and Chairman of MobileBits said, “This merger complements, enhances and accelerates our company’s strategic business plan and solidifies our consumer product offerings. In addition, integration of Pringo technology will empower MobileBits to introduce its product offerings into the enterprise sector as well.”
“Pringo’s existing and profitable line of enterprise products, combined with the state-of-the-art mobile technologies offered by MobileBits, will support all enterprises desiring a full end- to-end digital strategy,” added Majid Abai, Chief Executive Officer of Pringo. “This is a fantastic opportunity for both organizations to deliver a unique set of product offerings focused on both consumer and enterprise sectors.”