Mobango, the first social mobile application store, gets acquired by India-based Mauj Mobile
Clipperton Finance acted as Mobango’s financial advisor
Paris, London – August, 2010 – Clipperton Finance, a leading European corporate finance boutique focused on the High Tech and Media industries, today announced that it acted as sole financial advisor to Mobango plc on its sale to Mauj Mobile.
Mobango, a leading independent mobile application store enabled delivery of rich content to millions of mobile users, was acquired by Mauj Mobile, a mobile value added services company and subsidiary ofPeople Group, a leading Internet group in India. Mauj Mobile is backed by tier-one financial investors Intel Capital, Sequoia Capital India and WestBridge Capital.
According to Mauj Mobile, the deal will allow the company to provide its partners, in India and abroad, an array of applications and content for their customers whilst further consolidating its foothold in the telecom managed services space. Anupam Mittal, founder and CEO, People Group, has said, “Mauj was founded with a vision of providing compelling content and applications over the mobile internet.Mobango’s acquisition is another step in that direction.”
Fabio Pezzoti, founder, Mobango, has said, “We are delighted to have concluded the transaction with Mauj Mobile, a leading Mobile VAS company in the fastest growing telecom market in the world. With Mauj and Mobango coming together, customers and partners of both the companies will benefit through a broader choice of products and services.”
For this transaction, Clipperton Finance acted as Sole Manager. Thibaut Revel and Stephane Valorge, the Partners at Clipperton Finance in charge of the transaction, commented the acquisition: “Having established a unique position as a horizontal mobile app store for almost all mobile OS, Mobango experienced a strong adoption in developing countries and notably India. Through this acquisition, Mauj Mobile will benefit from a reinforced product offering in the application space with Mobango’s wide catalogue, and these synergies will enable to strengthen its position in its home market and expand abroad“.
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About Clipperton Finance
Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector.