The Guardian
trending topics
Close Box

Our news

Yes, it’s true: We are joining GigaOM...


Mobile Music Firm Groove Mobile Sells NMS For $14.5 Million

  • Comments Comments (View)
  • Text Size: A A

This wasn’t what I was expecting, but Groove Mobile, the mobile music player, has finally been bought: LiveWire Mobile, a subsidiary of NMS Communications has bought the Bedford, MA based firm for $14.5 million, which seems low. In December 2007, NMS announced the creation of LiveWire Mobile as a separate division delivering mobile personalization services to operators, and Groove fits in well there. LiveWire Mobile will hire most of the Groove’s employees and the two companies will consolidate office locations.

Groove Mobile has 12 mobile operator customers including Sprint (NYSE: S), 3 UK and Bell Mobility as well as relationships with music labels including EMI, Sony (NYSE: SNE) BMG, Universal Music Group and Warner Music Group (NYSE: WMG). It generated over $7.5 million in revenue during 2007, and it currently expect LiveWire Mobile to exit 2008 with a revenue run rate in excess of $30 million. Also, NMS expects to take a restructuring charge of approximately $400,000 to $600,000 in Q108 in connection with the Groove acquisition.

More in the release here.

Mar 17, 2008 3:19 PM ET

Posted In: Entertainment, Music, Money, M&A & Venture Capital, Mergers & Acquisitions, groove mobile, nms communications

(Page 1 of 1)


The Bestsellers

From iTunes and YouTube to Facebook and Kindle, the most popular content on the web, free and paid.

YouTube Music Videos YouTube Music Videos
. Sexy And I Know It [Audio]
See The Other Bestsellers »

Jobs RSS Job Listings

Social Standing

Which media brands are getting a lift from Tweeters and bloggers right now -- and which are getting panned?

"Sentiment" Scores for All the Companies »

Sponsors

Staff