Cellebrum, the mobile value added services company from the B K Modi Group, is in the process of appointing an investment banker to identify suitable acquisition targets in the mobile content space. A year ago, Cellebrum marketing head Savinder Sarna had told ContentSutra in an interview that the company was looking at acquiring a mobile gaming company. The company hadn’t made any progress on this front till now.
Now Cellebrum’s chief operating officer Saket Agarwal tells The Economic Times that “the acquisition will be completed in the next six to eight months”. Agarwal said that the “proposed acquisition target will be a company with expertise in developing innovative mobile phone content like mobifilm, mobisodes (short episodes of TV shows customised for cellphone screening) and cartoon”.
He also added that BK Modi Group flagship, MCorp Global, which is also the principal shareholder of Cellebrum, will closely work with Cellebrum to facilitate the acquisition of an Indian mobile content company.
Lehman Brothers had recently invested $15 million in Cellebrum - a part of which will be used to fund the proposed acquisition of a mobile content company and also to launch an incubation fund of Rs 50 crore to mentor and seed start-ups in the mobile VAS space.
Related:
--Delhi’s Cellebrum Looking To Acquire Mobile Gaming Companies
--Cellebrum, Lehman Bros To Start Incubation Fund For Mobile Content Startups