Roo Group Plans To Acquire Swedish Mobile Video Firm Kamera
By Joseph Weisenthal - Tue 18 Mar 2008 07:57 AM PST
Troubled online video firm Roo Group has announced another deal as it prepares to ditch New York for Dubai: The OTCBB-traded company says it has signed a letter of intent to acquire Kamera, a Swedish provider of mobile video. The firms have signed a content distribution agreement, and Roo has paid a $300,000 advance, giving it the right to acquire Kamera at some point in a specified period. The final purchase price has not been announced. Roo says it prizes Kamera’s European operations, and argues that there are product synergies between the two companies. Kamera claims distribution partnerships with Vodafone (NYSE: VOD), MSN, Orange, Telefonica (NYSE: TEF), O2, Hutchinson and China Mobile. It was formerly a unit of World Television, but was bought out by management and outside investors in 2005.
-- Kamera did revenue of $2.9 million in 2007 and is predicting revenue of $5.6 million for 2008. It’s still running at a “very small” operating loss.
Posted in: VC+M&A, Mergers & Acquisitions
