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Cisco, Macromedia Acquire Stakes In Tom's Wireless Games
April 30, 2005 |
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Tom Online (TOMO) has announced that Cisco Systems and Macromedia will acquire strategic share interests in Indiagames Ltd, a publisher of mobile games majority owned by Tom Online.
Cisco and Macromedia will pay a total of US$4 million for a combined stake of 18.2% in Indiagames through subscription of new shares. In view of Cisco and Macromedia's investments, Tom Online will not subscribe for new shares worth US$4 million in the company as stated in its announcement on December 17, 2004.
Following Cisco and Macromedia's investments, Tom Online's share in Indiagames will be diluted to 62.42% from 76.3%. Indiagames' original shareholders and management, including its founder Vishal Gondal, will continue to hold a 19.4% stake in the company.
The global wireless games market is expected to grow 50% per year in the next three years, reaching US$8.4 billion in 2008, according to industry estimates. Indiagames, the owner of one of the largest wireless content development facilities in the world with more than 200 highly experienced professionals, is well placed to benefit from that growth.
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