Benefon to acquire Dutch LBS company

Benefon to acquire Dutch LBS company
Benefon today announced it has signed a letter of intent to acquire GeoSolutions BV, a developer of location-based technologies, products, and services.

Based in Amsterdam, GeoSolutions provides a method enabling mobile users to access not only traditional Internet-based content but also access to user generated content and local information that is aggregated from third party information sources such as directory services. GeoSolutions´ products provide Mobile Network Operators, Mobile Handset Manufacturers and Directory Providers (Yellow and White pages) sizeable income potential from mobile-based localized geo-targeting. GeoSolutions´ approach to large-scale channels combined with a distinctive information offering and unique user experience makes certain its ability to achieve and maintain a critical mass of mobile users.

Benefon will acquire GeoSolutions BV for approximately €6 million in stock. Completion of the transaction is expected by April 30.

"We believe the GeoSolutions acquisition will allow Benefon to answer users increasing demands for location information and content," said Tomi Raita, CEO of Benefon. "The company’s solutions are expected to significantly contribute to Benefon's value proposition and growth." "The acquisition enables Benefon to integrate GeoSolution's world-class technology throughout its handsets and other OEM devices as well as offer more value to consumers and businesses through the addition of added content, which provide higher-quality search results," added Mr. Raita.

Monday, March 5th 2007

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