Hi-Media is entering the mobile internet market after acquiring Mobile Trend for EUR7m (USD11m). France-based Hi-Media will also receive two further earn-outs depending on profitability in 2008 and 2009.
Mobile Trend was founded in 2003, and focuses on mobile internet marketing and SMS micropayments. The company posted sales of EUR4.1m (USD6.4m) and an operating profit of EUR0.9m (USD1.4m) in 2007.
Hi-Media, which offers advertising, marketing and electronic payment solutions for mobile phones, has worked with Mobile Trend for the last four years. With this deal, Hi-media hopes to make its micro-payment business Allopass the market leader in France.