(Sharecast News) - Mobile Streams has taken sole ownership of the LiveScores services, it announced on Friday, that it was previously operating under a revenue share agreement with Quanta Media.
The AIM-traded firm said it had agreed to acquire LiveScores and cancel the revenue share agreement with Quanta, thus removing any revenue share and giving it total control of both the services and the underlying platform engine, domains and intellectual property.
LiveScores was recently launched in Argentina and Brazil, with Mobile Streams announcing four business-to-business (B2B) contracts to deliver the service platform in further territories on Friday, including in Italy, India, Turkey and Africa.
The consideration for the acquisition would be £0.13m paid in shares, which would be subject to a minimum 12 month lockup, and up to £75,000 in shares in three equal further tranches based on revenue derived from specific existing contracts over the next 12 months.
Additionally, Mobile Streams confirmed the appointment of LiveScores developer Tim Scoffham to lead the acquired business and develop additional opportunities.
The company said Scoffham had spent much of his career in mobile marketing, content creation and affiliation, with an emphasis in the "frontier territories" of Latin America, Africa and Asia.
Working directly with a number of telecom carriers globally, it said Scoffham had provided strategies for clients to help better monetise mass audiences through content distribution and engagement.
Under the share purchase agreement, the initial consideration of £0.13m would be paid in shares issued at a price of 0.423p each - the volume-weighted average price per share for the three months to 9 February.
The additional consideration would also be payable at the issue price.
"We are extremely pleased to have someone with Tim's ability on board," said chief executive officer Mark Epstein.
"He has great experience in the I-gaming sector and I look forward to us working together.
"His significant abilities will be a big help as we continue growing around the world and expanding our offering."
At 1356 GMT, shares in Mobile Streams were up 8.08% at 0.51p.
Mobile Streams (MOS)