Music Acquisitions in the Boot
This morning mobile entertainment firm Buongiorno announced the acquisition of Dada.net for €28.5 million (about $40.8 million), giving the former the opportunity to reinforce its global leadership as a provider of mobile-connected life solutions. The deal should increase its market share in the B2C segment in several areas, particularly geographic regions including North America.
In addition to Dada.net S.p.A., the scope of the acquisition also includes its subsidiaries: Dada Entertainment Inc., Dada Entertainment Canada Inc. and Play Me LLC, Dada Brasil Servicios de Tecnologia Ltda, Dada Iberia SL, Dada Media Science and Technology Development Beijing CO. Ltd, Giglio Group S.p.A. and Youlike S.r.l.
“Dada.net is an acquisition of great importance, since it is not only complementary in terms of products and geographical footprint, but it also brings to Buongiorno the excellent skills of innovative product primarily in the Internet mobile market, and enables us to win the competition in a highly challenging environment at a global level,” says Buongiorno CEO Andrea Casalini.
Dada.net is responsible for developments of mobile apps and services, social and streaming mudic services, including Play.me. Recent activity from Dada is the joining of forces with Italian retail store Esselunga for the launch of Esselunga Music Store, providing streaming music and envisaging personalization features, such as playlists and music libraries with music from Sony Music, Universal Music, Warner Music and EMI Music. At the moment Data employs 150 professionals throughout the world, in Italy, USA, Canada, Germany, France, Portugal, Australia, Spain, Belgium, Austria, Brazil, Argentina, Mexic, Hungary, Indonesia and South Africa.
With the new acquisition, Buongiorno commits itself to preserving the headquarter of Dada.net in Florence, Italy for the next 18 months after the closing of the deal. In an interview for Reuters, Casalini explains the operation will be financed with cash and a new credit line approved by IMI Bank. The acquisition is part of a strategic objective plan that will develop Buongiorno’ due to the increasing market share in B2C and B2B ‘traditional’ services and due to the development of services for smartphone and App Store.
After the news of the acquisition of Dada.net, Buongiorno’s shares increased by almost 4 percent, reaching €1,415.
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