Bytemobile Swallows ProQuent
A joint statement notes the acquisition involves a “stock-for-stock exchange.” (See Bytemobile Acquires ProQuent.) “It’s purely an equity merger,” says Steve Livingston, executive VP of worldwide sales and marketing. “I can’t give specifics.”
The deal follows an earlier reseller partnership between the companies, culminating in a sole deployment of Proquent’s ACCESS (Authorized Content Control & Electronic Subject Screening) product at T-Mobile (UK). The acquisition also puts an end to months of speculation about ProQuent’s health following a lengthy period of muted activity (see ProQuent Ain't Spent and ProQuent Strikes Back).
“We had a very good product, but we didn’t have the means or infrastructure to get it to the market,” comments ProQuent CTO Tom Hamilton. “This move will allow us to realize the potential we have had all along.”
Hamilton will assume the CTO title at Bytemobile. Both parties claim there will be no staff culling within ProQuent’s “mid-20’s” headcount at its headquarters in Marlborough, Mass.
“We’re keeping that, there’s no change there,” confirms Livingston. “Everybody at ProQuent is staying on. There’s no redundancies. In fact we’re hiring.”
Headquartered in Mountain View, Calif., Bytemobile has raised a total of $57 million in VC funding and lays claim to more than 50 carrier customers, including Cingular Wireless LLC, Nextel Communications Inc. (Nasdaq: NXTL), Orange SA (London/Paris: OGE), and Sprint Corp. (NYSE: FON). [Ed. note: Is this in spite of, or because of, the clownish name?]
ProQuent, meanwhile, was founded in 2000 and raised $48 in VC funding from the likes of BlueRun Ventures and St. Paul Venture Capital (see ProQuent Grabs $14M).
— Justin Springham, Senior Editor, Europe, Unstrung