Sourcebits Acquired By Enterprise Mobility Company Globo

Globo an enterprise mobility player has acquired Sourcebits! The company, listed on London’s junior exchange, announced the acquisition today.
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globo sourcebitsGlobo an enterprise mobility player has acquired Sourcebits!

The company, listed on London’s junior exchange, announced the acquisition today.

The acquisition of the services division of Sourcebits strengthens GLOBO’s mobile application development capabilities and enhances its competitiveness in enterprise and consumer apps, the company said.

Details of the deal were not disclosed.

Costis Papadimitrakopoulos, CEO of GLOBO said that it acquired California based Notify Technology last October and this acquisition was part of its strategy to expand its global footprint.

Sourcebits was founded in 2006 and creates apps for platforms including iOS, Android, BlackBerry, Symbian and Windows.

Currently, Sourcebits has 167 employees and consultants, and in the year to March 2014 generated (unaudited) turnover of $8.2 million and EBITDA (under IFRS) of $1.8 million. The company raised $10mn from Sequoia Capital and IDG Ventures in 2011.

The company will continue to operate under its own brand and under the control of Globo’s MBS division. Assets of US$1.57 million and liabilities of US$0.97 million, including US$0.347 million of deferred revenues, and approximately 167 employees will transfer to Globo, the company said.

The Sourcebits Story

Sourcebits was started by Rohit Singal, a radiologist who was scratching his own itch.

Here’s the Sourcebits story,as shared by Rohit at NextBigWhat’s app conference.

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