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OnMobile selling VoxMobili to Synchronoss Technologies for $26 million

OnMobile_logoOnMobile Global has signed a Share Purchase Agreement (SPA) with Synchronoss Technologies Inc for the sale of VoxMobili SA. The company had announced earlier that it will be selling the French telecom solutions company VoxMobili for $26 million (around VoxMobili’s book value), without mentioning the name of the buyer.

VoxMobili had reported a turnover of EUR 12.70 million and profit of EUR 1.03 million in FY13. A price of between $24-26 million would essentially mean that the company is being sold for 1.32 to 1.49 times its FY13 turnover, and 16.24 to 18.36 times times profit. It is one of the two French companies acquired by Onmobile in France, the other being Telisma SA, which is now called Onmobile SA.

NASDAQ-listed Synchronoss is a  cloud solutions and software activations company. The company reported net revenues of $98.5 million, an increase of 26% year-on-year and a gross profit was $58.5 million in the first quarter of 2014. On the mobile services side, Synchronoss offers a technology that lets service providers activate services for customers easily.

Onmobile had acquired VoxMobili in 2007 for around $35.12 million, to expand its services to new markets, and the company served as its hub of European operations, but more importantly, for development of its data related products, as was indicated in its 2012 earnings conference call. There appears to be a decrease in the value of the company since 2007.

VoxMobili’s products include Phonebook 2.0, Phone Backup, Social Home and an SDK for syncing data. Most of these products are redundant as similar tools come pre-loaded in smartphones these days. The last time OnMobile mentioned VoxMobili was in 2012 concall when it said that the company plans to being some data products made by the French unit to India.

The decision to sell VoxMobili comes after Onmobile had reported a net profit of Rs 3 crore on revenues of Rs 204.3 crore for the quarter ending December 31st 2013 (Q3-FY14), down from net profit of Rs 10 crore on revenues of 206.9 crore. Last quarter, its India revenues were impacted by the TRAI’s double confirmation guidelines, which had led to a 60% drop in VAS activations in the industry. Also, internationally its revenues decreased 2.7% due to softness in Latin America (LatAm), Egypt and Bangladesh quarter on quarter.

More recently, OnMobile’s promoter co decided to buy back shares worth Rs 47.6 crore (around $7.6M).

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