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ModeLabs Acquires Innovi Technologies Ltd.4 July 2006
- A Financial Operation in Line With the Group's Commitments
- Integration of Complementary and Strategic Know-How
- Contribution to Group Growth and the Achievement of its Ambitions
As announced on 10 May 2006, ModeLabs Group has now acquired the company Innovi Technologies Ltd. The transaction amounts to US$ 29.6 million (about EUR23 million), including US$ 20.6 million paid in cash thanks to the funds raised when the company was floated, and US$ 9 million in ModeLabs Group shares. The cash payment will be made in two parts: US$ 14.6 million on 30 June 2006, and US$ 6 million on 31 May 2008.
The capital increase was calculated on the basis of an introduction price of EUR9.60. It is underwritten by the founders of Innovi Technologies Ltd. who thus become payees in the ModeLabs Group. These shares are subject to a two-year lock up with a progressive take-up over the second year. In this way the Innovi management team, confirmed in its functions, will be taking an active part in the development of the ModeLabs Group "mobile-on-demand(R)" strategy.
In 2005, the turnover for Innovi Technologies Ltd was US$ 27.5 million, an increase of nearly 78% compared with 2004 (US$ 15 million in turnover). Its net profit for 2005 came to US$ 2.9 million.
One of the world leaders in Bluetooth headphones, it designs, develops and markets its products under the Bluetrek brand. After selling over 1 million earphones, Innovi Technologies Ltd extended its product range in June 2006 when it launched the KR1 car kit and the first rain-resistant earphone, the X2, already pre-ordered by major European operators and American distributors.
Modelabs Group has thus taken an important step forward in the development of its "mobile-on-demand(R)" strategy. This acquisition means that its offers can be deployed more speedily by fully capitalising on a technology with a future, Bluetooth, which can be applied to a wide range of products. According to various consultancies, the growth of the Bluetooth market between 2005 and 2006 varied between 50% and 70%, depending on the segments. The group is establishing a position and boosting its skills in a booming market.
This operation will now contribute to the growth of the ModeLabs group and position it in a strategic telecommunications sector market.
About ModeLabs Group S.A.
ModeLabs Group designs tailor-made mobiles. As a player in the new generation mobile telephony sector (CDM - Customised Design Manufacturer), it designs, develops and distributes mobile telephones, accessories and services for operators, distributors and mass consumer brands in an integrated, flexible way.
Thanks to its powerful mix of marketing expertise, cutting-edge technological know-how and flexible "fabless" organisation, ModeLabs Group responds to the growing need for Telecom market segmentation by offering consumer brands, MVNO operators and distributors the opportunity to create their own range of mobile phones, accessories and services.
The ModeLabs Group is now expanding in the fast-growing "On demand" segment in the mobile phone market, starting from a solid position in telecom distribution established since 1996.
ModeLabs Group is listed on the Euronext-Paris Eurolist (code "MDL"; ISIN code: FR0010060665).
For more information: http://www.modelabs.com
About Innovi Technologies Ltd
Based in Hong Kong, Innovi Technologies Ltd has been specialising in the development of Bluetooth solutions since 2000. The performance and quality of its products have enabled it to establish its "Bluetrek" brand as a label with its operator and distributor customers. Thanks to its R&D teams based in Paris and Shenzhen in China, the company benefits from considerable know-how in the design of wireless products, which it has produced by a network of qualified subcontractors. Innovi is a major player in Bluetooth as applied to mobile telephony, thanks to its "Fashion for Heads" concept, which is giving increasing importance to design and advanced functions generating revenue for operators.
For further information log onto: http://www.bluetrek.com
Bluetrek(R) is a registered trademark of Innovi Technologies. All the other brands mentioned are the property of their respective holders. The Bluetooth(R) brand and logos are the property of Bluetooth SIG, Inc. and are used under licence by Innovi Technologies. ModeLabs(R) and mobile-on-demand(R) are registered trademarks of ModeLabs Group S.A..
Contacts
ModeLabs
Françoise Grand
Tel: +33-1-60-31-13-13
francoise.grand@ModeLabs.com
Innovi
Mrs Wendy Pang
Tel : +852-3189-4101
wendy.pang@innovi.com
Press Relations
Bruno Lorthiois
Tel : +33-1-58-65-00-72
blorthiois@hdlcom.com
ModeLabs Group: code MDL; ISIN code: FR0010060665
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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