“Openwave’s innovative client offerings established Openwave as an early pioneer in the mobile data market and remain an integral technology to handset manufacturers worldwide,”
said Bruce Coleman, interim CEO of Openwave.
“As outlined previously, we are focusing our efforts on network-based offerings. This focus will better allow Openwave to innovate and grow profitably. We wish Purple Labs success in leveraging the handset manufacturer relationships and incumbency established with our client offerings.”
“The Openwave browser and messaging applications have always led the industry, and are today used by every major phone manufacturer in the world,”
said Simon Wilkinson, Purple Labs CEO.
“By acquiring this portfolio and the Openwave client team, Purple Labs becomes a global leader in mobile software, powering both traditional and Linux-based mass-market phones.”
Based in Chambéry, France, Purple Labs is funded by three European venture capital firms: Sofinnova Partners, Earlybird Venture Capital, and Partners Group.
Under the terms of the definitive agreement, Openwave transferred assets of its client business to Purple Labs on June 27, 2008 in exchange for $30 million in cash, an additional $2 million if certain conditions are met, and warrants to purchase 2% of Purple Labs common stock. Additionally, Openwave will provide transition services to Purple Labs for up to six months, and will bear the first $2 million of such expenses.