News Brief
Live Wire Acquires Music Provider Groove Mobile
Mar 19, 2008, 7:00 AM
LiveWire Mobile said Tuesday it had acquired mobile music provider Groove Mobile for $14.5 million. LiveWire, a unit of NMS Communications Corporation, said the deal would help the company expand its mobile offerings spanning ringtones, music tracks and videos.
Among the dozen wireless carriers that use Groove's mobile music service are Sprint, 3 UK and Bell Mobility. The company also has relationships with major music labels including EMI, Sony BMG, Universal Music Group and Warner Music Group.
With the addition of Groove, which had more than $7.5 million in revenue in 2007, LiveWire Mobile expects to hit revenue of more than $30 million in 2008.
--Mark Walsh
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