News
Tanla buys Openbit for $18.6m
Tim Green Jun 5 2008, 11:59am
Tanla has bought Openbit, the Finnish m-payments specialist, for $18.6 million.
It’s an all cash deal, in which Tanla will buy 85 per cent from the outgoing investors. The purchase should help Tanla broaden its payment options beyond operator-based systems and serve more customers in international markets.
Uday Reddy, of Tanla, said “Smart phones are claiming an increasing share of the handset market driving the consumption of richer content formats and increased use of the mobile phone for processing payments. The acquisition of Openbit extends Tanla’s payments portfolio beyond operator billing products to address the
emerging market for rich media and business applications on handsets.”
Openbit’s solutions provide content providers with a secure payment process. It has billing agreements with nearly 90 operators in over 30 countries and with all major credit cards worldwide. It also has an installed base of over 20 million Symbian-enabled Nokia handsets.
