Japanese company returns to M&A scene with funds for UK ebooks firm.
Mobcast was founded by author and ex-SAS operative Andy McNab, and runs the consumer-facing Gospoken services for buying books on mobile devices. Its a complement for For-Side, which already sells two million eBooks per month in Japan.
Its investment equates to a 15 per cent stake, and values the business at around £6.67 million.
In the last 18 months, Mobcast Services has secured licensing and distribution agreements with the major international publishers in UK, USA and Europe, and makes content available for iPhone, BlackBerry, Nokia, Sony Ericsson, Samsung, Vodafone, Orange, 3, T-Mobile, Verizon USA.
Tony Lynch, CEO of Mobcast, said: “The popularity of the eReader has taken everyone by surprise. We predict that in five years time every book lover will be reading a book on their phone. It’s just too convenient.”
For-Side was a voracious investor in western companies earlier in the decade, buying stakes in iTouch, Vindigo and others.