Motorola successfully completes acquisition of Soundbuzz
MOTOMUSIC expands across Asia
SCHAUMBURG, IL, and SINGAPORE – February 2008 – Motorola, Inc. (NYSE: MOT) a global leader in mobile entertainment, has successfully completed its acquisition of Soundbuzz Pte., Ltd., a leading pan-Asian music provider. Terms of the transaction were not disclosed.
Today’s milestone opens the door for Motorola to extend its successful Greater China music platform, MotoMusic, to India and Southeast Asia. In addition to a presence in 13 countries in the Asia-Pacific region, licenses with Sony BMG, EMI, Warner Music International, Universal Music Group, and over 45 independent record labels from around the world, the acquisition of Soundbuzz establishes MotoMusic as the leading music platform in the Asia-Pacific region.
“With the resources of Motorola, we are now able to immediately expand the digital music offerings available to our customers – and Motorola’s rapidly growing installed base of handsets throughout the region,” said Sudhanshu Sarronwala, CEO of Soundbuzz. “Clearly, this marks a major milestone, as it positions Soundbuzz and Motorola to better participate in the ongoing growth in Asia’s booming mobile music download market.”
“Music is the heart and soul of the mobile entertainment experience, and with Soundbuzz as a part of our family, Motorola has the biggest heart and the most soul in mobile music in Asia,” said Ian Chapman-Banks, Vice-President of Mobile Devices Marketing for Motorola Asia-Pacific.
“With a library of over 750,000 songs and half a million mobile music derivatives, Motorola now offers the people of the Asia-Pacific region an extensive music collection, all available for download either via the Internet or directly onto your mobile device,” Chapman-Banks noted.
Soundbuzz will maintain its Singapore headquarters along with other offices in Mumbai and Sydney, forming a core component of Motorola’s evolving mobile entertainment strategy in the Asia-Pacific region.
Certain statements contained in this press release, including future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and products, any other statements regarding Motorola’s or Soundbuzz’s future expectations, beliefs, goals or prospects and any statements that are not statements of historical facts might be considered forward-looking statements. While these forward-looking statements represent managements’ current judgment of future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those stated in the forward-looking statements. Important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, include: (i) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all; (ii) Motorola’s ability to successfully integrate Soundbuzz’s operations and technology into those of Motorola and the possibility that such integration may be more difficult, time-consuming or costly than expected; (iii) revenues following the transaction may be lower than expected; (iv) operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction; (v) the retention of certain key employees at Soundbuzz; and (vi) the other factors described in Motorola’s Annual Report on Form 10-K for the year ended December 31, 2006 and its subsequent reports filed with the SEC. Motorola assumes no obligation to update or revise any forward-looking statement in this press release, and such forward-looking statements speak only as of the date hereof
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.