OnMobile Systems Inc. enters into Share Purchase Agreement to sell shares of OnMobile Global Limited to Jump Networks Limited
Bangalore, 14th September 2019 - OnMobile Systems Inc. (“OMSI”) is the Promoter of OnMobile Global Limited (“ONMOBILE”) and currently holds 48.18% of the total issued and paid-up share capital of ONMOBILE.
OMSI has entered into a share purchase agreement with Jump Networks Limited (“JUMPNET”) for the sale of 19,000,000 equity shares of ONMOBILE at a price ranging from INR 75.50 per equity share to INR 78.00 per equity share (the “Share Purchase Agreement”). This represents approximately 18% of ONMOBILE’s share capital. The sale is expected to be conducted within 75 days from the Share Purchase Agreement (SPA) date and is subject to the conditions set out in the SPA.
It is OMSI’s belief that ONMOBILE’s strong portfolio of products and long-standing operator relationships together with the technology thrust provided by JUMPNET will help in cementing ONMOBILE’s position as a global leader in mobile entertainment.
Leveraging a proprietary low bandwidth streaming technology and its reach to the next bottom billion of the society, the JUMPNET investment can create tremendous impact in the lives of the masses by providing quality services across education, entertainment, mobile services, etc.
OnMobile [NSE India: ONMOBILE] [BSE Ltd: 532944], headquartered in Bangalore, India, and with offices in all regions of the world, delivers over 575 million music plays daily to mobile customers worldwide. Based on current deployments, OnMobile has an addressable base of more than 1.68 billion mobile users across several geographies. For further information, please visit www.onmobile.com
About Jump Networks Limited
JUMP Networks Limited (BSE: 531337, formerly known as 'Iris Mediaworks Limited') is a technology company providing next generation digital services on ultra-low bandwidth to the historically under-served sections of the society. The integrated ecosystem 'JUMPNET' - a physical and digital network offering - allows delivery of cutting edge content and services on sub-optimal networks making it reach the masses and hence, becoming SABKA NET. JUMPNET.