Opera Software acquires 100% stake in Mobile Theory

Feb 21, 2012 (Datamonitor Financial Deals Tracker via COMTEX) -- Opera Software ASA has acquired 100% stake in Mobile Theory, Inc., a US-based mobile advertising network, for a cash consideration of approximately $18 million.

Opera Software is a Norway-based developer of Opera Web browser for various platforms, operating systems and embedded Internet products.

Under the terms of the transaction, Opera Software will pay the consideration $5 million at the closing and $13 million to be paid in 2013 and 2014 based on minimum 2012 and 2013 revenue performance targets.

In addition, up to $32 million in potential earn-out consideration to be paid in 2013 and 2014 based on aggressive 2012 and 2013 revenue and EBIT targets, plus additional potential limited consideration based on over performance on EBIT in 2012 and 2013.

Concurrently, Opera Software has acquired 4th Screen Advertising, Ltd.

Mobile Theory has 16 employees.

Dewey & LeBoeuf acted as legal advisor to Opera Software.

Deal Value (US$ Million) 18 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Completed: 2012-02-16 Deal Participants Target (Company) Mobile Theory, Inc.

Acquirer (Company) Opera Software ASA Deal Rationale The transaction will enable Opera Software to provide demand side advertising services to publishers and advertisers in the USA and Europe. In addition the transaction will also bring in-house mobile advertising capabilities to Opera Software to better monetize its owned and operated properties and traffic.

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