Synchronica plc, announced the completion of its acquisition of competitor iseemedia Inc. The acquisition adds contracts with large mobile operators in India, extending the contracted addressable market to 853 million subscribers and will enhance Synchronica’s product with the integration of iseemedia’s patented document transcoding technology.

Synchronica has also successfully obtained additional funding of CAD 7.13m, and has listed on the Toronto Stock Exchange (TSXV) complementing the listing on the London Stock Exchange (AIM). The transaction represents a key step in Synchronica's aim of becoming the leader in next-generation mobile messaging in high-growth emerging markets.

On July 22, 2010, Synchronica launched a take-over bid for all the common shares and common share purchase warrants of iseemedia (the “Bid”) and has to date acquired 86% of iseemedia’s ordinary shares. The Bid has now closed, and all conditions to the Bid were either satisfied or waived. All shares and share purchase warrants tendered to the bid have been taken up by Synchronica to complete the acquisition. Prior to its acquisition, iseeemedia paid off all its debt and sold its RealBiz360 Inc subsidiary. Synchronica will acquire the remaining 14% of iseemedia’s ordinary shares, on the same terms as before, using a statutory process. This is expected to be completed before 31st December 2010.

In order to fund the combined business, Synchronica raised funding of GBP 1.7m from London and CAD 3m from Toronto. Also iseemedia sold its interest in RealBiz360 Inc subsidiary, raising an additional CAD 1.5m, resulting in a total of CAD 7.13m additional funds for the combined business. 

The Company’s ordinary shares have been accepted for listing on the TSXV, as a secondary listing to Synchronica’s existing listing on the AiM market of the London Stock Exchange.

Commenting on the completed transaction, Carsten Brinkschulte, CEO of Synchronica, said, "By completing our acquisition of iseemedia, Synchronica is now positioned to become the market leader for next generation mobile messaging in high-growth emerging markets. We are encouraged by the success of our fund raising activities, which is an endorsement of Synchronica’s strategy. With our additional listing in Toronto, we look forward to welcoming North American investors keen on investing in our innovative growing company.”