Mobile social networking platform developer MOKO.mobi (ASX:MKB) has signed an agreement to acquire EyeVibe, a UK-based mobile social video service.
The company has arranged to purchase the service from its owner, Yospace Technologies.
EyeVibe is a combination of two services developed by Yospace for 3 UK and O2 UK respectively. It allows users to upload clips into an online gallery, while visitors then download the clips on a pay-per-view basis.
Announcing the deal, MOKO.mobi said EyeVibe is represented on all the major UK mobile networks.
The company intends to migrate the EyeVibe user base to the MOKO.mobi platform, which will replace the service on the UK carrier platforms.
Financial terms were not disclosed, but MOKO.mobi said the deal will be accretive to its revenue stream as the EyeVibe service is a profitable business.
“This strategic acquisition further strengthens our UK presence, in particular within the 3 UK network, which has historically been our most successful market,” Moko.mobi CEO Ian Rodwell said.
He said the acquisition represents part of a drive to expand its reach in the 50 million subscriber UK market.