China's Sungy Mobile Buys GetJar Mobile Apps Store
Published on: 16th Feb 2014
By: Ian Mansfield
China's Sungy Mobile has bought the veteran mobile apps distributor GetJar for USD5.3 million in cash.
In addition, there will be a further payment in shares by 2016 based on performance which could push the purchase price to over USD50 million.
GetJar was an independent mobile phone application store founded in Lithuania in 2004, but now based in the USA. Its name comes from the Jar file that used to be needed by Java based mobile apps.
Sungy Mobile is the developer of the popular Android app, Go Launcher that replaces the stock launcher on Android smatphones.
"We are pleased to expand our global footprint with our first international acquisition," stated Mr. Yuqiang Deng, Sungy Mobile's chief executive officer. "Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives, and accelerate our product development process."