MOBILEPEOPLE SHINES IN A DARK MARKET

Despite widespread fears of global recession and illiquidity, Danish-based mobilePeople announced that it received a US$ 8 million investment from Danish-based Via Venture Partners. The company says it will now be able to expand its international reach and affirm its leadership in global mobile search and advertising space. Via Venture Partners says it is a US$ 200 million fund invested in thirteen Nordic companies expected to grow rapidly within the next couple of years.

mobilePeople recently announced that it is enabling mobile search for a number of directory providers, including Yellow Pages Group, Yell, and Truvo.

Earlier this year, Local Matters reached a share purchase agreement to acquire mobilePeople for up to US$ 20 million, depending on mobilePeople's performance through 2009. This agreement was made in anticipation of Local Matters executing an IPO for up to US$ 46 million by July 1, 2008, and included a break-up fee to be paid if the IPO didn't occur, but gave Local Matters an option to fund mobilePeople, with a right of first refusal, instead. mobilePeople generated US$ 2.9 M in revenue and lost and equal amount in 2007, while Local Matters generated US$ 25.8 M and lost US$ 6.1 M in the same period. -Stuart Whitaker, Smarajit Dasgupta