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Live Cargo Acquires CMWare; Progress Partners
Facilitates Sale Process
January 29, 2009
BOSTON, MA - Live Cargo
Inc., Greensboro, N.C. (www.livecargo.com), a leading provider
of mobile streaming, IPTV, web-based social networking and an
infrastructure and data center for storage of user generated content,
has acquired CMWare Inc.,
Plainsboro, N.J. (www.cmware.com), a mobile marketing technology
company.
The sale was an equity and cash transaction and was facilitated
by Progress Partners Inc., who was retained as the investment
bank(1), to assist with the asset sale process, which included
technology assets and intellectual property.
Commenting on the acquisition, Live Cargo's CEO, Doug Young, said,
"I see this as a strategic fit in the telecommunications market
as well as other vertical markets where large numbers of subscribers
are located, such as education, medical, real estate and social
networking sites (like Facebook). I see a tremendous opportunity
with two companies pulling into one solution that brings together
two disruptive technologies. The first, RedRay, a proprietary
software application, can bring to the market an inexpensive way
to store user generated content that allows telcos and cable operators
to provide subscribers the ability to back up home content automatically
and access it through any device (IPTV, Mobile, Wireless, picture
frames, and PCs). The second disruptive technology is transcoding
and bit optimization, which enables the storing of video, audio,
music, picture, and documents instantly -- without the heavy overload
and high prices of an iPhone. I am delighted to work with the
folks at CMWare who have, unquestionably, a vast and deep grasp
of mobile technology."
CMWare's breakthrough product skyTuneZ is a fully hosted service
media en-/de-coding technology and delivery platform for mobile
and Web environments. The skyTuneZ product, with its patent-pending
technology, has achieved initial proof of concept as a result
of partnerships with Motorola and Optimus, to allow users to mobilize,
share and discover new media.
"The strategic value of the combination of Live Cargo and CMWare
is the result of the responsiveness of the Progress Partners team
in managing the process," according to CMWare's CEO, Jim Ryan.
The management and board members of CMWare are comprised of seasoned
mobile technology and business experts.
"We knew Progress Partners had the right contacts and could position
CMWare well -- the result was a speedy and efficient process.
They worked quickly across a large number of potential buyers
to find the best fit for CMWare," said Carter Griffin, Partner
at Updata Partners who has been a backer of CMWare.
"We are pleased to execute a transaction in this challenging economic
environment, and look forward to watching the growth potential
of these combined entities," said Nick MacShane, Senior Managing
Director of Progress Partners. The team, led by Nick MacShane,
helped facilitate the transaction as registered representatives
of Brill Securities, Inc. (www.brillsec.com).
About Progress Partners
Progress Partners
is a Boston- and New York-based investment bank and advisory firm,
with a specific focus on new media and technology.
(1) All investment banking activity is done through Brill Securities,
Inc., member FINRA, MSRB, SIPC.
External link
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