San Francisco and Bangalore based startup - Sourcebits, which focused on the design and development of software applications, games, and web services, announced yesterday that its third party mobile application development business, which accounts 90% of its revenue, has been acquired by Globo plc, a UK-based enterprise mobility management and telecom software products provider.
After the acquisition, Sourcebits will continue to operate under its own brand under Globo's mobility business services division. Around 160 employees of Sourcebits will be transferred to Globo, and the key members of the management and development teams will retain their positions within the new integrated structure.
Sourcebits, founded in 2006 by Rohit Singal is backed by investors like marquee global investors, IDG Ventures and Sequoia Capital. Sourcebits has developed more than 500 applications for multiple mobile, Web and desktop platforms, with more than 30 reaching the top 10 in their genres in global application marketplaces, such as iTunes.
In 2011, Sourcebits raised $10 million (Rs 60 crore) from Sequoia Capital and IDG Ventures and by March this year had revenue of $8.2 million (Rs.50 crore) last fiscal year. About 60% of its revenue came from clients in the US.
Sourcebits clients includes GE, SAP, Intel, MIT, Procter & Gamble, Hershey's, and Coca-Cola, as well as emerging technology companies such as Knocking, Peel, TwitPic, CloudOn, and Sling Media. The most popular apps Sourcebits has developed include games like Robokill and Beast Farmer, Knocking Live, Daily Deeds (organiser for tasks and reminders), Night Stand, Skyfire (mobile browser for Android, iPhone and iPad acquired by Opera Software) and Beast Farmer.
Globo plc, founded in 1997, is a global provider of complete enterprise mobility solutions and SaaS. Globo operates internationally through subsidiaries and offices in US, UK, Europe, Middle East and South East Asia.
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