ROK acquires stake in Geniem but backs out of Xero

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Geniem offers mobile marketing solutions and white label social networking applications for brands such as Nokia, Volvo, Pepsi, Samsung, Sony BMG and Sony Ericsson.

ROK chief executive Laurence Alexander said: “This acquisition marks another milestone in the development of ROK. It augments our existing mobile products portfolio by placing us in the forefront of on device portals, Bluetooth technologies and social media via mobile and web applications.

“With over 15 million mobile phone installations globally, Geniem’s technology is ideally positioned to power the new generation of enhanced mobile media services."

Geniem chief executive Tuomas Kumpula said: “I see major opportunities in partnering with ROK to roll-out our products for ROK’s existing customer base, especially with the introduction of the new white label mobile social networking product targeted mainly for network carriers.”

ROK has also withdrawn from an agreement to purchase US advertising provider Xero Mobile, which it announced in October last year. ROK had intended to launch an advertising-funded youth MVNO called ROK Mobile on the back of the deal.

A ROK statement said: “ROK confirms that it has ended any dialogue with Xero and is no longer in talks to purchase the issued and to be issued entire share capital of the Company.”

ROK would not give any further comment as to reasons for the withdrawal or the future of ROK Mobile.

 

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