RIM to acquire multimedia app developer in $18.9M transaction
December 11 2008 - 1:26 pm ET Colin Gibbs RCR Wireless News
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Research In Motion Ltd. is stepping up its application-development play with an $18.9 million acquisition of Chalk Media Corp.A member of the BlackBerry ISV Alliance Program, Chalk’s technology delivers multimedia files to groups within businesses and other organizations. The deal includes a $2.2 million loan from RIM to fund Chalk’s operations until the transaction’s close, which is expected in February pending shareholder approval.Chalk’s board has unanimously approved the acquisition, which is subject to approval of 75% of the votes cast at a special shareholder meeting slated for January.RIM is increasingly pursuing third-party developers as it ramps up its in-house software efforts. Shares of the Waterloo, Canada-based firm inched upward 30 cents, or just less than 1%, to $38.73 following the announcement.
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