Software applications and infrastructure provider Openwave Systems announced the sale of its mobile phone software business to embedded Linux solutions supplier Purple Labs. Per terms of the deal, Openwave transferred assets of its client business to Purple Labs on June 27 in exchange for $30 million in cash, an additional $2 million if certain conditions are met, and warrants to purchase 2 percent of Purple Labs common stock. According to Openwave, the sale of its browser and messaging client technologies will enable to company to focus on networked-based services.
For more on the Openwave/Purple Labs deal:
- read this release
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