US-based app developer Sourcebits has been acquired by mobility solutions and software-as-a-service company Globo for an undisclosed amount that technology news source TechCrunch estimates to be around $20m.
The company is backed by IDG Ventures India, the Indian corporate venturing subsidiary of media company International Data Group. IDG invested in Sourebits’ $10m series A round in 2011 alongside venture capital firm Sequoia Capital.
Sourcebits was IDG’s second investment in the mobile space after participating in a $3m round of funding for mobile TV company Apalya Technologies in 2009.
Greece-based Globo plans to expand its operations in North America post-acquisition, CEO Costis Papadimitrakopoulos stating: “This acquisition reinforces our commitment to the US market, and gives us access to Sourcebits’ developer resources, customer relationships and a solid brand name.”
Sourcebits has created over 500 apps for customers ranging from startups to Fortune 500 companies such as Coca-Cola and Bank of America.
This acquisition follows Globo’s October 2013 takeover of California-based wireless technology company Notify Technologies for $5m.