Video ringtone and personalization solutions developer Vringo Inc. (AMEX: VRNG-U), the latest Israeli company to list on Wall Street, is expanding its activity in Turkey. Theannouncement came a day before the National Security Council Counter-Terrorism Bureau cancelled its travel warning for Israelis in Turkey, which will enable thousands of Israeli tourists to again storm the beaches of Antalya.
Vringo has signed an agreement with Turkey's leading mobile content services provider Retromedya to expand Vringo's billing coverage in the Turkish mobile market. The agreement will expand Vringo's service to an additional 52 million Turkish mobile subscribers. The agreement with Retromedya follows the termination of Vringo's agreement with Avea, which has 12 million mobile subscribers. The deal with Retromedya is big jump for Vringo.
Vringo, founded by CEO Jon Medved, went public on the American Stock Exchange a month ago. The company raised $11 million at a company value of $23 million. Despite the successful IPO, Vringo had an inauspicious start, and has lost almost half its value. The share price closed at $2.50 yesterday.
Vringo also has a cooperation agreements with Malaysian carrier Maxis, which has 11.4 million subscribers, 34,000 of whom pay for Vringo's services; Armenian carrier Vivacell, which as 2 million subscribers, none of whom yet pay for Vringo's services.
Today, Vringo announced RTL Belgium has begun marketing the launch of Vringo's mobile personalization platform. The partnership brings Vringo technology to nearly all of the country's 11 million mobile subscribers.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2010
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