*Progress Partners served as financial advisor to CMWare in its acquisition by Live Cargo
BOSTON, MA - Live Cargo Inc., Greensboro, N.C. (www.livecargo.com), a leading provider of mobile streaming, IPTV, web-based social networking and an infrastructure and data center for storage of user generated content, has acquired CMWare Inc., Plainsboro, N.J. (www.cmware.com), a mobile marketing technology company.
The sale was an equity and cash transaction and was facilitated by Progress Partners Inc., who was retained as the investment bank to assist with the asset sale process, which included technology assets and intellectual property.
Commenting on the acquisition, Live Cargo's CEO, Doug Young, said, "I see this as a strategic fit in the telecommunications market as well as other vertical markets where large numbers of subscribers are located, such as education, medical, real estate and social networking sites (like Facebook). I see a tremendous opportunity with two companies pulling into one solution that brings together two disruptive technologies. The first, RedRay, a proprietary software application, can bring to the market an inexpensive way to store user generated content that allows telcos and cable operators to provide subscribers the ability to back up home content automatically and access it through any device (IPTV, Mobile, Wireless, picture frames, and PCs). The second disruptive technology is transcoding and bit optimization, which enables the storing of video, audio, music, picture, and documents instantly -- without the heavy overload and high prices of an iPhone. I am delighted to work with the folks at CMWare who have, unquestionably, a vast and deep grasp of mobile technology."
CMWare's breakthrough product skyTuneZ is a fully hosted service media en-/de-coding technology and delivery platform for mobile and Web environments. The skyTuneZ product, with its patent-pending technology, has achieved initial proof of concept as a result of partnerships with Motorola and Optimus, to allow users to mobilize, share and discover new media.
"The strategic value of the combination of Live Cargo and CMWare is the result of the responsiveness of the Progress Partners team in managing the process," according to CMWare's CEO, Jim Ryan. The management and board members of CMWare are comprised of seasoned mobile technology and business experts.
"We knew Progress Partners had the right contacts and could position CMWare well -- the result was a speedy and efficient process. They worked quickly across a large number of potential buyers to find the best fit for CMWare," said Carter Griffin, Partner at Updata Partners who has been a backer of CMWare.
"We are pleased to execute a transaction in this challenging economic environment, and look forward to watching the growth potential of these combined entities," said Nick MacShane, Senior Managing Director of Progress Partners. The team, led by Nick MacShane, helped facilitate the transaction as registered representatives of Brill Securities, Inc. (www.brillsec.com).