Emap buys mobile services firm for £8.7m

by Robin Parker, Media Week 02-Feb-07, 14:00

Emap has bought mobile user-generated content business Yospace Technologies as part of its plan to grow its digital reach.

The acquisition of Yospace, previously owned by The Parkmead Group and private investors, is valued at £8.7m in cash, with a further £5.7m deferred depending on the business’s operating performance over the next three years. It made a loss of £480,000 in 2005.

Yospace operates a video-based user-generated community platform that forms the basis of products such as See Me TV and Look At Me TV, and provides services to major mobile phone operators.

It will sit within Emap Performance, Emap Consumer Media’s digital arm.
Emap aims to double digital revenues over the three years to the end of 2008 and upped its new product development spend by 50% to £15m for the six months to 30 September 2006.
It recently launched a website for women’s weekly Closer and is set to launch the first site for Heat later this spring.