Monday, June 30, 2008

Openwave Sells Unit To Linux Software Firm

Redwood City-based Openwave Systems said today that it has sold its mobile phone client software business to Purple Labs, a European provider of Linux software for the mobile phone market. Openwave said that the deal is worth $30M in cash, plus an additional $2M if certain conditions are met. The deal also includes warrants for 2 percent of Purple Labs common stock. Openwave's mobile phone software business develops browser and messaging software for 3G handsets. Purple Labs is a venture backed startup located in France, funded by Sofinnova Partners, Earlybird Venture Capital, and Partners Group.