Getmobile To Sell Getmobile and Switch Completely to E-commerce

Getmobile wants to jettison its core business for 700,000 euro (including brand and domain) and in the future fully dedicate itself on its current (Pauldirekt, Premingo, Shirtinator, MyBestBrands) and new e-commerce activities. For new projects and investments, Getmobile is allocating 8.5 million euro capital:

"It is anticipated that by 31 December 2009 getmobile will have cash balances of approximately €8.5 million and no debt.

Following completion of the disposal the Group's strategy moving forward may be summarised as follows:

• Develop its existing e-commerce portfolio.
• Further enhance its established service platforms.
• Identify and invest in additional e-commerce companies, in both Germany and on a pan European basis, where the Group's cash, experience and service platforms can be leveraged to provide the best return.

As the transaction involves the disposal of the "getmobile" domain name, the Company will in due course seek to change its name to reflect its new strategic focus."

Exciting Commerce is delighted to have a new and innovation-minded e-commerce player in the European market. The new name of company should be known until latest the Live Shopping Days conference, which is itself partially sponsored by Getmobile via Pauldirekt.

VC-Magazin has an interesting exposé (in German) on the Getmobile founders Tim Schwenke and Daniel Wild and their VC company Tiburon Partners.

Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.