Monday, January 12, 2009
Teletouch Procures Equity Stake in Mobui
Fort Worth-based Teletouch Communications Inc. announced Monday that it has purchased an equity stake in Mobui Corp. of Redmond, Wash. Financial terms of the transaction were not disclosed. As a result of the acquisition, Teletouch noted, it gains access to a large and growing catalog of mobile software designed for many popular wireless devices, including Apple Inc.'s iPhone and Research in Motion Ltd.'s BlackBerry. Teletouch, a cellular services provider and consumer electronics retailer, added that its president and chief operating officer, T.A. "Kip" Hyde Jr., will join Mobui's board of directors, effective immediately. Privately held Mobui develops applications that help consumer, media and mobile companies expedite "time to market" for their brands. According to Teletouch, Mobui will use proceeds from the transaction to fund product development and customer relations.