Waterloo's Research In Motion has agreed to acquire Chalk Media Corp. for $23.1-million in cash. As part of the deal, RIM is lending the Vancouver-based mobile-media software maker $2.2 Million to provide working capital until the deal is completed. RIM is offering 14.2 cents per share for Chalk Media, which last traded at 4.5 cents on the TSX Venture Exchange, with a 52-week range between 24.5 cents and two cents.
Chalk Media developed Mobile Chalkboard, which creates and deploys media-rich content delivery to RIM's BlackBerry smart phones. The technology has been “embraced by large corporate and government organizations that have deployed the BlackBerry platform and will provide a powerful addition to RIM's portfolio of products and services for enterprise customers,” Research In Motion said.
More on this acquisition later this afternoon. Chalk Media is a Yaletown neighbour and I hope to sit down with their EVP.