Bob Sillerman’s Function (x) didn’t get its first product onto the market in 2011 as previously suggested, but the company did make another acquisition which closed on New Year’s Eve. It paid over $4.6 million in cash and stock for the assets, including certain intellectual property and other assets relating to the “Loyalize” business owned by Trusted Opinion Inc.
To acquire the Loyalize assets, Function (x) agreed to pay Trusted Opinion $3 million in cash and 275,038 shares of Function (x) stock. The shares were valued as of the date of closing at $1,638,815 based on the average closing price of Function (x)’s common stock during the 20 trading days prior to the closing.
According to function (x), “Loyalize‘s business consists of technology that enables brands and content providers to engage with nationwide audiences during live TV shows by providing games, polls, real-time discussions and sharing features for smart phones, tablets, laptops and on connected TVs.”
Function (x) had previously acquired Watchpoints as it prepared to roll out products in the mobile media sector.