Bob Sillerman’s Function(x) announced that it has purchased the Watchpoints business of Mobile Messaging Solutions Inc. The Watchpoints website describes its product as “a social viewing application on mobile devices and Facebook, that rewards viewers for what they love doing most: watching TV and interacting with their favorite shows.”
The Watchpoints business is involved in developing, selling, maintaining and improving an interactive broadcast television application utilizing audio recognition technology, said Function(x). The assets purchased include intellectual property and certain computer-related equipment, software and agreements for the implementation of the Watchpoints business. The intellectual property included patent filings for audio verification technology and the provision of value-added programming/services based on such verification and trademarks for the “Watchpoints” name, said the announcement from Function(x).
The consideration paid to the seller was $3,000,000, consisting of $2,500,000 in cash and 200,000 shares of Function(x) common stock at a value of $2.50 per share.
Function(x) also paid Kai Buehler, the CEO of Watchpoints, a $300,000 finder’s fee, appointed him as a Senior Vice President of Function(x) and he became a full-time employee of the company.
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