ON-based design agency Grapple Mobile was snapped up by Monitise yesterday, bagging its founders a large share in the £39.4m price tag.
Grapple is a design agency which provides smartphone solutions for brands such as Whitbread, Sky & B&Q.
Yesterday Monitise bought its entire share capital for £16.5m, with a further payment of up to £22.9m depending on the achievement of performance-related targets.
The new acquisition will be added to the British firm’s Monitise Create division, which focuses on developing digital strategies and user experiences. Grapple’s founding chief executive Alastair Crane and major investor Jamie True – who holds 37 per cent of the firm – are expected to share the majority of the spoils.