Nokia Siemens Networks has sold its Music2You (M2Y) music download and subscription service to IMImobile, an Indian mobile technology developer, the companies said Wednesday.
IMImobile, of Hyderabad, said it is seeking to expand its services in Europe. Under the agreement, IMImobile will acquire the M2Y brand and existing relationships with telecommunications service providers, a spokesman for the company said. Financial details of the transaction were not disclosed.
IMImobile works with mobile operators, content providers and media companies in Asia, the Middle East, Africa, and Latin America. It offers services such as video and voice portals, video streaming and a user-generated content platform. Last November, IMImobile acquired dx3, a digital content delivery services provider in London, as part of its European expansion plan.
Nokia Siemens Networks' M2Y brand provided full-track music download and subscription services to mobile operators and media companies, including Vodafone in India, AOL in Germany and Akado in Russia.
Most M2Y customers are in Europe, the IMImobile spokesman said. As part of the transaction, IMImobile will migrate M2Y services onto its DaVinci Service Delivery Platform.
Nokia Siemens Networks said in a statement that it decided to sell the M2Y business to focus on the hosting and messaging part of its MVNO (Mobile Virtual Network Operators) software and services business.