IAC (NASDAQ:IAC) has finalized an agreement to sell its Mosaic Group, a bundle of apps and intellectual property, to Bending Spoons SpA, an Italian outfit, as revealed by Bloomberg, which claimed to have seen an internal document.
The Mosaic Group comprises PDF Hero, an app designed for document editing, and Robokiller, an app that specializes in call-blocking services. Quarter three figures revealed that Mosaic’s turf, the “emerging and others” division, saw a 12% dip in revenue down to $158M.
Declining to comment, Mosaic CEO Kathleen Barrett was quoted in an internal memo acknowledging the rapidly changing mobile landscape and echoing a stance on the future. “While we have made tremendous progress this year it’s no secret the mobile landscape has dramatically shifted,” Barrett said. “This transaction is an opportunity for IAC to refocus its capital to better align with its future.”
Although specific terms of the transaction were not disclosed, anonymous sources familiar with the matter revealed that Mosaic was valued at over $100 million in the deal. The agreement is set to wrap up by the close of the first quarter.
Bending Spoons, the acquiring entity, is well-known for its ownership of Splice, a video editing suite and Remini, a photo app.
The news stirred little movement in IAC shares, which edged fractionally higher in premarket trading on Wednesday.
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