December 15, 2010
KDDI today signed a definitive agreement to acquire KKBOX Inc (KKBOX, CEO Chris Lin), the digital music subscription service provider in Taiwan, from Skysoft Inc (CEO Lambert Chien) which currently owns 100% share of the company.
Under the agreement, KDDI will purchase 76 percentage shareholdings in KKBOX on December 24th 2010 while the management team continues to own the remaining 24% of the company through Skysoft Inc. After the completion of this acquisition KKBOX will become a consolidated subsidiary of KDDI.
KKBOX provides a multi-device digital music service which is accessible from such devices as PC, Smartphones and Mobile phone in Taiwan and Hong Kong. KKBOX has strong and established relationship with music labels in Taiwan, the heart of the Chinese music industry, and also holds the respectable position as music information media. KKBOX already provides service for more than 7million users in Taiwan and customer base in Hong Kong is on the increase as well.
KDDI, through this acquisition, utilizing the service delivery platform and know-how of KKBOX, aims to provide new contents service for Smartphone users, and also intends to enter into China-market thorough the already established business platform of KKBOX around the region.
<Corporate profile of KKBOX Inc.>
|Company name||KKBOX Inc.|
|Office location||Taiwan (registered head office in Cayman Islands)|
|Representative||CEO Chris Lin|
|The number of employees||About 80|
|The number of users||Over 7 million users|
|Business||Digital music distribution service for multi-device
(e.g. PC, smartphones, cell phone)