Mukta Arts has acquired 51% controlling stake in Coruscant Tec, a Chennai based VAS company. Coruscant Tec, founded in 2003 by Ajay Adiseshann and Probir Roy, was one the first companies to venture into the lucrative mobile value added services space and provide content and applications related to the fast growing MVAS space.
These cover ringtones, wallpapers, video on demand, applications, m-comics, mobizines, mobiepisodes and java games. Coruscant is a Red Herring award winner in 2006 and has done innovative work in MVAS such as MF Hussain wallpapers, Uncle Pai comics, aggregation of java games, repurposing magazine content for the mobile, etc.
Coruscant Tec already has several tie ups in place for content aggregation as well as for distribution of content through major Telcos. The company is undercapitalized and was seeking investors who could create and aggregate content which is the key to this business. For Mukta Arts which has access to short content created by Whilstling Woods students and Audio and Film content, Coruscant was a good platform. Mukta has the option of acquiring the balance 49%, also.
The company made this announcement during the trading hours today, 19 September 2008.
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