NTT DoCoMo to buy the rest of PacketVideo for $111.6 million

Japan's largest mobile-phone operator, NTT DoCoMo said today that it will acquire the remaining shares of US-based PacketVideo Corporation that it does not yet own for $111.6 million.

Tokyo-based DoCoMo will buy 65 per cent of San Diego, California-based mobile technology company PacketVideo pending approval from NextWave Wireless Inc, turning PacketVideo into a wholly owned subsidiary of DoCoMo.

DoCoMo had acquired a 35-per cent stake in PacketVideo from NextWave in July 2009 for $45.5 million.

PacketVideo is a leader in mobile phone-based multimedia software and media service platforms that have been widely adopted by mobile operators and device manufacturers in North America, Europe and Asia.

The company also provides solutions that allow users to share pictures, music and videos among PCs, mobile phones and consumer electronic devices such as TVs, digital picture frames and audio equipment.

Founded in 1998, PacketVideo employs about 400 people worldwide and its customers include the world's leading mobile operators, such as Verizon Wireless, NTT DoCoMo and Orange, all top 10 handset manufacturers, and numerous consumer electronics companies globally.