Business

724 buys Spyonit.com

Internet software firm 724 Solutions is acquiring Spyonit.com in a cash and stock deal valued at about $53 million US.

Privately-held Spyonit.com was founded in October 1999. Its software scours the Internet for information such as stock prices or product sales, and then delivers the results to mobile devices such as cell phones.

724 is paying Spyonit.com $2 million US in cash and 1,041,616 of its common shares.

Greg Wolfond, chief executive of 724 said, "Financial institutions see this technology as critical as it provides an excellent entry point for mobile transactions as well being a 'sticky' service that keeps customers coming back again and again."

724 is working with various financial institutions with a combined customer base of 165 million, including Bank of Montreal and Citigroup, to stream content and banking information to their customers and Internet-connected devices.

On Wednesday, shares of 724 ended the session with a gain of $3.25 or almost five per cent to $69.75. The 52-week trading range for the company's stock is $42 to $345.

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