Moremagic Inc buys Irish payments firm

Irish mobile payments company Agile has been bought by Boston-based MoreMagic Holdings Inc.

Agile now becomes a wholly owned subsidiary of MoreMagic but will retain its brand name and current Blanchardstown, Dublin location.

The company was established eight months ago by Chief Executive Officer Enda Kyne and Chief Tedchnical Office Lee Travers, and specializes in the delivery of m-payments and data application solutions.

Both companies worked together last year to develop the world's first pre-paid mobile data services solution for Agile's client, Cable & Wireless Guernsey.

Mobile services will be worth €105bn worldwide by 2008 - accounting for almost 20% of total mobile operator revenues – according to new strategic report entitled ‘Mobile Content and Applications 2003’, published by the ARC Group.

Enda Kyne will become executive vice president of operations, reporting to Jim Walz, who becomes Chief Executive of Agile. Lee Travers takes up the role of vice president of technology.

Speaking today Kyne said: "The significant financial injection into the company, through the acquisition, enables Agile to expand and aggressively target potential business while continuing to service existing clients.

“We believe that this is a natural fit and a mutually beneficial move for both organisations, and we look forward to maximising all business and development opportunities which the acquisition affords us.”