Neomedia Sells of 12Snap Back To Management For $5 Million

Neomedia, the mobile marketing firm which bought a bunch of mobile startups and have disposed off some of them over the last year, has now sold off 12snap, the German-mobile marketing company, back to the company’s management and Bernd M. Michael, a former shareholder, at a total purchase price of just under $5 million. That would include $1.1 millio in cash upfront, and among other things, Neomedia will own 10 percent in the new company.
Neomedia bought it in early 2006, for about $22 million, so consider this a fire sale. Some trivia: one of the co-founder of 12Snap, Cyriac Roeding, is now the head honcho of wireless at CBS Corp.
More details in release.
Related: Neomedia’s $60 Million Red Bet