Zamano to focus on bolt-on acquisitions

In a statement ahead of its annual general meeting, Zamano said a strategic review carried out on behalf of the company found it needed to focus its acquisition programme on the mobile advertising, social and billing areas.

Zamano, which provides interactive applications and services to mobile devices, said the strategic review identified a small number of potential acquisitions in these three sectors which it is currently evaluating.

The group also announced the appointment of Edmond Murphy, the technology entrepreneur who led the strategic review, as a non-executive director of Zamano.

Chairman Colin Tucker said: “We are delighted to welcome Eddie to the board of Zamano. His extensive experience in payments, social media and advertising will be of considerable benefit to Zamano as we actively pursue the re-positioning of the business.”

Murphy is founder and shareholder of Irish payments company, Continuum Commerce Ltd and is a director of US Social Media company, SoHalo, US Marketing agency, The Campus Agency and US advertising distribution business, Speed Media Inc.

He also co-founded the Irish web development business Labryinth which was subsequently acquired by BT.

At 1232 BST, Zamano shares were down 16.2% to 10.06p.