BlackBerry Ltd (BBRY)’s Stock Goes Up After Acquisition of Movirtu Ltd.

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BlackBerry Ltd (NASDAQ:BBRY) has announced that it has acquired Movirtu Ltd., a company which makes virtual SIM cards that makes it possible to have multiple phone numbers on a single device. BlackBerry Ltd (NASDAQ:BBRY) stock went up 6% to $11.92 on Thursday after the announcement of the latest acquisition by the company. Fox Business’s Nicole Petallides reported this and said that the new acquisition of startup gave a push to the phone giant.

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“It’s interesting, BlackBerry Ltd (NASDAQ:BBRY) may be looking at a company in the UK that allows you to have multiple telephone numbers on one device, I mean that is something really cool […],” said Petallides.

BlackBerry Ltd (NASDAQ:BBRY) didn’t announce any terms of the acquisition deal. The company said that new acquisition is targeted for creating systems for business customers who also want to switch on numbers on their phones quickly for personal and home usage. The company has plans to launch phone-splitting software, which will be available for Android, iOS and Windows. This software will allow the customers to quickly make the switches between multiple numbers on the device.

Movirtu Ltd. was founded in 2008 in London. Company’s CEO is Carsten Brinkschulte and total number of employees in the company is 22. In a statement, Brinkschulte said that working with BlackBerry Ltd (NASDAQ:BBRY) will open multifarious horizons for his company. The statement said that Movirtu will get a chance to work with hundreds of mobile operators across the world.
In August, BlackBerry Ltd (NASDAQ:BBRY)’s CEO John Chen, announced that his company has completed workforce reductions that was started three years ago and it is now ready to make modest hiring and new acquisitions.

 Prem Watsa’s Fairfax Financial Holdings is one of the shareholders of BlackBerry Ltd (NASDAQ:BBRY), having approximately 46.65 million shares of the company.

Disclosure: None

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