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Huge Group controls Eyeballs
The Huge Group, an investment holding company, announced on Friday, 20 March 2009 that it has secured a majority stake in mobile advertising startup Eyeballs Mobile Advertising.
Eyeballs Mobile Advertising delivers rich media advertising to cellular “smart phones” using specialised and proprietary technology developed in South Africa over the last two years. Given the market penetration of cellular phones, this is an industry that many market watchers feel promises huge growth compared to traditional mediums of advertising.
Huge Group previously bought an investment stake of 25% in Eyeballs Mobile Advertising in March 2008. The latest purchase, for an undisclosed sum, raises the group's interest to 77%.
Anton Potgieter, executive chairman of Huge Group, comments: “The potential upside of Eyeballs is immense, and the mobile advertising revolution, which has been predicted to be the next big thing after social networking, has not yet even begun. The technological development of the Eyeballs product has now passed beta stage, and we expect to see the product start delivering strong returns in the next year.”
The Huge Group trades under the share code HUG. Go to www.hugegroup.co.za.
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