Smith Micro Agrees To Buy Core Mobility

ALISO VIEJO, Calif. (AP) — Smith Micro Software Inc., which makes software for the wireless market, said Monday it has agreed to buy Core Mobility Inc. in a cash and stock deal.

Smith Micro said it will pay $10 million in cash and 700,000 shares of common stock for Mountain View, Calif.-based Core Mobility, which makes synchronization and backup technology for wireless carriers and cell phone makers.

Smith Micro said Core Mobility may be able to earn additional cash if certain product milestones are met.

The deal is expected to close in the fourth quarter of 2009.