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Wednesday, July 27, 2011

Vringo and Zlango merging to create new mobile social media business

It’s a match made in an odd kind of dictionary: Vringo and Zlango are getting together. Vringo provides software platforms for mobile social and video applications - video ringtones, for example - while Zlango is a mobile messaging company that can add multimedia content to standard text-based messages.

Vringo says it plans to acquire and merge with Zlango, resulting in what they hope to be a new leader in the mobile social arena. It’s also picked up $2.5 million of investment, mainly from venture capital firms Benchmark Capital and DAG Ventures.

Jon Medved, Chief Executive Officer of Vringo, said “We are thrilled to announce this investment from Benchmark and DAG, along with our Letter of Intent to acquire and merge operations with Zlango. The financing led by Benchmark Capital and DAG Ventures is a significant vote of confidence in Vringo. We believe Zlango's exciting messaging platform will allow us to enter the massive mobile messaging market, which ranks second in mobile revenue only to voice. This additional funding and the Zlango transaction will be highly beneficial as we continue to grow our business.”

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Author: The Fonecast
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Tags: social networking sms video ringtones

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