Thursday, 27 September 2012

Africa’s Largest Social Network, Mxit Acquires Mobile Social Network, Motribe


Africa’s largest social network, MXit has acquired mobile social network builder, Motribe for an undisclosed fee in a deal described as a “profitable exit for everyone involved”.
According to VentureBurn, the deal sees Mxit absorb all of Motribe including its about 10 staff, except its current CEO, Nic Haralambous who has left the company for new motivation and innovative opportunities. However, Motribe’s CTO Vincent Maher has become the co-Head of Community at Mxit with Peter Matthaei, thus making Motribe a division of Mxit.
Both companies have been working closely over the last few months with Motribe building photo-based apps such as MxPix and JudgeMe for the platform. Haralambous told VentureBurn that the deal is a progression of the “mutual collaboration” that both Motribe and Mxit have enjoyed in the last few months.
Based in Cape Town, South Africa, Motribe was co-founded by Vincent Maher and Nicholas Haralambous in August 2010.

SOURCE: TECHLOY

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