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ePals, a developer of social learning network, this morning announced that it has acquired Newstogram, the creator of media personalization and content recommendation platform. Also included in the deal was news DailyMe – both businesses owned by a company called Nexify.
Transactions with ePals stock and amounted to about $ 3 million.
ePals said the acquisition provides a sound platform for personalization of media and educational applications and strengthening its capacity to match students with each other on the basis of interests, through its network of roughly 700000 classrooms and millions of users in 200 countries around the world.
The platform will enable media publishers – including more than 20 media companies currently use the Newstogram platform for the creation of a "school" pages, which underline their content.
Newstogram/DailyMe founder and CEO Eduardo Hauser becomes President ePals in the Media Division, and Chief Product Officer, Neil Budde joins on paper.
Before Nexify, Executive Vice President of AOL Latin America, and VP of news and information on Venevision Hauser. Neil Budde was previously founding editor and publisher of The Wall Street Journal online and Vice President and editor-in-Chief, Yahoo! News, finance and sports.
ePals Director miles Gilburne is also used for the Chief at AOL, by the way. Venture capitalist, he served five years Senior Vice President of corporate development for AOL before stepping down from those duties in December 1999. He was elected to the Board of Directors of AOL in 1999, and continued to work, the Board of Directors of Time Warner until stepping down in May 2006.
ePals, issued Nexify 4, 449, 686 limited ordinary voting shares at a price of United States $ 0.67 per share. In addition, ePals Nexify issued an order to purchase additional 307.000 limited voting common shares, at the same price. Warrants are exercisable up to 4 years from the date of closing.
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