Mobli acquires Pheed for $20m

Carlos Slim and Moshe Hogeg

Israel's mobli will also invest $10 million in US content monetization company Pheed.

Israeli mobile social networks photo and video-sharing platform mobli Media Inc. has acquired content sharing platform, Pheed Inc. in a cash and stock deal. No financial details were disclosed but sources close to the deal estimate that mobli will pay $10-20 million for Pheed.

Mobli said it planned to invest $10 million in the remake of Pheed, which will remain a stand-alone platform.

Pheed is a mobile social network, which has gained five million users with a pioneering concept of content monetization.

Mobli founder and CEO Moshe Hogeg said, "Content monetization is a continuous challenge. We are passionate about giving our users possibilities to monetize their content and Pheed has taken strides in this direction. We are excited for the future of Pheed as a part of the Mobli family."

Mobli, founded in 2007, has 70 employees in Israel.In November 2013, Carlos Slim led a $60 million financing round in mobli through America Movil SAB de CV (BMV; NYSE: AMX; Nasdaq: AMOV; BMAD: AMXL). His investment brought the amount of capital raised by mobli to $89 million.

Published by Globes [online], Israel business news - - on September 17, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Carlos Slim and Moshe Hogeg
Carlos Slim and Moshe Hogeg
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