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MXit in talks to sell stake to local investors [Rumour]

Rumours are circulating around the industry that the popular instant messaging application and mobile social network, MXit, is about to be sold to new investors.

By Michelle Atagana

1 Aug 2011

MXit is represented in a number of international markets including Malaysia, Kenya, India, Indonesia, United Kingdom, United States, Nigeria, Brazil, France, Germany, Italy, Portugal and Spain, where users have access to MXit's chat function.

The service claims to have 37-million world-wide users operating in 120 countries, although these figures are unaudited and it's unclear whether they represent active users or not.

A source close to Memeburn has confirmed the rumours, indicating that the buyer interested in MXit is the relatively-new Stellenbosch-based investment firm, World of Avatar. The company, founded by prominent businessman Alan Knott-Craig Junior, has been aggressively investing in a range of local startups, including free SMS service FSMS and online organiser Toodu. The company came to the rescue of mobile security start-up FiredID after its main investor Reinet Investments S.C.A. pulled out earlier this year.

Read the full article on www.memeburn.com.

Source: Memeburn

Launched in April 2010 by Matthew Buckland, Memeburn is a news and opinion platform tracking tech culture, innovation and business. It plays particular attention to the web, mobile, social media, online media and social networking fields. Key opinion-leaders contribute to Memeburn, providing their insights on the online industry. Subscribe via email or RSS for regular updates. Follow memeburn on Twitter at @memeburn.

Go to: http://www.memeburn.com