Wednesday, December 16, 2009
Photobucket Merges With Ontela
Denver-based photo sharing site PhotoBucket, which is now a part of News Corp., has merged with Seattle-based mobile applications developer Ontela, the firms said Wednesday afternoon. According to the firms, they will merge their operations into a combined company to be known as Photobucket Corporation. Financial terms of the merger were not disclosed. New Corporation said it will hold a "significant" equity stake in the combined company, and hold a board seat. Tom Munro, Ontela's CFO, will become President of the combined firm. In addition, the firms said that Ontela's investors will be making an unspecified additional capital commitment as part of the merger, and also hold "significant" equity positions in the firm. Ontela has previously raised funding from Eastven Venture Partners, Hunt Ventures, Oak Investment Partners, Steamboat Ventures, and Voyager Capital.