Magnitude Information Systems to acquire Kiwibox Media
INTERNET BUSINESS NEWS-(C)1995-2007 M2 COMMUNICATIONS LTD
Magnitude Information Systems, Inc (Magnitude) (OTCBB: MAGY), a developer of risk aversion and productivity enhancement software products, has announced that is has entered into an agreement to acquire Kiwibox Media Inc, and its teen online social networking site, Kiwibox.com.
Magnitude has also announced the intent to change its name to KiwiAge Enterprises, Inc, aligning the company with its new strategic focus and initiatives.
Kiwibox.com, launched in 1999, currently has 1.8m registered members. By merging with Magnitude, Kiwibox.com will have better access to the capital the company needs to become the dominant online social networking site for teens, said the Kiwibox CEO and co-founder.
With the re-launch of the Kiwibox.com web site, the company also plans to release mobile-enabled versions of Kiwibox content and features with the aim to provide integrated multimedia experiences for teens.
No financial details of the agreement were disclosed.
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