Jul 29, 2008
BT Acquires Flex Mobile company For $105 Million
BT announced that it has acquired Silicon Valley based Ribbit for $105 million in cash. On July 9 we reported that Ribbit executives were telling friends
the deal was done while simultaneously denying it to the press. One
thing we got wrong was the price, though. We were hearing $55 million,
$5 million more than competitor GrandCentral managed to wrangle out of Google. Ribbit got nearly double that. Ribbit has raised just $13 million
from Allegis Capital, KPG Ventures and Alsop Louie Ventures. That makes
this exit nearly a ten-bagger just two and a half years after launch.
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