Wix Buys Moment.Me For $10M To Add Social Marketing To Its Website Building Platform
- By: Ingrid Lunden | Tech Crunch
- Apr 3, 2015
- 2 min read
Moment.me started life as an app that let users create albums aggregated from pictures and other media posted on social networks, before moving away from that last year to launch a new service building mobile websites for events and another marketing tool for social lead generation. Today, the company is getting acquired in what looks like a play for some of these newer lines of business: mobile website builder Wix, which went public in 2013, is buying Moment.me, for a price of $10 million, according to sources.
It’s not a blockbuster exit. Moment.me had raised at least $3.2 million from investors that included Blumberg Capital and Singtel.
Moment.me confirmed the sale in a notice on its homepage, where it also noted that it would be closing down all of its services except for Leads, the social marketing lead generation service.
“Due to our acquisition by Wix, the following services will be discontinued starting April 30th – Moment.me personal, Moment.me for Events, Moment.me Places, Moment.me Social Feeds and
Moment.me Location Based feeds,” it wrote. “Our LEADS service will keep going strong, accepting new users and supporting existing ones. Happily we share the same core values as the team at Wix, so you can expect to carry on receiving excellent services very soon.”
Wix and Moment.me have actually been working together for a while, specifically on an integration to let businesses create event microsites. In other words, if products such as these continue, they are likely to be rebranded or repackaed as part of Wix’s bigger platform.
For Wix, this will help the company move away from basic website building and help it upsell more value-added services on top of this, not unlike what GoDaddy has done by moving into small business services alongside basic domain registration and hosting.
Wix, traded on the Nasdaq, currently has a market cap of around $733 million. Moment.me is its third acquisition, after restaurant website builder OpenRest and mobile-first website building Appixia.
Source: Techcrunch.com
By: Ingrid Lunden (@ingridlunden)
