ASI Exits Kindo to Become a Shareholder in MyHeritage
Tallinn, Estonia and London, England – September 24, 2008 – Ambient Sound Investments (ASI) reached its first exit deal when MyHeritage, one of the world's most popular family websites, acquired Kindo, an ASI portfolio company that helps users build free family trees. As a result of an all-stock arrangement, ASI is to obtain an undisclosed equity stake in MyHeritage.
An investment company created by the founding engineers of Skype, ASI made its first investment in March 2006 and announced the investment in Kindo in February 2008.
According to ASI CEO Tauno Tats, the exit validates the investment firm’s interest in social networking and Web 2.0 technologies. “Along with Kindo's founders and other seed investors, ASI's backing helped create a friendly service with an excellent reputation and a great userbase in more than 17 languages," Tats said.
“MyHeritage and Kindo share a common vision for the future of families online," said Kindo co-founder Nils Hammar. "We want to give people a fun and easy way to stay connected, organize events, share memories, and strengthen ties across geographies."
Kindo’s users can now get easy access to MyHeritage’s unique technology, helping them discover and learn even more about their family history. They will also benefit from MyHeritage's photo-tagging technology which automatically scans and identifies people in photos, making it easy to organize, search and share photos within families.
Ambient Sound Investments was founded in 2003 with the objective of managing and investing the assets of Skype‘s four Estonian founding engineers. ASI made its first investment in March 2006. Since then, ASI has financed a total of 21 technology start-ups worldwide: in Asia, the United States, Western and Eastern Europe, Finland, and Russia. In late 2007 ASI launched ASI Incubator to nurture promising projects with a strong idea and business potential and turn them into solid technology companies. For further information, please visit http://www.asi.ee/
Founded in 2007, London-based Kindo is an internationally focused web-based family networking platform that spans generations. On Kindo, users can build their free next generation family tree and stay in touch with their loved ones. Kindo is available in 17 languages, as diverse as Arabic, Chinese, Russian, and Hindi. The company is funded by high-profile business angels and venture capitalists, including The Accelerator Group (TAG), Stefan Glänzer (last.fm, myblog.de, ricardo.de) and Ambient Sound Investments (ASI), the investment company of Skype’s former founding engineers. For more information, visit http://www.kindo.com/.
MyHeritage was founded by a team of people who combine their passion for family history with the development of innovative technology. It is now one of the world’s leading online networks for families, and the second largest family history website. MyHeritage is available in 25 languages and home to more than 25 million family members and 260 million profiles. The company is based in Bnei Atarot, near Tel Aviv, Israel. For more information, visit http://www.myheritage.com/.
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