Mzinga Acquires Prospero to Strengthen Position in Business Social Media
ADOTAS — Mzinga will undoubtedly boost its marketplace zing with the round of funding and the acquisition it announced today.
White-label social networker Mzinga has acquired Prospero Technologies to take advantage of its strong position and client base in the media, entertainment and publishing sectors. Prospero also owns online community properties Talk City and Delphi Forums. Financial terms of the deal were not disclosed.
“We have seen explosive growth as our customers have realized the value of our social media solutions,” said Dan Bruns, co-founder of Prospero, and now Mzinga’s EVP of Social Media. “This transaction provides us with greater organizational focus and a critical mass of resources to address the rapidly expanding market for our services.”
With the acquisition, Mzinga says it has become much more than a niche provider: it now offers cost-lowering and revenue boosting social media technologies, rich domain expertise and moderation services that will to a host of marketing, human resources and customer service professionals. Mzinga clients include ABC, AOL, ESPN, CBS.com and iVillage.
“There are plenty of tools providers and white label offerings in the social media marketplace today,” said Rick Faulk, CEO of Mzinga. “What sets us apart is our ability to apply our accumulated expertise to helping customers solve specific business problems – not just in the deployment of the technology, but also in design, goal-setting, management, and ongoing moderation.”
How Mzinga’s platform works: Using “widget” technology, one or more social media elements may be seamlessly embedded into a customer’s web site, while template functionality can be used to create private-label community destination sites. Customers also have the option of crafting their own look and feel, and integrating social media features via API into their web pages or other applications.
Mzinga also secured $32.5 million in financing and the company says it plans to use the money to accelerate product development and expand into new market segments. A portion of the proceeds is also being used to fund the Prospero acquisition.
The growth round of funding was led by W Capital Partners, a private equity firm with more than $1 billion of committed capital under management. Also participating in the round are institutional investors Bluecrest Capital Finance, LP, GE Equity, and Knowledge Industries, as well as members of the management team.
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