The amount wasn’t disclosed. Founded in 2006, mSnap had raised $6 million in funding, has 12 employees, and still hasn’t turned a profit. The company says it has over 1,150 radio, print, and cable broadcast media partners, and the ability of reaching over 200 million mobile users per week. SmartReply has focused on delivering mobile and voice messaging solutions for loyalty, credit, and promotional marketing since it was founded in 2001. Its clients include over half of the top 100 retail brands in the U.S. and Canada.
The terms call for three-year-old mSnap’s shareholders, which include Partech International and First Round Capital, to get a minority stake in Irvine, Calif.-based SmartReply, which had been trying to find a way to expand into mobile marketing.
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