Singapore-based virtual startup HotApps International will be bought over by United States company Fragmented Industry Exchange (FIE) for $876 million, according to a press release by IT and international property development firm Singapore eDevelopment Limited (SeD).
Operating as a subsidiary of SeD, HotApps International is a developer of software and applications for instant messaging, social media and e-commerce platforms. The deal states that FIE will acquire $876 million worth of HotApps shares and bonds.
But the SeD in turn will own 99.87 percent of FIE, so technically they still have some semblance of control over HotApps.
SeD plans to accelerate the development and positioning of its flagship app in 24 countries, including Singapore, before the end of the year.
Photo: Wikimedia Commons
Read Also: Candy Crush maker acquires local gaming startup for up to USD90m
Singapore-based virtual startup HotApps International will be bought over by United States company Fragmented Industry Exchange (FIE) for $876 million, according to a press release by IT and international property development firm Singapore eDevelopment Limited (SeD).
Operating as a subsidiary of SeD, HotApps International is a developer of software and applications for instant messaging, social media and e-commerce platforms. The deal states that FIE will acquire $876 million worth of HotApps shares and bonds.
But the SeD in turn will own 99.87 percent of FIE, so technically they still have some semblance of control over HotApps.
SeD plans to accelerate the development and positioning of its flagship app in 24 countries, including Singapore, before the end of the year.
Photo: Wikimedia Commons
Read Also: Candy Crush maker acquires local gaming startup for up to USD90m