Home Business Alibaba invests $215 million in free mobile messaging service Tango

Alibaba invests $215 million in free mobile messaging service Tango

0

E-commerce giant Alibaba has invested $215 million in free mobile messaging service Tango.

US-based Tango has 200 million users and the deal is expected to help China-based Alibaba strengthen its presence in the sector.

The mobile messaging service sector has seen robust growth in recent years and many leading firms have been keen to tap into its potential.

Alibaba has invested $215 million in free mobile messaging service Tango

Alibaba has invested $215 million in free mobile messaging service Tango

Last month, Facebook bought WhatsApp, one of the biggest players in the sector, in a deal worth $19 billion.

“The sheer power of free communication has changed the way we connect with others,” Uri Raz and Eric Setton, founders of Tango, said in a blog post.

“Today, the amount of texting from over-the-top messaging apps surpasses carrier SMS.”

Alibaba and Tango did not disclose the size of the stake the Chinese internet giant has picked up in the messaging service.

However, some reports indicated that the investment valued Tango at close to $1 billion.

[youtube wUVlpYuYpVc 650]

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.