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.
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.
wUVlpYuYpVcThe US House Ethics Committee has voted to release its report on former Republican Representative…
ABC News has agreed to pay $15 million to President-elect Donald Trump to settle a…
South Korea’s parliament has voted to impeach President Yoon Suk Yeol over his failed attempt…
Israeli war planes have carried out more than 100 air strikes in Syria on December…
President-elect Donald Trump has threatened to impose 100% tariffs on the BRICS countries if they…
Syrian troops have withdrawn from the city of Aleppo following an offensive by rebels opposed…
