Business
Investment in Gentoo Labs, Inc.
Investment in Gentoo Labs, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5179M TMT Investments PLC 18 September 2012 \n \n\n18 September 2012\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Gentoo Labs, Inc.\n \nThe Board of TMT is pleased to announce the completion of an investment in Gentoo Labs, Inc. (\"Gentoo\"). Gentoo was incorporated in Delaware in May 2012 and is based in Palo Alto, California. Gentoo is the company behind \"Contacts+\", also known as \"Contapps\", a one-stop contact management mobile application, which helps people manage their contacts effectively, by aggregating relevant information from various communication channels such as LinkedIn, Facebook, Twitter and Google+. \"Contacts+\" has been downloaded from Google Play over 750,000 times and received over 5,100 5-star ratings. The application is available in 20 languages.\n \nAs part of a seed equity financing round, TMT has acquired 671,194 preferred shares in Gentoo for an aggregate consideration of US$250,000. Assuming the seed equity round is fully subscribed, TMT's fully diluted equity stake in Gentoo will be 6.25%.\n \nThe agreements between the parties include pre-emption rights, liquidation preferences and other rights and protections in favour of TMT customary for preferred stock holders. The acquired preferred shares may be converted at any time into Gentoo's common shares at a 1:1 conversion rate.\n \nDefinitive agreements for the transaction were entered into, and the transaction was completed, yesterday.\n \nGentoo did not have any financial accounts in respect of the year ended 31 December 2011.\n \nThe rapid growth in the use of smartphones and tablet devices, coupled with an increased level of communication via social networks, has resulted in an ever-increasing contact information overload. Nowadays, the majority of information consumed by users on their smartphones on a daily basis is driven or generated by the users' contacts. Contapps simplifies the way people communicate with and organise information related to their peers by providing a smart \"people-centric\" platform, which automatically aggregates all contact-related information and services in one place.\n \nGentoo was co-founded by Lior Romano (CEO), Avidan Hirsch, Shay Erov and Mor Gazith. Lior holds an...