Mimvi, Inc. announced on Tuesday, July 2, 2013, that it has acquired Adaptive Media, Inc. Mimvi also appointed Founder and CEO of Adaptive Media Qayed Shareef as new CEO, while Mimvi Founder and CVO Kasian Franks and Mimvi CEO Michael Poutre resigned from their respective positions from company management and Board of Directors.
Shareef said that the deal gave Adaptive Media "world-class optimization and recommendation technology". In addition, he further stated that "the combination of Mimvi's recommendation technology plus Adaptive's multi-channel, audience-side platform creates a distinctive technology company that addresses the evolving needs of app and content developers in a complicated ad-tech ecosystem. Adaptive Media's revenues are growing quickly and we are very well positioned to be a major player in the booming mobile, video and display advertising space as a supply side platform and services provider."
Shareef intended to host a shareholders' meeting this month where details on the merger and other general business updates will be discussed.
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