BT acquires Ribbit 
ConvergenceAsia staff
30/07/2008

Communications solutions and services company BT has acquired Ribbit Corporation, a Silicon Valley-based "Telco 2.0" platform company, for US$105 million in cash. The acquisition will accelerate BT's strategy to transform itself into a next-generation, platform-based, software-driven services company.

Ribbit was founded in February 2006 and funded by venture capitalist firms Alsop Louie Partners, Allegis Capital, KPG Ventures and Peninsula Ventures. Based in Mountain View, California, Ribbit provides an open platform, which enables developers to create new and innovative voice applications and services by combining telephony and Internet technologies in new ways.

The acquisition of the Ribbit platform will complement BT's existing capability in the software platform space with its Software Development Kit (SDK) initiative. BT's SDKs enable developers to integrate new applications with BT's services using a single line of code. Ribbit, which will maintain its management team and identity, will extend its global footprint by becoming part of BT, one of the world's leading providers of communications solutions and services operating in 170 countries.

Michael Boustridge, President, BT Americas said the Ribbit platform makes it simpler, cheaper and faster to build communications functionality into applications, enabling developers to introduce new revenue-generating voice services in hours, rather than weeks. "By combining the Ribbit platform with BT's existing web services, we have the potential to deliver some of the world's finest applications for communications innovation benefiting consumers and businesses alike."

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