Media conglomerate Time has acquired US-based mobile communication app developer Cozi, giving an exit to media and marketing firm Gannett. Financial terms of the deal were not disclosed.
Founded in Seattle in 2005 and formerly known as Kasayka, Cozi provides a suite of apps that help families to organise activities and communicate with each other, and has accumulated over 10 million users.
Cozi had raised $28.8m prior to its acquisition, according to SEC filings. Investors included Benaroya, MVBH Investments and Pioneer Venture Partners, but Gannett made an earlier strategic investment in the company in 2008, providing $8.3m according to a filing at that time.
“Cozi is an asset that can be leveraged across our entire brand portfolio,” explained Evelyn Webster, the executive vice president at Time who will have responsibility for Cozi.
“Its organisational tools naturally align with the more than 53 million families with kids under 18 we reach every month through brands like Real Simple and we believe its products can have a wider application. We are excited to combine our rich and diverse content with Cozi’s technology platform and see a great opportunity to grow this business.”