News Corp Buys Egypt Start-Up
In a major acquisition, the world's biggest media empire has just snapped up Egypt's CloudPress - a new publishing platform - after its incubation at Flat6Labs.
Great news for Egyptian start-up company CloudPress. "Who?" you may be asking. CloudPress is a year-old start-up company founded by Allen Chen, Mohamed El-Zohairy and Bobby Mathews, and was incubated by Flat6Labs. And it's now the newest acquisition of one of the world's biggest media companies: News Corp.
So what exactly is CloudPress? CloudPress is a platform for creating and publishing tablet-optimised, magazine-style editorials and micro-sites using an intuitive drag-and-drop interface with no coding required. This means users can pull in imagery and content from Pinterest, Facebook, Twitter, Email, etc and add them simply by dragging and dropping. The idea impressed News Corp so much that Nick Bell, News Corp Senior Vice President of Product, wasted no time acquiring this very young start up.
According to the CloudPress co-founder Mohamed El-Zohairy, “After several meetings with News Corp, we realised that joining forces would be the best way to achieve the kind of impact we were hoping for.” The terms of the deals have not been disclosed, but the acquisition means that CloudPress will be shutting down in the next few weeks.
Details of the deal are still emerging, however a News Corp spokesperson said: “We have three objectives: creating great content, delivering great content, and selling great content. The CloudPress team’s skills and experience are a perfect fit for our vision.”
This is equally amazing news for both budding Egyptian entrepreneurs and for Flat6Labs, the incubator that helped this product actualise and find a market. “Our Flat6Labs experience was great,” says El-Zohairy “It’s doing an excellent job supporting entrepreneurs in Egypt despite all the challenges that the country is facing.”
We here at CairoScene couldn't agree more! Find out more about CloudPress here: http://cloudpress.io/home