Wednesday, August 12, 2009

Xora, Gearworks Merge, Gain $8.5M

Mountain View-based Xora and Minnesota-based Gearworks, both firms which develop mobile business applications, said today they have merged. The two said that they will operate under Xora's name, focused on the location-based mobile business application network. Financial terms of the merger were not disclosed, however, the two firms' venture investors have invested an additional $8.5M in equity into the new company. Investors in the funding were Dawntreader Ventures, BlueStream Ventures, Split Rock Partners, and Rho Ventures. As part of that investment, Patrick Wack, former CEO and current chairman of Intralinks, is joining the firm's board. More information »