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Magnitude Information Systems, Inc. has acquired Kiwibox Media, which is a teen-oriented social networking website. The first tranche of $3 million in funding that Magnitude received from Tell Capital AG allowed the company to close the acquisition deal for Kiwibox.
The funding will go towards re-launching kiwibox, and placing a concerted effort on marketing in order to gain new members. The site focuses on content that appeals to its teenage demographic, covering topics in fashion and entertainment, among other things. There are other networking capabilities and media-sharing features throughout the site, such as wish lists, horoscopes, polls, guestbooks and a calendar.
I'll be looking forward to a new design for Kiwibox. The social network was launched in 1999 and still looks like it hasn't changed much since then. Another network that has been recently acquired is DowneLink , while Batanga was recently funded.