Wednesday, December 16, 2009

Ontela Merges With Photobucket

Seattle-based Ontela, a developer of mobile software for uploading photos from cell phones to the Internet, is merging with New Corp.'s Photobucket, the two said Wednesday afternoon. According to the two firms, they will merge into a new company to be known as Photobucket Corporation, with Ontela's investors providing an unspecified additional amount of capital into the combined firm as part of the merger. News Corp. will also hold what they firms said was a "significant" equity stake in the combined company. Tom Munro, currently CFO of Ontela, will become president of the combined firm. The two firms had been rumored to be in negotations since October.