Toronto's Xtreme Labs Acquired by Pivotal for $65 Million in Cash

Posted by Techvibes NewsDesk

California-based software company Pivotal has chosen Toronto's Xtreme Labs as its first acquisition target.

Pivotal paid $65 million in cash for Xtreme, a mobile development shop founded in 2007.

"Every enterprise today has to exploit the opportunities offered by mobile. This requires new ways of thinking and working, and the need to get it right the first time and every time. We're thrilled to bring next-generation mobile capabilities to our customers and welcome Xtreme Labs to the Pivotal family," said Paul Martiz, the CEO of Pivotal.

"We share Pivotal's belief that the convergence of mobile, social, big data, and cloud is driving extraordinary change in the enterprise. It is something we see every day with our customers. By joining forces with Pivotal, we can bring our strong heritage, that of helping the world's most important companies succeed in mobile, to help an even greater number of companies to win in a new era," said Amar Varma, a cofounder of Xtreme Labs.

Last year venture capitalist Chamath Palihapitiya committed $20 million of his own personal money to acquire a majority stake in Xtreme Labs.

The companies have a combined 500 employees. According to Xtreme Labs, its jobs will remain in Canada.

Company:
Xtreme Labs
Website:
http://www.xtremelabs.com
Location:
Toronto, Ontario, Canada

Located in Toronto, Palo Alto, and New York City, Xtreme Labs leads the world’s biggest brands in creating award-winning mobile products. Xtreme Labs’ expertise in mobile spans both the consumer and enterprise industries, providing a wide range of solutions for mobile, tablet, TV, mobile web, connected devices and more. All projects are handled in-house by a talented team of engineers, designers, product managers,... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property. Originally founded in 2002, Techvibes is dedicated to covering social, mobile, and startup news that impacts Canadians. Our editors and nationwide network of reporters combine breaking hyperlocal news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and... more



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