Earlier this week, Ideon Media, a digital advertising network out of Toronto, Canada purchased Edmonton based social networking website, Nexopia. The deal between the two companies was met with little fanfare due in large part to the fact that both parties remained silent about the acquisition.
Ideon CEO Kevin Bartus passed had the following statement to share regarding the strategic move, “Nexopia is the most widely known social network built by Canadians for Canadians. We’re excited to be able to take this active community to new heights over the coming years. We’re also pleased to say that we are working with the Privacy Commissioner to ensure regulatory compliance.”
In this statement, Bartus mentioned their work with the Privacy Commissioner because Nexopia was previously found to be violating privacy law, as Privacy czar Jennifer Stoddart told stated that the social website “keeps personal information indefinitely, even after people select a ‘Delete Account’ option,” and it provides “inadequate information about a number of privacy practices.”
However, despite this snag it seems that Ideon Media and Nexopia have smoothly completed this transaction. It is likely that the transaction would have garnered a lot ofattention, if it has taken place when Nexopia was at its peak. The Edmonton based firmwas once the most famous social networking website among Canadian adults and teens. At that point in time, Nexopia has near1.2 million members, many of whom were eventually lost to Facebook as Canadians started to inevitably stray from the former. As a result of that migration, Nexopia has just 200,000 active members today, a far cry from the previous seven digit total.
On the flip side, Ideon Media has acquired a social website to integrate into their business as “Canada’s fastest growing digital ad network.” The ad firm has more than 25 million Canadians who stream 50 million videos and leaves 250 million impressions on monthly basis, all impressive totals.
Therefore, it is anticipated that Ideon Media will change the fate of Nexopia, which developed by an 18 year old programmer, Timo Ewalds in the basement of his home. Here’s hoping that Ideon, with its wealth of resources, marketing prowess and understanding of the Canadian market can make this a fait acompli.
Source: Tech Vibes, Tech Vibes
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