BT acquires Ribbit for €67.3m

BT has acquired Ribbit Corporation, a Silicon Valley-based 'Telco 2.0' platform company, for €67.3 million (US$105 million) in cash, on a cash-free, debt-free basis.

The acquisition will accelerate BT's strategy to transform itself into a next-generation, platform-based, software-driven services company.

Based in Mountain View, California, Ribbit provides an open platform, which enables developers to create new and innovative voice applications and services by combining telephony and Internet technologies in new ways.

JP Rangaswami, managing director of service design at BT, said: 'Silicon Valley is emerging as a hotbed of telecommunications innovation. With Ribbit, not only do we extend our presence in the Valley, but we also gain a groundbreaking platform, a growing community of developers and a world-class team that share a common vision. Buying Ribbit lets us accelerate that vision.'

Using Ribbit's platform, developers are able to add voice and automation features to virtually any web-based application or community.

For example, using Ribbit, developers have integrated voice into and built voice applications that run directly from Facebook or iGoogle.

Since its launch, Ribbit has attracted thousands of developers, launched an innovative solution for the enterprise software market, and has begun testing a consumer application scheduled for general release later this year.