MyHeritage Acquires Kindo as ASI Exits

MyHeritage has acquired Kindo through a deal in which Ambient Sound Investments (ASI) will exit the company in exchange for an undisclosed equity stake in the company. This exit deal, the first for ASI, was made after the company invested heavily in Kindo in February 2008. The transaction will allow Kindo users to access the technology developed by MyHeritage.

Kindo (www.kindo.com)
Kindo was founded in London in 2007. The company allows users to build digital family trees and also works as a social networking site designed to help families stay in touch with each other. Kindo focuses on the international market with its web-based software and features 17 different languages which are available, including Arabic, Chinese, Hindi and Russian.

Other investors include Stefan Glänzer and the Accelerator Group.

MyHeritage (www.myheritage.com)
Focusing on combining the passion for family history and the innovative development of technology, MyHeritage is one of the leading online networks for families in the world and the second largest genealogy website.

Based in Bnei Atarot, near Tel Aviv, Israel, the company has over 260 million profiles in its catalogue, with 25 million family members. MyHeritage also offers its services in 25 languages.

The company is the pioneer of the photo-tagging technology which allows users to automatically scan photographs and identify the individuals within. This allows for easier organization and searching when establishing a family tree and history.

Ambient Sound Investments (www.asi.ee)
Established by the four co-founders of Skype, Ambient Sound Investments focuses on the international start-up technology sector, using its own funds for various companies’ capital. Led by the four former engineers. ASI specializes in developing new technologies from firms that offer them as services.

ASI is mostly focusing on Eastern Europe and Russia, searching companies that are developing new technologies or based thereon to be added to its investment portfolio.