LONDON (Alliance News) - Investment company TMT Investments PLC on Tuesday said it has sold its Kanvas Labs Inc portfolio company to US internet company AOL Inc.
It has sold the business for USD460,000, more than double the fair value of its investment in the company at the end of December.
Kanvas Labs has developed a social network for self-expression, TMT said, which allows users to create videos from a range of multi-media content and share these via a messaging service or publicly via social networks.
"The sale of Kanvas Labs is the second of our portfolio exits to a major international player, which underlines our ability to identify winning combinations of teams, products and technology in our investment selection process," said TMT Executive Director Alexander Selegenev.
Shares in TMT were untraded Tuesday, having last traded at 1.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Tmt Investments (TMT)