TappIn of Seattle sells in deal worth up to $17 million |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Chris Hopen, CEO and co-founder of TappIn, will stay with the company in a senior leadership role.
Mobile file-sharing company TappIn of Seattle is being bought by GlobalScape Inc. of San Antonio in a deal that could be worth up to $17 million.
TappIn, which recently changed its name from HomePipe Networks, said Monday that it has been acquired for $9 million in cash and the deal could be worth an additional $8 million over the next three years if certain development and revenue targets are met.
TappIn develops applications for mobile devices and computers that allow users to access data from almost any operating system, platform or mobile device. CEO and co-founder Chris Hopen said the startup differs from its storage and sharing competitors because the service does not require people to store their data through cloud storage.
In March, the two-year-old startup raised $1.1 million from a group of private investors to grow its subscription base. At the time, TappIn had about 100,000 subscribers who pay $24 per year for the service.
“We are excited to join with a strong, global market leader like GlobalScape,” said Hopen in a press release. “We share a common vision that people need a trusted solution for securely accessing and sharing digital content, regardless of where their content resides."
GlobalScape said TappIn -- now known as TappIn by GlobalScape -- will operate as a wholly-owned subsidiary, and all employees will remain in Seattle.
Hopen and co-founder Parvez Anandam, TappIn's chief technical officer, will remain with the company in senior leadership roles.
Related coverage: "Startup Q&A: Tappin CEO on name change, focus on enterprise"
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.