The Kik electronic messaging platform has been purchased by MediaLab, a holding firm which operates Whisper and a variety of different apps, the firm introduced Friday.

Kik Interactive, the corporate behind the electronic messaging platform, beforehand introduced that it could be closing the app down in October, although CEO Ted Livingston introduced final week that an organization had signed a letter of intent to buy the app. Details of the sale weren’t disclosed.

“We believe that Kik’s best days remain ahead of it,” the weblog put up learn. While MediaLab plans to decide to Kik long-term, the corporate is trying to elevate income by means of the electronic messaging app, and can combine adverts on the platform as a short-term effort to take action. (Livingston has beforehand pushed once again towards the conception of facultative adverts on the platform.)

Kik Interactive, the corporate behind the electronic messaging platform, is at the moment entangled in a authorized battle with the U.S. Securities and Exchange Commission (SEC), which alleged Kik desecrated securities regulation when it raised $100 million in a token sale in late 2019. Livingston vowed to battle the SEC, even so introduced in late September that Kik could be closing down the electronic messaging app portion of its enterprise. Livingston now attributed this closure to the SEC battle in a weblog put abreast the time.

Livingston did pledge that the corporate would proceed to construct out the Kin ecosystem, referring to the cryptocurrency Kik constructed as a part of the token sale course of.

In Friday’s weblog put up, MediaLab explicit the electronic messaging app would proceed to allow kin transactions, writing:

“We are fans of Kin and believe in its long term potential. We are excited to further partner with Ted and his team on expanding the Kin integration and have plans to further support the project. We’ll have more to share on that front soon.”

Going ahead, MediaLab plans to enhance the app, scale back the variety of bugs, and solicit suggestions from the app’s customers to find out what options they need or points they’ve.

“Ted Livingston and the rest of the team at Kik have spent the last 9 years building something truly special,” the announcement learn. “At the risk of sounding tinny we are still fervent believers in what the cyberspace secure to bring in its youth – a connected and shared experience amongst people regardless of geographics or time zone. Kik is one of those amazing places that brings us back to those early aspirations.”