Twitter has purchased Posterous, a group conversation tool, but says it has no plans to disrupt the company’s product, Posterous Spaces. Financial terms of the deal were not disclosed.
Don’t Miss: Yahoo and Facebook Will Have Their Day in Court.
Posterous announced that it would provide the public with “ample notice” of any changes or interruptions to their product, and will provide users with instructions for exporting content to another service. Posterous employees will join Twitter and work on several key initiatives.
Posterous was once a blogging service competing with Tumblr. As of last September, Posterous had 15 million monthly users, with 3 million of its users accessing its product solely through email. Posterous has raised $10 million from backers, including Redpoint Ventures, Trinity Ventures, Jafco Ventures, and Y Combinator.
Read more insightful stories at Wall St. Cheat Sheet:
To contact the reporter on this story: Diallah Haidar at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com