Another startup in West Hollywood’s small and relatively unknown tech community is being acquired. Fundamental Applications Corp. (FAC) of Vancouver, B.C., has announced that it is buying Opinit.
According to a press release from FAC, West Hollywood-based Opinit “has developed and launched a web content sharing platform and emotions-based content discovery algorithm with approximately 30,000 users in United States and Europe.”
FAC did not announce the purchase price but said it is likely to offer the owners of Opinit 7,500,000 shares of its stock. As of this morning, that would amount to $1.14 million.
Forbes magazine, in a story last year, provided a more descriptive definition of what Opinit is all about. “Opinit is an opinion-sharing mobile platform … Designed for the one-thumb generation, users can publish a post that includes editorial, audio, voiceover, customized text, and three photos in a few quick steps – all categorized under one of 65 registered emoticons.” The app, accessible through Apple’s app store, is aimed at Millennials.
Fundamental’s most popular mobile apps are Foro, a mobile ecommerce market; Truth, an one-to-one anonymous messaging app and Serum, an app that lets users send questions to their friends and receive answers anonymously.
Opinit was founded by Paolo Fidanza, now its CEO, Qualid Ladraa (better known as “Q”), and Brandon Korff, a West Hollywood resident who is the grandson of Sumner Redstone. Fidanza has worked with Lotus, PriceDoc, JP Selects and Pinot Corporation and will join the FAC board of directors and serve as chief strategy officer, Korff (who has worked with MTV Networks and National Amusements, the parent company of Viacom, CBS and Shady Records) and Ladraa (who has worked with Guess, Ed Hardy, Germany Next Top Model and JP Selects) will join the FAC advisory board.
“Opinit is a world-class app led by an incredible management team, and we are delighted to have them join the Fundamental family” said FAC CEO Brad Moore “Combining Opinit’s ability to create unique emotion-rated content and sharing with Foro’s buy/sell platform will provide university students around the world with an unparalleled online content creation experience related to every aspect of their campus life.”
Earlier this week Google announced that it had acquired Orbitera, another WeHo-based digital business, for a reported $100 million. One of Orbitera’s owners is Firas Bushnaq, whose Boxaplex is one of the only shared office spaces in West Hollywood. His business partner is Brian Singer.
