IDT acquires mobile social networking site, Zedge.net

Link:
Zedge.net Acquired By IDT – Mashable!

I don’t have much information on this, but a tipster says that Zedge.net, a social network that allows you to create ringtones and wallpapers, has been acquired by the telecoms company IDT. An announcement is expected some time in the next week.

Pete has the gossip over at Mashable. What an absolute coup for IDT — a bigger coup for the team behind Zedge though!

Zedge is one of the world’s biggest mobile social networking sites. Despite it’s millions of members it was very much in stealth mode.

I understand there were a heck of a lot of smart investors buzzing around — with that audience alone, there’s a substantial amount of opportunity.

If you’re a mobile investor and you didn’t know about Zedge….. oooh dear. 😉

I am going to see if I can find out more. Standby!

Update: Here’s the SEC note