Time Inc. has acquired Cozi, a Seattle-based company that produces home management software and services.
Cozi, launched by former Microsoft and Amazon.com executives almost a decade ago, offers a free app and website with shared calendars, shopping and to-do lists, meal planners and more. It now has more than 10 million users.
Terms of the deal were not disclosed.
“We felt like this was a match made in heaven,” said Robbie Cape, Cozi founder and CEO. “It gave us an opportunity to grow our base and grow our product and add an enormous amount of value for Time Inc.
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“Time Inc. has such rich and diverse content that could help grow Cozi’s existing product line,” Cape said. “Time Inc.’s assets lend themselves to new product offerings that can be built on top of Cozi’s technology.”
Cozi’s services will continue and the name will remain as a stand-alone brand, Cape said in a letter to Cozi users posted on the company’s website.
Cozi will remain based in Seattle, and its current roster of 27 employees will likely grow, Cape said.
In addition to its website, Cozi’s app runs on the iOS, Android, Kindle Fire and Windows 8.1 tablet platforms.
The company makes its money from advertisements on its products, and also offers a subscription option with expanded features.
Cozi has a history of partnerships with media companies, including Gannett’s purchase of a minority stake in 2008 and partnerships with AOL, Meredith, Time Inc., and other companies over the years.
“It’s a question of customers,” Cape said. “If you look at Real Simple — Real Simple and a variety of the other brands at Time Inc. are already appealing to a very similar customer segment and demographic that Cozi appeals to.”
Media company Time Inc. is the publisher of Real Simple, as well as dozens of other publications including Time, People, Fortune, Cooking Light, InStyle, Sports Illustrated and many more.
Joe Ripp, Time Inc. chairman and CEO, called Cozi “a terrific fit for Time Inc.,” saying in a news release that the acquisition gives the media company a “a new product development hub as well as a foothold in the rapidly growing productivity category.”
Evelyn Webster, Time Inc.’s executive vice president who will be in charge of Cozi, said in the news release that Cozi’s “organizational tools naturally align with the more than 53 million families we reach every month through brands like Real Simple and we believe its products can have a wider application.”
Janet I. Tu: 206-464-2272 or email@example.com. On Twitter @janettu. Information from Seattle Times archives was used in this report.