Martha Stewart and Pingg - It's A Good Thing

NEW YORK, /PRNewswire-FirstCall/ --

Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced an agreement to invest in, and enter a commercial agreement with, Pingg Corp. (www.pingg.com), an online event management site that offers stylish invitations and easy-to-use event planning tools. The move reflects MSLO's strategy to broaden its digital footprint.
Pingg was created by seasoned entrepreneurs Lorien Gabel and Matt Harrop, who together have founded, built and sold two successful technology startups. The site offers customizable invitations that can be delivered electronically, in print or shared on a social network. It also allows customers to easily personalize their event webpage and manage RSVPs, guest lists, reminders, last-minute changes and thank-you notes. Pingg.com launched in February 2008. Since then, approximately 2.5 million invitations have been sent through Pingg.com. Its business model combines both online advertising and paid services.
Wenda Harris Millard, President of Media and Co-CEO of MSLO, said: "Pingg has created a superb platform in an area where MSLO has tremendous brand equity: entertaining. Like our WeddingWire investment made earlier this year, Pingg illustrates our commitment to our digital business and our focus on growing our core franchises in new and exciting ways by providing tools and resources that enable our customers to carry out the inspiring ideas they expect from Martha Stewart. By bringing together MSLO's holiday and entertaining inspiration with Pingg's digital invitation and planning tools, we can provide a best-in-class experience for hosts and a growth opportunity for our company."
Through the commercial agreement, Pingg will offer its online invitation and event management tools on marthastewart.com. In addition, Pingg's main web property, www.pingg.com, will receive Martha Stewart Living Omnimedia content, which will include integrated links to drive traffic to marthastewart.com. Pingg has also designated MSLO as its exclusive national advertising sales force for the duration of the agreement.
"Securing MSLO, the pre-eminent name in entertaining, as a major investor is a great validation of our business and our technology," said Lorien Gabel, CEO and Co-Founder of Pingg. "We are excited by the potential of bringing our online tools to Martha's large, enthusiastic audience, and we're looking forward to our new partner's strategic insights as we build the company."
As part of MSLO's investment, VP of Strategy and Development Joseph Holland will join Pingg's board of directors.